[laughter] >> i've never known that. we are excited about "bulls & bears" about ten seconds away. they're going to mop the floor. >> especially casper arena. "bulls & bears", here it goes. ♪ >> president trump said to hold a news conference in a little over an hour from now. he is expected to address his administration's response to the coronavirus outbreak. we will bring that to you cliff as soon as it begins. "wall street" is digesting with 83 people, they are now being monitored for possible exposure. this is "bulls & bears". we've got a very special edition of "bulls & bears" tonight. foxbusiness green panel is in for the hour. lou dobbs. charlie casper arena in fulton, probably dreaming?

>> how would you like to get stuck in an elevator? is great to have you here. our dream team. let's get to it. lawmakers and health officials raising new concerns as the horror of health organization is reporting that for the first time, more cases of coronavirus are being reported from outside of china. stocks reacting to every headline today. the dow rounding earlier, up more than 460 points but that it came down. how long will all of this volatility last? be met three days. >> it's very cold. the professionals dealing with the volatility we are looking at. my guess is we have seen at least the beginning of a period of stabilization with today's mug we did get up 461 points, we are down 100, that looks very good against two days which we

lost over $2 trillion. i'm voting for stability right now. we'll see where that leads. it's largely dependent on the coronavirus and what the president says here in the next hour or so. and the rest of the corona task force. think you are going to see a lot more positive discussion about this and more adult discussion about this. people are starting to understand it's for real, it's present and americans can handle all this. >> of course nobody can exactly time when the volatility ends. we are hearing from more and more companies, microsoft for example saying today it's going to miss its guidance for the current quarter because it does get about 10% of its revenue from china. we heard a similar thing from apple last week saying the sales will be lower. the underpinning an economy is strong but more and more specific companies are going to come up with this information

think they are going to be affected aside from the obvious ones which are travel. david: you did see people getting hungry for stocks again. >> while yeah, i could speak with the people at the big brokerage firms, wealthy clien clients, the name volatile until we get some sort of disclosure and transparency on numbers and facts a real tricky business. from everywhere. likely how many people are affected, how long, how many people are going to die from this. when you are talking "wall street", "wall street" puts out specifics on everything. they know if donald trump is going to do phase one of the trade deal with china, they know exactly how that is going to impact gdp and how much it won't. they can't get a handle on this

because the numbers, there's no transparency. you have no transparency, you can't give investors any advice. then they sell on headlines. that's what we will have until we get transference a. the problem is we are dealing with china. you can't trust chinese accounting. you are going to trust them on coronavirus? lou: i want to amend the a little bit, the more new cases outside than inside china, but we don't precisely know what's coming out of china right now. they are bad on stats. >> the reasons the markets are selling off, not because of china but it's spreading across china and the growing concerns of it coming to united states. there are many cases here and the numbers are growing slowly but surely. the economy is still in play, lower interest rates now with it hitting new lows this week. we have low oil and energy prices and full employment in this country. in terms of -- you know what bothers me, the hysteria of coming out of washington.

from a democrat, political gain and how -- >> called on. before who answers that, we've got a little side here, pelosi and schumer, let's watch that and get your reaction. >> anemic in terms of addressing ebola. we did 5 billion, now that china has taken that money and sends it here. >> it's clear this administration is in total disarray when it comes to the crisis of the coronavirus. cdc said going to spread, the question is when? there is no plan. the administration has no plan. lou: schumer is requesting $8.5 billion to fight the coronavirus, much higher than the house requested 2.5 billion from congress but it's also much

higher, 3.1 billing that schumer himself suggested just yesterday. now house minority leader requesting $4 billion so they can all throw it to you, what you make of this political football? >> i don't mean to sound cynical thought i'm being realistic, i think the democrats are trying to make sure this falls on the head, neck and shoulder of president trump as it spreads. the fact that they are quibbling over this allocation, they can go back and get more money if they need to. >> the ebola market scares. >> i totally agree. david: i don't doubt them doing it, the real thing is, is president trump, do they have a case that he is not stepping up? this is where journalists should step up. they don't have a case. i know for a fact, over the last month the trump administration has stepped up with phase i and phase ii companies and have gone to them, what do you have for

us? you in the process of getting fda approved? can we get you money? they are working on it. >> they declared a public emergency at the end of january. the democrats are acting like the administration hasn't been doing anything. what about the half billion dollars with the ebola funding? why don't you just hand back over? they will argue about that, too. >> you see schumer coming out with this you look for a barr low enough for him to slime under. i don't think you can find one. >> the unfortunate here, we are talking about a real look health crisis and emergency. the president has made that clear from the beginning. his task force with i think terrific people manning that task force. a brilliant doctor, he helped build the chinese cdc equivalent there. >> are they doing a good job?

>> the heart of this is china. >> this is a very serious matter. pelosi and schumer want to be partisan about it, that's their ignorance in my opinion. this is a time when america should be talking seriously, honestly and straightforward. include everyone at the cdc, nih and health and human services as well as dhs and across the government. this has to be a time where we rise to the occasion of a threatened nation. we have been told that. we shouldn't dismiss it, we should respond to it. we should rise to the moment. >> what at what's happening in the media today. him commenting about how and why theft media is covering it the way they are. play the tape. >> looks like the coronavirus is being weapon iced as yet another

to bring down donald trump. one of the ways is been doing this, to scare investors. to scare people in business. >> there are a lot of fake news and false information spreading quickly but on the brighter side, it's already shipped, a potential boxing and if they are able to prove its effective, it will come up with a conclusion within three months versus the last time. lou: again, the media, only to get back to what he was talking about, the media seems intent on talking down. using this to talk on the market. >> to take it to where i suggested, he should not be calling this an attempt to overthrow the president. that's not what it is. this is ignorance on the part of their leaders and the democratic party. if they cannot transcend 12

level of public service they are elected to perform -- i didn't say the media. >> but you mentioned theft media. we are covering it every day. unfortunately for the trump administration, the trade stuff is going to impact corporate earnings. again, we are covering the fact that we have this thing started in china. again, in china, what the cases are like in italy, no offense, there is some disclosure coming out of italy. it's very hard to figure out what's going on in china. are more people dying? i'll tell you, the media is ruining that story. i don't think it's the media's fault. you can blame chuck schumer . lou: i don't quite understand.

>> a panic that may be overblown. do not think it's overblown? lou: i don't think that in any way, are responsibly to perform at a higher level in public discourse in our reports. >> overblown in the combination of trump. they've gone no reporting. markets are selling off, that is not overplaying it. >> he said the proposal for that money from the ebola money was evident that president trump towering incompetence. hyperbole front and center in washington d.c. and it -- amen. we always overlook, how about looking to the private sector? this is simplistic hand sanitizer going up everywhere before this one case here in new york city. i've been getting e-mails from hospital groups in new york,

doctors offices with clear explanations from epidemiologists and microbiologists. here's what we know, here's what we don't know. then you've got, that is not true. >> we don't know a lot about this. >> we know enough that the mortality rate is two to 3%. the incubation rate, you know what, that's something. when we find out, the more they communicate. when they are being tested at the university right now. >> what is great, the idea that corporate america, record time if they pull off, companies working on this right now. >> we got to move on. last night democratic debate was chaotic and contentious but did anyone on stage actually move the needle?

the observers offstage were forced to do other more often fact checking for things like this. >> hundred 50 million people have been killed since 2071 bernie voted to exempt the gun manufacturers from viably. more than all the wars including vietnam from then on. ♪

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so much for the call, the last debate before saturday south carolina primary was probably the last chance for some unsafe last night and their desperation was showing. >> you spoke overtime and i am going to talk. >> on of the rules of the debate. thank you. >> i love how you cut me off all the time. i'm not going to be quiet anymore. >> i think she was talking about my plan, not yours. >> doesn't take two hours to do that. >> let's talk about -- >> what will happen -- >> the moderator -- >> senators -- >> my turn? why am i stopping? no one else stops.

[laughter] >> move the needle for any of these guys. >> i would have gathered listen to all of those people's reaching karaoke for two hours. it would have been more pleasant and more informative. elizabeth warren and bernie sanders arguing over who is better. they were talking over each other, which we know you can't do. where were the moderators? at least bloomberg kind of showed up with that sense of humor, god knows how much money was paid for that. he didn't know how to deliver. we walk away from it only maybe that pete buttigieg and amy klobuchar will probably end up dropping out. charlie: is sound like the old business box on saturdays. i don't think, i think the problem is not of them really did well i can see the

beginning, it struck me that none of them actually did well. that's a positive for bernie sanders. if you can't take them out now, if bloomberg can't spend a gazillion dollars -- we reported he was going to spend 2 billion for the whole campaign, he's already at 500 billing. >> this was early on he was going to get in the race. he couldn't go anywhere. we got into an argument. charlie: i just didn't think he was somewhat of a jerk, i think all politicians are turks, to be honest. that was a standout. [laughter] but the barr is low, bloomberg was a very effective manner. the problem is right now, he's running away. what was he really good at in new york? he was excellent at fighting crime. the one thing he can't tout, he fight crime well, he's running away from stop and frisk, he

doesn't know how to deal with it. klobuchar can't break through, food a judge sounds like a really smart kid in high school. >> 150 million people killed by gun violence. of all time? nobody's sure what he meant by that. >> the rest of us on twitter, i've also paid a lot of money to have a very bad night. david: biden, much improved last night, to me, it's a shame that a man whose time is obviously past who is struggling. his family doesn't want to tell him his time has passed. his party doesn't want to say it, i just think -- >> a make or break for him. if he doesn't win in south carolina, he has to make a decision. although he already telegraphed,

he actually said something like even if i win i one or two points, it's still a win. >> just like every other one. david: sanders appears to be in good shape. if he is the nominee, how does the market react? charlie: if he pulls off south carolina, the market reacts negatively. we'll know sunday. a good chance people was off. >> they've already tanked. i'm talking about, that's where they show up. like united healthcare. david: bernie is right about this one, a socialist. they are all parroting the same sort of stuff with socialized medicine, it's all very degrees.

lou: none of them are dependent on federal funding. they are just capitalist as can be. charlie: i know that but they are all bernie sanders to a certain degree. he's right about that. he's the only person -. lou: if he goes all the way down the line and becomes the nominee this summer, then how the markets react. >> i think markets will react positively because i feel like more people were either stay home or vote for president trump. there's no independent, there are no centrist were going to vote for sanders. i've been wrong many times, so this time, i think is just too extreme for people who are undivided, in the middle or the left. he's very extreme. david: once gets vetted, i will say the law "wall street" is firm, they are developing scripts right now.

they are saying listen, if you are a small investor, let's just play out. bernie sanders is president but guess what, there's not going to be able to get stuff done. if he does become the nominee, thinking up the chance of him beating donald trump. lou: we have to be very careful because bernie sanders is the only one of these candidates who has nature falling. he's brought with him from 2016, millions and millions of supporters added to them. we are watching numbers here that are shocking for democratic socialist who some say --

>> i'm not think they won't come up with a vote for him? >> the joke is, the older you are, the most you vote for footage of trade the younger you are, you vote for sanders. david: it can be crass and toxic, turn off people. i bet not. his personality is very toxic. lou: we are so past the idea of the president's personality. we are going to be watching between a man on the record, historic compliment. it's not going to be one of the funniest things to me to watch this bloomberg commercial, he'll make it work or whatever does not make the government work. >> thank you.

my mouth is moving, that means i'm talking and you be quiet. policy over personality, who dobbs. that's what i've said about president trump, because of what he did where he went down, checking off every promise he made to voters, you have to assume bernie sanders would do the same thing, executive order, it doesn't take a promise. david: holding china's feet to the china, they are not backing down. still expecting china to honor its commitments made in the phase one trade deal despite its struggles with the impact of the coronavirus. is it fair? will debate that coming next. ♪

white house trade officials appear to be playing hardball in china's phase one trade commitments despite the enormous cost they are paying for the outbreak. robert in agriculture secretary sonny perdue morning china in a

statement that they are expected to be altering the agreement saying we will ensure the agreement is strictly enforced for the benefit of our workers, farmers, ranchers and businesses. lou, doesn't look like there's going to be much wiggle room for china on their purchasing agreements. lou: in my opinion, there shouldn't be. it's good to see the white house stepped forward to clear up some of the ambiguity and confusion created by some white house aides saying the white house would relent. permit them to back off the phase one agricultural deal, also the 200 billion-dollar deal over two years to buy our exports. this is very important because the president has negotiated a historic deal, what will be historic is to hold china to its commitments and anything less would absolutely ruin it. >> we are not the only ones with the complaints about it theft,

we are not the only ones who have a problem with china for that reason. there are people who suggest china is going to tweak a little bit, i'm not going to say altogether but maybe steel less because it's not just us. david: they have been close for a while. they have the cash to buy all these products. charlie: i think part of his, do we really want to torch them economically? is a bad for us long term? sometime, we need china to have a decent economy so they continue to buy our stuff. we give them a break on this? there should be some wiggle room in this and i think that's why you see what's going on in the white house, we want to drive him into the ground like we did with a virus or give them a break and a pass for now? i think it will play out more as we go on but remember one thing about china, i agree with trump at identifying them as a

belligerent nasty trade partner. they are definitely that. the real question in my mind, a specific partnership that should work? it's not subtle. [laughter] david: when you see the gdp's numbers, you will know. lou: why don't we look at the deficit numbers over the past 50 years. charlie: does trade impact gdp? i just don't know. i'm just saying the gdp -. lou: we must get through that solution. charlie: budget relations, gdp goes down. lou: went gdp goes down, what happens to the deficit?

charlie: are you telling me -. david: let me pull out of the weeds just a second here. there is one thing about trade with regard to china. i want to complete this thought so everybody understands what we are talking about. when you have a trade deficit that reduces national savings and that sometimes -- know it always. charlie: you also have people making more money. david: all right, may i finish? please. i don't want to impose. charlie: i'm just saying -.

lou: as the national savings rates declined, that reduces gdp and therefore, a deficit is to be avoided. "wall street" carried on for years. charlie: they spend more money and buy stuff from overseas. thus the court the new age deficit. it's happening right now. david: is a going away? phase one just got past. what hade happened to the trade deficit last year? is it marginally better? lou: do you have any sort of knowledge? declined for the first time. i'm sorry, now it's a matter of argument. charlie: when people have money to buy -- when more people are "making money", they buy stuff from china. our trade deficit widens up with china. farmers could sell more stuff

from china. >> i could bring it back to the virus. this would help trade deficit. it could help -- because, i can't believe we are doing this on cliff tv quite frankly but because china will need our foreign products. we have safe and secure food supply here in the united states so they will go up in our imports naturally because the factories have been shut down and will go down. i think companies, as they already have started with trade work will reassess where they make their goods. it will continue to change to benefit the united states. lou: as we know, the orthodox on offstreet, one of the greatest ones, human mice risk by diversifying your supply chain. right now, that relationship is exactly the reverse.

the more approximate supply chain now will become the premium, the desired result. because of what we are witnessing right now. charlie: we have a recessive manufacturing right now. there's no diet doubt about that. we have a recessive manufacturing right now earning gdp. despite the tariffs. you want that again? you want to continue our recession manufacturing? do you? you're tariffs caused are recession -. david: a sidebar here on china and supply chains, isn't it true that 80% of the ingredients of our pharmaceuticals comes from china? talk about no diversification,

it also supports manufacturing. we have watched corporate america conducting labor arbitrage, running from environmental laws, trying to achieve that arbitrage on the backs of our middle-class, working men and women and they've done it for decades. this is one example in pharmaceuticals. 80% dependency. this country right now cannot manufacture the necessary pharmaceuticals we consume every year. david: that may change my they shift around. phil murphy, not giving up his fight to raise taxes on the wealthiest residents, the progressive tax push coming next. ♪

we can keep this progress going but only, only with recurring and sustainable reference.

there's no better alternative than a millionaires tax. it isn't the wealthy who bear the burden of our tax system, it's the middle class. david: millionaire democrat phil murphy keeps pushing a progressive millionaires tax as part of a 40 billion-dollar budget proposal. murphy raising taxes on at least $1 billion year from the current 8.9% rate. this is a recent study shows four of the five slowest states in the nation happen to have progressive income taxes. the fifth state is illinois whose billionaire governors pushing for progressive income tax of their own, which probably won't help it's record with a state of the worst population decline in the nation over the past ten years. charlie, why don't these rich politicians get it? to hire they go, the more they leave. charlie: i kind of think i wish they went out of business.

they produced more -- we will agree on that, thought. i covered "wall street" many years, you know there's a degree of fact. >> i have only been in the business five years. >> i can't help myself. [laughter] >> murphy had the chance to parade on that, it may be killed or better thoughts, he says now healthcare is all right but i think it's been solidified. >> the richer these guys are, to billionaire, he is one of the most progressive tax guys around. >> i think a lot of it, leadership in the new york metro

area, but connecticut and new york state and new jersey, the attitude has always been, where they going to go? the high taxes and higher taxes in connecticut which drove other companies out. high taxes in new york state, they are moving into they are moving to florida. >> is true. those are the topics to two states. david: eventually if enough rich people leave, they're not going to be able to pay -- remember but dropdead headlines in new york, you're going to see it with regard to new jersey. lou: we are seeing that over the course of a number of years for a lot of reasons amongst them, i think right now is the most riveting. that is murphy in new jersey who has no concept of what he's doing and cares little for what he's doing to workers who are

dependent upon high net worth and officials, high net worth individuals who are leaving for state by the thousands every year. the taxes are declining, the business space is declining. he's an awful spiral. >> we've got some breaking news. i have to break this. confirming seven people are dead including the gunman drink the shooting rampage on the milwaukee campus this afternoon. nearby schools were on lockdown, it's been called one of the worst shooting in wisconsin history. we will continue to monitor this and bring you more. we'll be right back.

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this year's conservative political action, they are kicking off today. the theme will be america versus socialism. speeches will include president trump and other conservatives taking on socialism. this is a new poll showing no more democrats showing that bernie sanders will beat donald trump and his election. our republicans now preparing for united front among democrats behind socialist. lou: i hope they are preparing for everything. it's a unique initiative on the

part of sanders to convert the whole country to embrace castro, his legacy in cuba to also think positively as possible. this is crazy what he's doing. he stepped off into an area that he's never addressed before. he's now taking his entire campaign and his followers enough direction none of them knew he was going to go. he could pay a very high price with. >> he's already mentioned the price. he added it all up, let's put up a full screen, sanders plan over ten years will cost $97.5 trillion. that's almost exactly the same as the household wealth of all americans who have to get up everything they own. >> you remember when you pressed on what exactly is the map and

he blurted out, i actually don't know how much it will cost. which i think is more worrying. even he is saying -- >> you got to admire him. >> i don't think, i could be wrong, i think he's too left. they are too crazy for people, for anybody in the center, i think it's too much. being very widely about what he's doing. we are, in a way, we already have single-payer, medicare in this country. hospitals going broke and six years, they get automatically cut 11%. you already have a population that's wholly dependent on for government. david: we are going to go down inevitably? >> it's not inevitable but he's very good at soft peddling is embrace. he said as recently as 1987, he got behind democracy means public ownership, that's the

very definition. >> three the party has been going that way progressively, that's true for here's. david: obama was a big step forward in that direction. obama -- he didn't embrace it but we opened up relations with cuba. even michael bloomberg, he's clearly moving so far to the left, his policies are just like bernie sanders. david: with china, the democrat party commits itself to socialist and that's their platform going into the election in november. whether it's bernie or another leftist whose waving that socialist flag and they failed

miserably, while the be jeremy corbin from it like they had in the uk were socialist lost terribly and they totally tried to restructure it? lou: everyone on that stage of the democratic nomination will look like jeremy corbin. this is generally a week one. >> put out something on healthcare, the trump administration has been working on lowering prices for prescription drugs and we know from our own research internally, the number one issue for voters no matter what side they are this healthcare. if the trump administration during the election truly gets closer, unveiled something that people understand. david: we only have time for one final question, he once said that americans will have to taste socialism, go through a period of socialist policy before they learn how bad it is. do you agree? >> like dungeons and torture, we need to get people there to understand what it's like?

i say that on a business network, it's the who makes the best decisions about your life, your livelihood and health? those people standing up on that stage because if you growth to single-payer, medicare for all, bernie sanders gets to decide who lives and who dies. david: president trump expected to address his administration's response to the deadly virus in the next hour. stay with us for more and what the people here think he should say. coming up next. ♪ is about to become your problem. ahh no, come on. i saw you eating poop earlier. hey! my focus is on the road, and that's saving me cash with drivewise. who's the dummy now? whoof! whoof! so get allstate where good drivers save 40% for avoiding mayhem, like me. sorry! he's a baby! delete it. you metwhy?an app.

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david: "fox business alert." president trump expected to hold a news conference in the white house at the next hour. not exactly sure could be half hour, within the next hour where he will speak with the administration response to the virus. president says the mainstream media is covering the virus accurately tweeting out, low ratings, fake news, cnn, comcast are making everything possible to make the coronavirus as bad as possible including panicking markets. likewise their incompetent do nothing democrat come rates are all talk, no action. usa in great shape. lou, what does the president need to say tonight. >> he needs to say exactly that. we have americans who know how to deal with any crisis and the idea this entire country is filled with buttercups and daffodils is pure nonsense. this president will lead america

and everybody how great the nation is. >> tough people. they can't be scared. the media, they always sell the american people short, always. david: what do you think the president should say? >> first off, traders are not watching msdnc. that is not why they trade stocks. a little bit of transparency. what is going on in china and here is how we address it. if he is straight and forthcoming, markets -- david: even if china is not straight and forth coming? >> he should talk about what he is -- he has a report no doubt if there is anybody that can get them to fess up and get some transparency it's him. >> whatever it is we'll deal with it. if he says that, that is very good, clear, statement. david: good stuff. before we go, lou, we want to talk about your show. you will being speaking speakinh mark rupp from the nebraska medical center. and one of my favorites of all time, kim strassel. she writes brilliantly in the "wall street journal" she will be on your show,

"lou dobbs tonight," 7:00 p.m. eastern time on fox business. thank you so much. >> i'm going to watch. david: everybody, thank you. that was fun. >> great to be with you. david: a lot of stuff we didn't expect but we appreciate it. see you next time. liz: good evening. thanks for joining us. i'm elizabeth macdonald. this is the evening edit. we are in breaking news mode. the president is expected to speak about a half hour from now on the coronavirus. let's get to blake burman. he is at the white house with more. blake? reporter: hi, there, liz, president trump along with the vice president and members of the corona task force expected to be in the briefing room here in the white house 30 minutes from now to give an update on the coronavirus. this as the president returned from india earlier today. the head of the task force, hhs secretary alex azar testified up on capitol hill today that he already has spoken with the president today.