all sides here in dc working on a solution. connell: something worth watching thank you. >> and thank you for joining us -- dierdre: thank you. "bulls and bears" starts right now. >> welcome to "bulls and bears," i am kristina partsinevelos in for david asman. markets slammed as coronavirus cases in united states climb, spooking investors, dow closing almost 1,000 points lower, vice president pence onboard air force 2 and traveling to washington state to meet with the governor and health officials. washington remaining one of hardest hit from the coronavirus, number of cases is now to 71 reported today, dan springer is in seattle with the latest. reporter: number of cases in washington state continue to go up, 71 case ands here, one additional death for a total of

11, vice president pence will arrive in washington state to meet with the governor and local health officials and they will talk about new relaxed testing protocol allowing any doctor to recommend a test and increase testing capacity, 400 samples can be tested per day in washington state, now that university of washington has gotten involved. in slow virus, many companies tell their. ies to work from home, through the month of march. among them amazon and microsoft, between them have over 100,000 worker in the state, also, state and local leaders consider how far they should go to cancel events and large gatherings. >> all non-essential convened large group meetings will be canceled through the end of march. reporter: a large gathering is anything more than 10 people. >> individual schools are closed

for a day or two for cleaning, one district closed all of its schools and will begin teaching remotely monday through next two weeks, they call it a transition from the classroom to the cloud. but there are questions about how much learn will be happen across demographics, king county washington, bought a motel to be used as quarantine site, it is leaders of city are not happy about it they worry about people in isolation coming and going and spreading the virus through kent. modular homes will be used to quarantine people. we're seeing more aggressive measures to slow the spread, they are controversial. >> thank you. >> now joining me on panel, gary kaltbaum, zachary, and liz peek and steve forbes, stocks today, a volatile day again, it was down across today on renewed fears of the virus.

this is just one day after the dow and s&p 500 saw their second largest point gain in history, a lot to talk about, very volatile, but gary, since you're not here, a big question regarding volatility, and what could be the potential catalyst, is it 10-year treasury ea yield, panic, media, us, what do you think. >> for starters, market, dow up 38% in 14 months and nasdaq up 58%, we were due, but right now everything is a catalyst, the running news events on daily basis southwest airline, 300 million in less revenues, ual slowing down their flights, you hear things out of italy, you see 10 year, which is crushing the financials and their margins down below 1%, it all the above

right now. and remember market always will be about earnings and leave no doubt, earnings has to come down, you heard from company like mastercard, from visa, from apple. you hear -- hear it from many more, i think markets reflecting it and that i suspect more nausea t to come. >> i think that right, the biggest problem is uncertainty, no one can kay whe say when it l reach the peak maximum impact on the economy and markets, the. today there was a report out from one of the health organizations saying that mortality rate is 3 to 4%, because we don't know how many people are infected, it makes it sound worse than it probably circumstance i think we're in a period, gary is right, every news data item, data point we get will cause people to either be more excited or more concerned. and that just not going to stop for a while. other than bargain hunting, i

don't know what catalyst there will be to make this market turn. >> we didn't have much in the way of earnings last year, no growth really. and this year was to be better, but we know that is in the can. market is not going to recover. and until we get a better fix on this disease, and how much impact it will have to supply chains, once you know facts, then you can make projects, then, i think you will see the economy and market soar then, you had good numbers for the economy in january. i think they will be very decent in february, that shows 1 we get this un-- once we get this uncertainty out of the way, by gogolly thankfully good times wl be back. >> but they will be worse in march and dismal in april, not saying that to talk things down but anticipating it one thing is true, markets will bottom before the worst has passed. that market are -- people will try to game out as bada they can

get, you see airline stocks down 50% in weeks. and even though to gary's component a huge run-up that kind of collapse in a sector, merited given how much they will lose in revenue is an a to figure out what worse case scenarios, in terms of economy activity materialize, markets trying to price that? >> i think that one thing intriguing tomorrow we get a jobs report,. am data today, has shown no change. people are concerned about lay offs. how much will that hurt consumers. are we going to have a lot of job looses -- losses, i would say mitigating factor, job market has been so tight, employers are not laying off people unless they absolutely

have to. >> you have so many companies now asking employees to work from home. >> they are not laying them up. >> you mentioned airline, jetblue will focus on hiring freezes, this could put a halt on labor market then that would be a supply issue, that leads me to my question, steve, and gary. about the fed, federal reserve, the fed came in with that emergency cut, we have another meeting so -- just you know a few days business days away. so do we expect another cut? will that do anything? we have no ammunition left. >> ammunition i think is false, fed has no impact on the economy right now, all about the uncertainty of the politics. >> why cut in. >> it was empty gesture, it had no impact. people figured it might be worse

than particularred with that kind of a cut, anything that ir. a short-term tax cut, pro growth tax cut, people know when it over we will have a buoyant economy, next year, that would be positive but fed in terms of this as irrelevant see, just stand oned side, other positive things that can be done. >> gary -- >> quantitative easing? >> look, problem with talking tax cuts is we have a divided of washington d.c. stlr there is ny that left would pass, something would have to give after the election -- >> in terms of the market, if it looks like things will be good in fall, markets can an case pay the ther--anticipate there would tax cuts, one thing that fed could do. don't cut rates but urge banks to be looser on the lending. help companies that they think are sound but maybe a temporary crunch, help them out. that would be constructive.

>> would that be a credit risk. >> it could did -- gary. >> i just think that fed is lost all credibility, they usually water gun right new -- they are using a water gun, they have no bullets, they are down to 1%. he has been easy since december, even printing money. and the worry it is this market says enough is enough leave us the heck alone, think of it siz- physically, corporations in their boardrooms right now this massive worry of uncertainty is out there. that breeds standing pat, not doing much, not a lot of hiring or expanding. >> and -- i don't think that changes. >> companies like amazon and google, they are cloud base can ask their employees to work from home, target and jetblue cannot.

you can't man a cash register or fly a plane remotely, when can is a secession of economic activity, i think people need be to prepared this has to do with severity of the react to the disease, not the disease, we're at a early stage, we're not at middle or end, it just means that one of those periods of time where fed cannot do much, 234-r8 -- we're in what we are in. >> something was just said that important, market will bottom before the good news really starts to show up, important people watch the market for signs, and i mean, instead of down a thousand, and up a thousand. stair steps to upside pullback, unmove you one step higher, we have not seen that yet, if we break last friday's low, all bets are off, it can get ugly.

>> last word gary, elizabeth warren, we have been talking about her today, she is finding her end -- ending her race for white house, all eyes on b -- biden and sanders, coming up next. >> i have no rege regrets, it hs been an honor of a lifetime. can we go get some ice cream? alright, we gotta stop here first. ♪ ♪

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or sanders, saying she thinks more time to think it through, who do you think this helps. >> sanders, progressive voters will not splitting their vote between sanders and warren. it was time that elizabeth warren did this. it is interesting she dangling her support. teasing biden and teasing sanders, refusing to make a decision, in 2016 she supported hillary clinton, even though fi- whether this say personality issue, between the two, i don't know. but if she wants to have any credibility left after this whole episode in her life, she has to come out for bernie sanders. >> she may have to come out for bernie sanders on paper. but in real world, she wants to endorse biden biden has a better chance to win, if she wants to change from senate, she can get a cabinet post, ambassador or something like that.

and and bernie she knows she gets zip, zero. and as for vice president, i think she must realize with two people, oldest candidates for president ever, odds of her getting on ticket are zero, it will be young vibrant person. if she wants influence it would be more with biden than with bernie. >> we'll see what happens with next slough of primaries. how ta divides between sand ires and biden -- sanders and biden. sanders did poorly in absolute numbers, rarely breaking more than 35 percent. >> only 50% in his home state. >> warren dropping out is not going to energize youth vote that did not show up. that reminds me these people came to rallies, they were all

pumped up, you had one job that was to show up on primary seen. but there are a lot who are not in bernie camp of burn it down, and tear it up. and would therefore gravitate toward biden. reality momentum is toward biden in a massive way, given no matter media spin, sanders had a very small percentage. kristina: gary, before you, a sound bite from a cnn debate between we have sanders and warren. are you calling me a liar. >> i think you called me a liar on national tv. >> you know, let's not do it right now, you want to have that discussion. you told me -- let's not. >> i just want to say hi, bernie. >> yeah, good,. okay. kristina: based on that, who do

you hedge your bets. >> i believe biden, we'll have florida biden will crush sanders in florida, she wants to go with the winner, i believe that is 219 delegates, she needs to go with person that will win the primary, if biden continues with momentum that is how show goes. but does biden want it she is for medicare for all, 6% wealth tax, 14.8% investment tax, i think a tax if you walk your dog the wrong way down the street. i'm not sure biden wants to go on that. >> oh, appear on fox as well. kristina: this afternoon there was a report that seems that sanders will not go to mississippi, he will go campaign in michigan, giving the south to biden. >> shows he knows he has to pick his targets now. he carried michigan in 2016. if he loses to biden that is a

severe blow, but remember, big thing upcoming debates, if biden does not up his came and learn the complete sentences people will say, maybe we need someone else. >> they are separated by 50 delegates. still close, but southern states will help. kristina: still close. a war of words between senate minority leader chuck schumer and majority leader mitch mcconnell after schumer made comments directed at trump nominated supreme court justices, fox news senior efficient -- judicial analyst, judge andrew napolitano here so weigh in on this and so much more, stay tuned. you wouldn't accept an incomplete job

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kristina: minority leader chuck schumer facing backlash over his remarks about trump's nominated supreme court justices. >> i want to tell you gorsuch, tell you kavanaugh, you have released the world wind you will pay the price. kristina: schumer now clarifying he used strong language, he in no way was making a threat, here how majority leader mitch mcconnell responded. >> there is no way to call this but a threat. there is no question, to whom to whom it was directed. kristina: president trump also weighing and defending the justices gorsuch and kavanaugh saying schumer has brought great danger to supreme court. we bring in judge andrew napolitano. >> we all know chuck schumer, he

usually measures his words, yesterday he sounded like a street thug. it was not a threat in legal sense but in moral cultural social sense, yes it was a threat. it was an effort to intimidate members of court, who are free from intimidation, they cannot be intimidated by someone that sounds like a political hack, says outside of the supreme court. but schumer speech is protected speech. and under the law is not a threat. >> not a whole lot different from trump talking about sotomayor and ginsberg, we should say, everyone should layoff on all this. i'm not sure it worse thing in world for politicians, there are different branches of government, they are allowed to cast rhett call -- rhetorical

arrows. >> they should attack the court as an institution if they disagree, they should not attack the individual. >> there has been a tit-for-tat on both sides. >> i disagree what trump said about coto dedsosotomayor and gs inappropriate to talk about personality positiv and so fortd bash trump. this is a threat, it is shows schumer's level of frustration. you see that from senior democrats right now. nancy pelosi is come out with crazy stuff. >> what senator schumer said made no sense. >> not on this case. justice gorsuch did not say a word during the oral argument. and justice ca kavanaugh commens did withstanding in precedence, nothing to do with abortion.

i think that schumer's problem is with the los louisiana legislator. >> one more thing, i think that democrats are teeing it up to be a major issue in the election -- what other issues, if the economy i is on rebound, abortin is a big thing. >> and i want to continue this because, president was tweeting about with holding funds from sanctuary cities, we wrote: where do woo g do we go from he. >> federal government gives cash

to city and states there are strings attached much last time, there were no strings attached without cooperating with i.c.e., there are 5 challenges 4 say springs wer -- the strines weret there you cannot add them, fifth one said you can add them because they pertain to public safety, that is law enforcement. but have you a split in circuits, two-thirds of country where something is legal and a 10th it not, supreme court has to resolve it. >> and then terms of back to that first dispute. the supreme court overstepped its bound, ginsberg did, she was admonished in chambers and sotomayor did. they got to behave themselves too. >> the person that admonished ginsberg was justice sotomayor.

who committed this same faux pas but said why the republican appointed justices side with the administration all of th the ti, if you say, that say it face-to-face in conference, not in public. >> judge, this is gary kaltbaum. hope you do well. i have to ask you, you are a judge, what if you were one of these two on the supreme court. chuck schumer sounded like it was a promo forever a cage match -- promo for a cage match at wrestlemania, i know he does not' to harm anyone, but we have seen what happens with scalise and stuff like that, you are meeting with roberts maybe a meeting with chuck schumer on this, lower the tone or volume, because again there are a bunch of nut cases out there. >> it could have been a dog whistle on nut cases, i hope not, i can't think knowing schumer it was intentional, but this might have been a side affect.

if i am justice kavanaugh or gorsuch. i forget about it, i have a life term. it does not bother me, and not getting them to change their opinion. >> right. >> schumer was quite properly chastened, he deserved the backlash he got. >> sanctuary city thing in middle of a virus crisis. as much coordination between state, federal government -- not time to pick this fight. >> agreed. >> you agree. kristina: moving on. >> thank you. >> thank you. kristina: trapped on a cruise ship, passengers held in quarantine off the coast of san francisco, more americans say they would not take a cruise right now, even if it was free. everyone that is watching tweet us your answer about that, a big problem for straf travel indust, details on that next. to the community,

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kristina: california declaring a state of emergency, a second grand princess cruise ship is quarantined off of the coast of san francisco, after a former passenger, a 71-year-old man died yesterday, just days after being released from the ship. reporter: more than 3,000 people aboard the grand princess are stranded at sea while health

officials race to identify anyone who may have contracted covid-19. at a press briefing today in san francisco, officials confirm a number of people aboard have gotten sick, but news is not all bad. >> 35 have shown flu-like symptoms during the course of the 15 day cruise. many of those people have recovered and are no longer showing flew the symptoms once we have results from test. >> coast guard helicopter is airlifting hundreds of test kits to the ship, samples will be collected today and tested as a bay area lab. with results expected tomorrow, what the ship sailed to mexico last month, two people contracted covid-19. including the elderly man who died wednesday near sacramento.

when ship returned to san francisco, people never got off, they continued on cruise to hawaii, since they have possibly been exposed they are now under quarantine in their cabin. there is no word on what grand princess will be allowed to return or where it will dock. it was to come back to pier 27 in san francisco saturday, that probably optimistic. in meantime 55 confirmed case of the covid-19, the most of any state. kristina: thank you. >> cruise industry is taking a beating, bookings down over 40%, some stocks tumbling 50% this year, new survey shows nearly 2/3 of americans would turn down a free cruise if they were offered one. many major airlines and cruise operators slammed today, having worse day on market and lowest closes in years.

steve, would you touch these stocks at all? will it get worse? >> those stocks have very low p/e ratios, profits have been decent, at some point they will recover, this is not lasting forest, 1 we hav -- last foreve, once this is under control, the cruises will offer enticing offers to come aboard, i think this is temporary, and just a matter of days before they get hammered so much they will come back, remember after 9/11 they remember hammered then came back. we have to watch out for is they will go to washington, and say, we need a hand out. washington should say, no, you will recover. and bank should say, these are barringa we'll hel -- there ares

with money out there who will be ready to buy the distris properties. distress property. >> full disclosure, i bought some jet glu jetblue today and , i am fully prepared for them to still go down. they are as steve mansioned in a good cash position, they don't have debt they tended to carry in prior years, they do have consideconsiderable debt, they e helped by low fuel costs. to some degree there is a little bit of an offset. these are getting hammered because their businesses are getting hammered over next 3 months,. there is a reason they sell-off this much, unless you believe they are going out of business there is a low that you will lock back in two years say wow, it would have been great to get in now issue.

nowish. >> i wonder if there is an illegal issue, if you are a cruise ship, you keep the people okay. are you -- seems leaf least youd do take off the people, saptizee the heck out of the ship, and crew off of the quarantine, it seems reckless they have continued on. kristina: they -- you dong think they aryou don'tthink they are ? >> no. kristina: i wonder if people would sue cruise line. >> i don't think that airlines would have the issue, i think that cruise ships, i think acted carelessly. >> before all this happened everybody cruise ship business has been as good as ever, richard branson getting into it with virgin, and this will come back. i do not know the timing, but it will be a huge business. cruise industry has attracted millions of people, here and the

globe from asia to europe, i am worried about european cruises in italy, have you about 5 ports there. and that starts in about a month, hopeful that comes back sooner than later. later. kristina: and forbes, steve, he has cruise. >> not a free cruise. kristina: still -- for july. >> still on? >> i'm told to move it, growing number of u.s. senators trying to stop it from happening, todd young helps to lead charge, on your screen, he is joining us next. ofi, get your credit cards right by consolidating your credit card debt into one monthly payment. and get your interest rate right so you can save big. get a no-fee personal loan up to $100k. get a no-fee personal loan my body is truly powerful. i have the power to lower my blood sugar and a1c.

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kristina: not playing games, now bipartisan effort in growing in senate to push for removal of 2022 winter olympics in china. they are drafting a resolution

exposing china's poor human right records, todd young is one of those senators leading the charge, why are you getting involved with this right now. at-this-point with all of these topics to discuss. why 2022. >> there never a wrong time to stand up for human rights, and china is a gross violate or of human rights. they support their government, forcible abortion of millions of babies over the years. right at this very moment, there are millions of uighur muslims in secret reeducation camps, modern day concentration camps, they are putting down the peaceful protests of student in particular in hong kong. who just want to exercise their basic rights, therefore they are violating the basic contract they signed on to to be able to host 2022 winter games, we'll

use every bit of leverage we have to try too bing china over the years -- bring china over the years po a position of better behavior, we should not normalize this behavior. there are other countries who are not human right violate ors that could do violaters who could do a better job hosting the olympics. >> senator thank you, i would think some would push back saying we had china host summer olympics a few years ago, russia has hosted olympics what makes this time so special? >> you continue to a aggregate this road of gross human right violation, at some point you hit a threshold, that caused me to issue a letter to the ioc. i ask about my colleagues, i think they number of them will

start to join on, understanding that we have hard power in our country that military force, and we will continue to exercise that form of power, but also important that we not forget about importance of soft power, we don't want to normalize this bad behavior by the chinese, and elevate their leadership by allowing them to host the winter olympics. >> senator, this gary kaltbaum. and i get what you are doing, but what about worry about economic blow back. you try to go to a phase 2 trade deal, you got a phase one deal. i gather as you move through this the chinese government -- not very happy about it. >> well look, if the chinese are trying to muzzle up on count of their market power they are not ge to succeed, people of indiana did not send me to washington to look the other way, as china's government aborts millions of babies as they forcibly put

muslims in to concentration camps, yes. we do have a measure of reliance, in chinese markets, we will continue that, but they rely on our markets as well, if together with our partners in allies we emphasize to chinese that there will be implications if this sort of gross bhe a -- behavior, over a period of years it will change. >> there is some track record of politicizing the olympics. the u.s. boycott moscow olympics and russia in los angeles in 1984. there is however the way that ioc and olympic game got started in modern world was an attempt for nations to connect across the political and national divides, does thats not violate that aspect of it. even with the differences. >> i'm glad you asked that. the olympic movement is about

upholding, sel celebrating certn standard, ideals, ethics and norms work is competition, but i don't think that ioc would want to associate itself with forcible abortions of human beings, or putting people in concentration camps. so, that is why the iochas the member country agreements that they require host countries to sign on to. that agreement is being violated. united states of america is a member country of the ioc, and therefore when the agreement is broken we need to raise the red flag, that is what we're doing. kristina: senator, several of your republican colleagues in senate sponsor a resolution to censor senate minority leader chuck schumer for what they say were threats to supreme court justices, what do you think? >> we republicans believe in institutions and norms, and so, i do think it is inappropriate

for my colleague to try to apply some measure of pressure on judiciary branch in fashion he did. it is inappropriate for a u.s. senator, whether or not it rising to level of censure is something that i suppose we could have a can' a conversatio, but i don't anticipate that receiving enough votes, to move forward, but i do think i've of us has an obligation when they happen to speak out. >> senator, going back to china situation. do you believe -- iocis unlikely to pull winter olympics, will you add hav advocate that u.s. t like we did in 1980. >> steve we have not gone that far. i do -- i was very young, i familiar with the history, and i know our athletes trained long and hard to prepare themselves for, that there other ways to make a statement if ioc moves

forward and allow olympics held in china. and so we will not be silent, that is the message that i would like to convey to you and to viewing audience. kristina: senator young thank you for joining us. >> thank you, all. kristina: mortgage rate hit record lows, but are coronavirus fears keeping americans from cappizin -- capitalizing on low rates? we break it down, stay tuned. but not for your clients. that's why we're a fiduciary, obligated to put clients first. so, what do you provide? cookie cutter portfolios? nope. we tailor portfolios to our client's needs. but you do sell investments that earn you high commissions, right? we don't have those. so, what's in it for you? our fees are structured so we do better when our clients do better. at fisher investments we're clearly different.

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kristina: i've been asking myself this question a lot, is it time to buy a home, mortgage rates dropping to record lows. a decline like that would

typically boost sales, gary -- do you think coronavirus will hurt the housing market or nothing. >> i think all big ticket items could be under a little bit of pressure. but man these are really low rates, i give you greatest advice on earth, look at 15 -- verse 30-year. >> i think also, you will see probably whether people buy homes they will refinance in a massive way. and a lot of go for 30, monthly payment will be so low, they will worry about principle later, they want that payment down now. you will see that, and a lot of people, if not much quarantine will say, we're never going to see bargains like this again, prices are low, we'll go out and seal a deal. >> i agree. kristina: refinancing up 200%.

>> and look, bloomberg consumer comfort index ticked down slightly but still elevated, people are in good shape. it is an index of things like mortgage rates and incomes, people are feeling very good other than this coronavirus. and but mainly we should look at younger people who -- household formations have grown nicely, and there is a real gap between where homeownership should be, particularly among young people starting new families and where it is, there pent-up demand. >> and if you start seeing people tel tell comm -- i have nothing to do, i'll refinance my mortgage. >> or on-line and look at houses for sale. >> o renovate. >> or look for a bigger house. >> with video you don't have to visit. >> okay, hollywood celebs, they

areata again coulat -- they area dire warning to what or who will lead us to our e extincttion.

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when i was diagnosed with dupuytren's contracture, i waited to get treated.

thought surgery was my only option. but then i found out about nonsurgical treatments. it was a total game changer. learn more about the condition at factsonhand.com ♪. kristina: nothing short of a global catastrophe and the end ever all mankind. actress patricia arquette sounding alarm reelecting president trump, tweeting this, donald trump has done nothing but expedia climate change and policies with four more years that would only get worse. say knee to mass extinction and destruction much our planet. vote democrat. zachary. >> i think we should say no to mass extinction. that is policy we can sign on to. leave it at that. >> i should point out, women's right to choose is hanging by a thread. we'll hear a lot about that, harkening back to the first block.

kristina: good way to tie it back. >> thank you. >> remember what was said in 2018. the world can only end once, this is not it. usually these actresses and actors say they move to canada. we should have a program. sympathize. >> go to canada. >> go to canada. go. kristina: canada welcomes all. >> or north korea. how about that. >> i want to say the word snore. i had to look up who this woman is. kristina: you know who she is? >> i'm just worried worried aboy knicks. they're so bad, so terrible. >> are they headed for extinction. >> i have to worry about my knicks now, come on. kristina: zachary is this part of a bigger trend, celebrities voicing their opinion? >> celebrities have been doing this since marlon brando sent what's her name to accept academy award on behalf of native americans. people use the platform of celebrity for a lot of reasons,

politics one of them. you may love it or hate it but. >> it is a fact most of them hate donald trump. something is, snore is right, gary. kristina: that does it for "bulls & bears." at your homes, wherever you are for joining us. elizabeth: i'm elizabeth macdonald, "the evening edit" starts right now. fallout mounting after senator chuck schumer fell short on his apology after doubling down on his comments about his threats against supreme court justices neil gorsuch and brett kavanaugh. a sitting senator threatening the supreme court justices. this is an unprecedented attack and it wasn't just senator schumer who attack the justiced yesterday. we have the update. to the secret fisa surveillance court, saying to congress, hey, if you won't punish fbi officials and hold them accountable we will. fisa court banning and blocking from its