news. but start smart every weekday write on foxbusiness join me for mornings with maria 69 eastern monday through friday. right here on foxbusiness. have a grea great, great rest of your weekend thank you much for being with me. see you next time. ♪ ♪. gerry: hello and welcome to the wall street journal at large. used to be said when wall street sneezes, the rest of the world catches a cold. but it's a sign of our changing times that it was wall street seemed to succumb to the rising menace of a virus that began a couple of months ago in the chinese heartland. financial markets were pummeled with investors suggesting the indications of the rapidly spreading corona virus or wiping out all the

gains of so far. worry of this spread and the durability of this group markets. the yield on the ten year hit record lows. with investors seeking the safety of u.s. government debt. now the immediate cause of the fear was sudden evidence to the disease taking hold now well outside of china. the number of cases in italy, iran, south korea vote significantly. trent president trump sought to calm fears but the u.s. would also see an epidemic and insisted the country was well prepared to cope. anointing vice president pence to take charge of the response. but the head of dissenter for disease control said americans will not be immune to the spreading virus. meanwhile, in politics in the democratic primary, senator bernie sanders has his lead ahead of the fields with the strong wind and nevada caucuses ahead of south carolina primary and super tuesday next week. now the rapid pace of all

these events only underscores the unusual volatile of the challenges facing the country today. the economy continues to perform well, but new technologies are clearly upending the way we work and live. the rapid spread of the coronavirus remind us of the risk and opportunities of america that is tightly connected to the rest of the world. all this at a time of the country seems more divided than ever over its priorities in its direction. and the political stage is increasingly dominated by outsiders first president trump four years ago and now it seems a democratic socialist who may be rising to lead the opposition. so what's going on? what are these new risks and challenges tells about the evolving state of america? by far the world's most successful democracy. earlier, to get a better sense of where this may be headed i talked to one of the country's most imaginative forecasters. george freedman was founder and chairman of futures and online publication that interprets and analyzes major

global trends. he is also the author of a new book, the storm before the calm, america's discord becoming crisis of the 2020s, and the triumph beyond. the new book, it's a fascinating account of what you see as a convergence of long-term cycles, long-term trends in the united states since its founding. can you just give us a little bit of an explanation of that? >> of 80 years the united states is a shift in its institutional structure. we are at the point where we are going to do another shift. gerry: so 185060 civil war world war ii,. >> world war ii we invented the government of experts technology. and we've done very well until we haven't. because experts know little things they don't know the whole thing. but we've lost the right to petition the government petitioning the government is fundamental to our constitution and the constitution. when you go to talk to the federal government at this

point, there is no one to talk to. in those you talk to have no authority into anyway. you cannot petition a member of congress. gerry: you think that systems broken down? >> it's broken down in so many ways even the complex system they don't understand. and the individual when they need something that is not anticipated in the regulations there is no common sense. so where american government after world war ii was operated on common sense and informality it has become rigid and inflexible and unsustainable. on the other side you have the social crisis with happens every 50 years, the reagan era was enormously successful and produced a massive amounts of money. we are now in a period of time where there's few things too invested in the price of money has collapsed so that retirement becomes impossible, savings become meaningless. gerry: to the 80 year institutional cycle in the 50

year social cycle is converging the 2020s. what happens? >> i think it's easier because we can't solve this social problem without changing the way the institutions work. and we can't change the institutions unless we make a transformation in the social cycle. so we are at a time, and i don't want to overstate, we will not be rethinking his americans don't rethink things. what we are doing is under tremendous stress and making significant changes. and during times like this one of the things that happens is our politics go wacky. we have donald trump what more can we say. gerry: that we have bernie sanders a socialist. >> this is a time of the normal process of american politics breaks down and we have a series of incredibly intense and unpleasant elections and behaviors. and that will go on. gerry: what goes on that this

goes on for the next two years how do we get beyond that? is this something that happens organically or do we need to make changes to both our institutions of the way our economy works to get through this and get to the next phase? >> we are going to have to have political pressure to change the way the government interfaces with the public. and the way in which we create legislation. we don't know that legislation has been created. gerry: technology gives us the opportunity for us to do that. oh talking my things like direct democracy work everyone by hitting a button could make laws every day? >> not a doll i'm speaking of representative government where there is representative on the other side who has some authority. the basic fact is an ordinary citizen cannot find anyone who has the right to exercise common sense. that is an amazing revolution really and that will change. gerry: how does that change

what is the calm after this storm of 2020? >> one thing that has to go is primaries and most people don't pay any attention we wind up in a very strange choices. we used to have party bosses. and they gave us eisenhower, roosevelts, extraordinarily good candidates. then we have the party system and some were okay and some were not. what we have to go back to is the system the government of the united states had for 30 years which was that the parties were not party of the government. they along to the owners. gerry: this is the left democracy in the party bosses candidates came from smoke-filled rooms with largely men who decided who the person was gonna be in your now singer to go back to

a less than them democratic approach customer. >> it's not democratic is a tiny fraction of people cared to choose the job. like the internet where the idea was we are going to have thoughtful discussion between reasonable people. it turned into chaos. the primaries really did that as well. they turned into a minority of people governing with no recourse. gerry: georgia want to come back and talk about more of the issues you raise your book and more generally the geopolitical trends we're facing in the world at the moment. but stay with us, will be back in a (coughing) hi susan! honey? yeah? i respect that. but that cough looks pretty bad... try this robitussin honey. the real honey you love... plus the powerful cough relief you need. mind if i root through your trash? robitussin honey. because it's never just a cough. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk.

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gerry: i am back with the founder of political futures george friedman. the 21st century has not so far at least worked out particularly well for the united states there's a paradox there because we ended the 20th century, the 1990s with america the single global power. the soviet union had been

defeated, people talked about a unipolar world unites it seem to dominate all. since 2000 we've had terrorism, disappointing wars in iraq and afghanistan, we had a financial crisis we've had withdrawal. it is not been a great 20 years. what's gone wrong? >> in 1991 for the first time in five years there was a single european global power there's only one global power, the united states. it was the first country the staged a revolution against imperialism, but there was. it did not have the institution managing and it did not manage it. had a world war ii model. they attacked us, we are going to hit them with everything we have. so there is no settled a anything. we have learned a great deal. barack obama and donald trump, although they would not admit it had a similar view and reduce the amounts of action to take increase the amount of action we take.

gerry: is that wrong customer. >> i think it's quite right. it's self-evidently expect 18 year losing wars so ending was probably a good idea. also, the key thing is the united states is a large economic world power, and more important the largest importer. that power that imports really allows us to dictate other countries what is the price of getting access to denied states. and this we have seen in the confrontation with china over trade. gerry: do you think president trump is a having the approach right customer. >> i think it's right it's same approach a bottle is taking, he was moving in that direction. so despite that of the different ideologies, beliefs, personalities, history compels the united states a certain direction. gerry: let's talk about china you just raise it there. that is obviously the emerging great power and many people's views, second-largest economy in the world people many people think will overtake the united states the next hit

ten, 15, 20 years. growing military and political power. going to real crisis right now on multiple levels. challenges to its own rule, like hong kong, china's economic growth united states, and of course most recently this coronavirus. give us your sense, your long-term observing of what's going on there. so china else's economy on exports. since 2008 the world is been an export crisis. the exporters are scrambling for markets. china's financial system resembles it. we can take a look at japan, the way it collapsed in 1980s. you see a model there. the important thing to understand is the key thing she was it elected do is control the country. you don't need a dictator if you're in good shape. and his biggest job was to manage the president of the united states who could not be managed by anyone.

on this person understood that the united states we ask for less than half of a percent gdp they have over 4% and would stop that. they were in trouble. the problem with the virus is, we don't know what it does. it was so badly mishandled by president xi jinping let a combination of secrecy and incompetence, now the question is does he survive? the idea they're going to bypass the united states with their economic growth. their growth numbers are collapsing and i don't believe them anyway. the china release their gdp numbers. gerry: with this really question residents she's position? >> let's take a look hong kong, the south china sea made no progress whatsoever. confrontation with the united states, many things going wrong in the financial system that is deeply troubled. and now this.

i thought before this happened come inside the central committee there moves being made, raising the question does president xi jinping really know what he's doing? i think this is going to push it over the edge. gerry: what could follow him could be worse in terms of authoritarianism. you have a sense? >> thereto of china one model is the emperor's powerful the countries united in the other was in place a hundred years was china's fragmented. it's interesting to me they brought in the head of the shanghai party because shanghai has been fighting with beijing quietly a great deal. so there is a regionalism in china that is frequently ignored. gerry: let me stop you there gerry: let me stop you there got to get a quick imagine traveling hassle-free with your golf clubs.

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gerry: i am back with george friedman. george is directly united states, that the presidential election coming up in a matter of months. we still don't know who the democratic nominee is going to be. it looks increasingly like or we could have bernie sanders. the next presidential election this year it be to political outsiders. donald trump from four years ago he wasn't given a hope by many people the republican side. a nationalist, and economic nationalist very much against the grain of the republican party for the last 20 or 30 years. on the democratic side we could have a self-declared socialist very much different than the democratic party. what is that tell us about american 2020? >> during the crisis, the outsiders come in.

so it's not as if we've had a highly successful corps of politicians who we can turn to. we have very questionable ones. that part of the public like him precisely because he was an outsider. and then turning sanders i love to win or not, but they're turning to sanders for the same reason. the democratic party is moving away from anything we've seen before. that's what you expect to see this political cycle. this is the preface. out of the preface will come the real struggle, who are we, what do we want, and just as ronald reagan and franklin roosevelt emerged at these times, someone will emerge. in the meantime, we got warren g harding, and richard nixon. [laughter] x the way it works. gerry: there does seem to be a fair amount of pushback by the establishment for both of these on the republican and democratic side. i don't know what we can type do deep state in washington.

are they being a clips now? are we really into a. riordan political competition between two people with a radically different views on how the government should be run for those who have run it for so long. >> america's ruthless in the establishment has not been succeeding. they haven't had that much accountability. there looking at the behavior of the meter of donald trump or they are horrified the extremism of the senators. they don't forget is they didn't succeed. what you're seeing here is a natural process is bloodied and nasty as is, they are dealing with the establishment. there is no establishment. they think there is an establishment, biting for the "new york times" there must be an establishment, but the countries not listening.

gerry: is it possible to see commonalities between aiken we don't know he's going to get the nominee he can still be beaten. but between bernie sanders and donald trump. as different as they are in terms of the way the economy should be run, is it possible to see the forces that are driving them in common terms? >> they both promised not to be the way it was before. what they have in common is not any real vision of what should come, but a real sense that what came before is over. until this is the transition points common in this transition point you will see politics that will convince people the republic has collapsed. gerry: and the minute or so we have remitting back to the theme of your book come the storm we are going through in the calm, what do we get to the end of this process? what we get after truck, sanders, or whatever comes after that, what does america look like and tenure time?

>> the problems are dealing is this. the middle class earns $35000 a year. that's a lower rental class we have house in a car, that's impossible for the vast numbers of the white industrial class are being thrown out. there is a term mendez struggle with the universities everything else. this class, that has to be handled. the place is at the university and you see that battle he be getting. gerry: at the moment it's being won by the woefully politically correct crowd you think they'll change question work. >> and how soon it will. these people know that to get access to the elites, they have to get to the university. the university is financed by $16 trillion in government loans. when those loans stop, the ability to work six hours a week will go away.

and when that goes away, university is going to be forced to reconsider itself. that process is going on right now. gerry: the book is the storm before the calm. up next, my thoughts on american. civilians in the face of global and domestic i'm your mother in law. and i like to question your every move. like this left turn. it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. my son, he did say that you were the safe option. and that's the nicest thing you ever said to me. so get allstate. stop bossing. where good drivers save 40% for avoiding mayhem, like me. this is my son's favorite color, you should try it.

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unsettling times, pandemics, market panics, rising global tensions that propel us to turn inward as a nation. but home, loss of faith in traditional politics and institutions and a makes enemies fellow americans. this all leads us to want to try something new and different. nationalism perhaps, socialism, anything not associated with conditions that created the certain uncertainty. but america we should not forget is uniquely blessed with robust institutions built to withstand the rising positions. and the creativity to develop solutions and technology, healthcare, finance, education, and yes indeed, governments. that paved the way for a better future. and worrying as things may be, we can take comfort the country has survived much worse. it should also be noted that despite the challenges by most measures, these are still among the best of times in this countries a short history.

with that, that's it for this week, for though it is show updates be sure to follow me on twitter, facebook an instagram, i will be back next week with an in-depth look at the super tuesday primary results right here on the wall street journal at large. thank you so much for joining. ♪ ♪ this week the markets rocked by the coronavirus as it spreads around the world. what it means for the economy in your portfolio. mortgage rates fell to three year low, how low can they go? and is now the time to refinance? and the stocks that defied wall street's wild ride, which ones are holding steady and why? barron's roundtable starts now. welcome to barron's roundtable we get behind the headlines to prepare you for the week ahead. i am jack otter. we begin with what we think are the three most important

things investors should be thinking about right now. coronavirus feared have a market correction what to expect them here. some stay-at-home stocks held up better during the storm, with got the nays and what's ahead. and bob stepped down at disney, why it makes sense the themepark has take the helm. ben levisohn, jack hough, you don't need us to tell you it's an ugly week on wall street here's a rescan s&p 500 plunged into correction territory down 11.5% for the week that makes february at the worst month of the market since the great recession. treasury years fell to their lowest yield ever with attend yield on trade year yield low but the recent market action perspective. long-term investors have had a wonderful decade since the market in 2009 stocks have delivered a total return of 448%. ben, what should make of all this? see necklace talk recession. do we have to?

>> profanity right out of the gate. >> around a year ago that's been very reliable recession signal. the fed went ahead and did the rate cut and everybody talked about the planning and then we thought forgot about it but everyone was saying at the end there is no sign of recession and lissa get a shock guess what we got the shock. this is gonna be a problem the economy wasn't looking all that great even before we had the coronavirus come along. jack: that's contrary to what were here and give us some data on that. >> first met her industrial pmi this industrial survey data was getting better but the service pmi was getting worse. job openings were falling, they weren't looking for as many workers that's not good things. then along comes the coronavirus and this is very possibly people just stay home and stop shopping. the economy grinds to a halt and this is not the worst case scenario where we all told have to work from home and

then you have real problems. >> i think the recession might be coming but their only knowledge of recession is what happened in 2008 with the global financial crisis. recessions they do happen we don't want to talk about the pain but we had recessions in 1949, 67 and 90 that we don't talk about anymore. so a recession may come, i think we may need to keep in mind is what happened 12 years ago. smack in after recession had pent up demands. >> exactly city of recession or people are staying at home, because their corn cedar working remotely, when things turn around, there is going to be that pent-up people again to be using goods and services again. >> i just want to point out bennis could be a nice guy he only gets grumpy when he talks of the coming recession. i am not quite there with you. but what i will say -- if i have to guess around the stock market i guess up and keep it simple. but we think of the stock

market is following reflecting the economy. sometimes it does but sometimes the economy follows and reflects the stock market. consumers have felt pretty flush from this long bull market. if you have stocks continue to slide from here you could get a reverse wealth effect or would start to hurt spending. >> i think that's a lease on friday where he had the fed come out the statement while the market was in turmoil saying we are aware of the situation right now. we will use the appropriate tools if needed. >> in the market turned around then on friday and that may be why. i want to ask you one weird thing then, the market plummet in gold goes down with it. usually when the market goes down gold goes up. two and today the gold is doing great until today. the rumors out there basically there's a lot of margin calls. we get a margin call you sell what has made you money, in this case it's gold. jack: other things went up over the last week which most people won't realize there are a few stocks that were really green what happened with that. >> where to calling at the stay-at-home stocks this is when your quarantines where

the goods and services you will be using. she had zoom video communications or people are forced to work remotely or can't travel, you're going to have videoconferencing. peloton, the 2000-dollar exercise bike makes a little more sense and people don't want to go to the gym. you have netflix going up, clark's going up, people are going to disinfect everything. >> you've got to wipe off the peloton. [laughter] be nine jack something else is happening in the market. >> non- virus news bob iger replaced by bob j peck you spoke with them on the phone everyone has respected bob in what is and at the park for the last five years why would you go to parks i would every talks about streaming so that's disney's biggest earners television so why would you go to bob meyer with

the streaming business the first answer is parks are the fastest-growing part of disney right now. they are becoming profoundly popular and i can envision in the next couple of years parks overtaking television becoming the business. also he's got 19 years of hollywood experience before he ran the park's business if you ask about streaming he says it's not called streaming is called direct to consumer. and there is nothing more direct to consumer than running the parks. jack: tough time he because parks are not the place we want with the possible pandemic. jack >> barely had to close in shanghai and hong kong. you can see a downturn in attendance here in the u.s. is things get worse. but keep in context this is a business where you are at $7 billion in operating profit just up from a few billion dollars five years ago you're probably headed for $10 billion so things are moving in the lon right

direction over long-term. jack: kind of rough guide he agreed customer. >> i spoke with him at disney world last year at about 285-degree orlando heat. he is matter of fact. i have something in the magazine are described below bit and i say he's not what you would call an oscar party raconteur. he likes to get down to business. he is a guy who talks about storytelling and be at the heart of every thing disney does, something i've heard many times from bob iger. jack: torsten from deutsche telling talking about the telling talking about the markewhile the world keeps fighting for your attention.

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jack: coronavirus be a fierce spook investors and pushed into the fastest correction ever from a peak. deutsche bank torsten slok tells what means for the global markets. torsten you had a widely misquoted chart can you tells what it said and what it didn't say? >> the point of this chart is to try to figure out how quick was this correction that we saw over the last week, and the answer is if you look at it from the peak that was an all-time hi, how many days did it take before we got a 10% correction? this was the fastest we have seen basically since the 1930s. so the reason why this is interesting is doing from euphoria basically a week ago we are at all-time high every thing is good, now we suddenly have a whole different view now that we come to the end of this week. jack: 's are generally investors are told when everyone else is selling you're supposed be buying. at what point do you determine it's a buying opportunity or you ain't seen nothing yet

it's going to get worse? >> the old saying is you do it at the worse and you look at the situation today can get much worse? the problem with the situation is so difficult to figure out what the imp occasions are because the coronavirus is going to hit both the supply side of the economy more people be staying home, the b disruption of supply chain, so basically there'll be less productive and less apply the economy overall bit on the man said bergen's see people going less to restaurants, less traveling. basically having less consumption which means that's going down. the magnitude of these things combine those most importantly with the stock makes it very hard to figure out where we are at the worst yet. but we will look worried at next week how things obese still significant the downside going ahead. jack: that's an important point because everyone throughout the tenure bull market has had the consumer, so important to the economy has remained strong. at what point does the consumer get a little worried and starts point that? >> this is really critical the unemployment rate is essentially at the lowest level in 50 years.

so from that backdrop, this coronavirus, came at a time when the economy did recently well from that perspective number of other things you worry about. job creation is good but moving into next week we will not get any information from payroll numbers about the coronavirus. this was all measured before this week. so that's like wise for the corporate sec. we don't have a corporate sector will be taking this hit. so we really don't get any information that's particularly helpful. that means a cloud of uncertainty is still hanging over the markets. we are quite worried looking ahead next week this continues to be a problem. jack: can you explain to victory? this virus originated in china but the u.s. market was having such a horrible week, chinese stocks were doing relatively better, ways that? >> one thing i thing that is going on and when you look at what markets have been doing over the past week, is that there are signs there's improvements in the number of people affected and also improvements generally speaking the second derivative

here is the slowing growth and that looks to be a little bit better particular in china or it looks to be a lot worse in europe and the u.s. still. we really don't know how well it's measured. that of course maybe china is having a little bit away from the coronavirus problem. where is here it's getting to be more of a problem. too that could explain some of the reasons why we have seen some assets in china over there and in particular to up a little bit in those have benefited from the idea that china is beginning to move away from the corona problem. p9 how you look in international diversification right now? other areas in the world that look like an opportunity? >> from that thing we are looking to see where we see things are going to improve and deteriorate. that's very difficult when you look broadly. europe was also hit quite hard this week. now the insurgency is really about the u.s. at the moment, which is why you see u.s. rates and levels of interest

rates come down. much more than what you have seen in europe and internationally. jack: so what should we take from that? bond market relish would be happy about that? or the bond market signaling worse to come? >> we'd have today globally about $14 trillion in negative yielding debt in the world. that's roughly 25% have an negative interest rate. to the interest rate is of course interest rates are going down is normally goodness in particular people had the moment rates bed and bad news in the situation code has a reflex to things, both that people might be revising their views and inflation expectations are going down people think economic activity and gdp of a going forward. also reflects another thing that people are going away from and have to have a safe asset and the safest acid is just treasuries. so yield metals are going down because both people revising the strategic outlook and also because people are selling more risky assets, corporate bonds, high-yield, ig, and also target being their money

in u.s. treasuries. jack: and that's has worked out this week. coming up historic low mortgage rates have a lot of homeowners thing about refinancing. economist mark zandi weighs in. in. we'll be right back. every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence.

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jack: market turmoil has sent treasury yields to never be sort of scene load and mortgage rates are falling prey what is it mean? should homeowners rush to refinance? mark zandi joins the panel. thanks for joining us mark parham stocks the punches got most the headlines this week, but tells was going on the

bond market? >> well, their record lows. ten-year treasury are closing in on 1%, officer reflecting the panic and the bad news and prospects for global recession. so rates are falling. not falling is much as corporate bond yields because her concerns about the credit quality of the companies. so we are seeing spreads at wyden for high-yield debt and other corporate debt. mortgage rates are falling, they are more tied to long-term interest rates as you pointed out 30 year fixed-rate mortgage rates are now pretty close to record lows. if there's any good news and what's going on here, it's for homeowners and folks who are looking to refinance their mortgage. this a bigger time to do it. jack: want to ask about that but quickly due to the falling yield is worse to come? >> i think it signaling recession. i think we're going to have a global recession. if the cdc is right, and the virus shows up here in a meaningful way, for example

for closing schools and different committees across the country, yes, i think it's going to be very difficult to avoid a recession, and that's precisely what the stock market and the bond market is telling us. signaling fears all over the world. we are in the strongest economy on the planet, we are still aaa credit on the planet. there's a problem anywhere, money comes pouring into here. we've got a problem so the rest the world has a big problem. >> for a while he been hearing about the strength of the u.s. consumer. but the fears of the coronavirus and recession is there reason to worry? >> yes, the stock market reflects the economy but also impacts the economy very directly. we have a lot of baby boomers and visitors in fact free of baby boomers own more than half of all of the stocks in the country. over 25% of all their assets, financial and nonfinancial are tied up in stocks. boomers are in their 50s and

60s and their focus on the stock market like a laserbeam, that's their nest egg. if that nest egg starts to diminish and clearly diminish this week, they're going to respond to that. obviously the virus goes away, the stock market rebounds no big deal. kind of like what happened back in 18, if it stays down out expect to see that in weaker consumer spending, particularly among those boomers at least at first. that's a prescription for recession. the line between in expanding rick connie and it recession is the american consumer. >> i hear about panic selling in stocks is there such thing as a panic refinancing on mortgages? is that what people should be doing? i look at treasury yield diving and i'm trying to figure out what is the best time for folks to start calling riverbanks. should they wait for breakfast time on wednesday? one is again hit bottom on mortgage rates. >> now, go online and so you can do literally.

the average coupon and outstanding mortgages 4%. to the typical american homeowner is a 4% mortgage rate but mortgage rates are three and a quarter so you're in the money you get there's going to be a fee shrink that money back in a year because of the lower rate. it's time to move, i would move very quickly. >> you're talking recession is the bank going to want to give someone like me a mortgage? >> i don't know about you. but for the typical person freddie. >> sandy mae fha, yeah sure they are going to sell that bank wells fargo, quicken, they're going to make that loan and then they're gonna sell it to fannie or freddie or fha or whomever it is. there's going to be a buyer there. that's not going to change.

if not a down the middle kind of potential homeowner with credit score loan-to-value ratio debt to income ratio you're not in the sweet spot of the loans the bank's gonna make that on their own balance sheet they're gonna take the risk. you may have a problem that might be more difficult for you. if you look at house prices relative to incomes, rents, things like that you think housing in america broadly speaking is a good deal right now? >> depends on where you are if you are out west, west of the mississippi house prices are very sharply very high relative to income and rent. valuation becoming an issue but with a downdraft in interest rates, that's going to give another jump up and house prices. here's what i say, abstract and from near-term things. the housing market, particularly for affordable housing, workforce housing, the plain-vanilla housing is

vastly undersupplied, we don't have enough homes and we are not building enough homes to meet the underlying demand. jack: bergen have to leave it there thank you very much. at the next roundtable members give their suggestions for the next week. stay right there. ♪ ♪ ♪ ♪ ♪ ♪ schwab, a modern approach to wealth management. ♪ i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424.

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jack: subject, earlier this show you said whenever anyone asks you what the markets going to do you gas up. i still optimistic after this week? >> i am, i need something calming. i don't do yoga said this is financial yoga. >> deep breaths. >> but assume any position you and think about the basic principles of the thing it's not we just point to a chart

and say stocks outperformed bonds and commodities and other assets. it's what stocks represent. when you are invested in them you are invested in people with talent across the country, around the world. these businesses only exist to the extent they can turn financing and stuff, which is another saying bonds and commodities, into higher returns. b9 karlsruhe start with you. campbell soup. this is a corona virus people stocking up on canned soup goods, it limited international exposure. also the companies under activist attack two years ago it's wellness away and turned around plants of the still room to grow outside of the coronavirus. berkshire hathaway. stock has a balance sheet is been beaten up, it is like the market but it's with warren buffett it's a kind of self he loves. stock will probably degrade from here. jack: and of course when things are going bad, he's got a lot of money on a think you'll do good things of that. thanks very much ben mark

carlton jack thanks for listening different follows on twitter at barron's online. that's all for us, see you next week on barron's roundtable. [♪] gregg: good evening, i'm gregg jarrett sitting in for the vacationing lou dobbs. monday lou declared the coronavirus a pandemic. now it has spread to at least 56 countries. despite the threat, the world health organization refuses to call it a pandemic but opting to increase their risk assessment globally to very high. the spread of the virus, the