right foxbusiness start smart weekdays 210 from six to 9:00 a.m. eastern for mornings with maria, right here in foxbusiness i hope you start your day every week day with us on foxbusiness. that will do it for us tonight, thanks much of being here, i will see you again next time. ♪ ♪. gerry: hello and welcome to this week's wall street journal at large. suddenly after months of confusion after who have more than the ones more than two dozen hopefuls might emerge at the democratic presidential hopeful became abundantly clear this week. former vice president joe biden and senator bernie sanders came out of a huge super tuesday primer night is the only two remaining contenders. one of whom will undoubtedly be chosen at the party's convention in july to take on president donald trump in november. former new york city mayor, mike bloomberg making his

first appearance on any ballot had an absolutely dismal performance despite spending hundreds of millions of dollars on his own money on campaign ads. he dropped out the next day and backed biden. another poor super tuesday performance with elizabeth warren she quit on thursday. big reason for clarity in the race was a decision earlier by two moderate to left candidates mayor pete buttigieg and senator amy klobuchar to end their campaigns before super tuesday and like bloomberg, through their support behind biden. former vice president got o'rourke of texas. now many see this as rising concern among establishment democrats, the insiders, so-called insiders for the nomination of sanders to be a crushing defeat. absolutely dire consequences for down ballot democratic candidates facing tough fights and purple states. meanwhile biden, who a few weeks ago was seen as finished following his lackluster showing to the earlier states, became the favorite once again

after's blowout win in south carolina last saturday which helped drive his super tuesday success that is now turned him into the clear front runner. so where do we stand? with the field significantly whittled down will we be seeing a mono on mono saunders biden right of way to the walkie convention? most importantly whether dividing or sanders, what would he have to do to beat president trump? he has to give us his insights into 2020 election of the democratic race is david. he helped orchestrate president barack obama's 2008 victory as campaign manager and later served as an advisor and the obama white house. he is out with a new book this week, the citizens guide to beating donald trump. david welcome thank you for joining us. let's start with your book, it's a funny character kind of a how-to guide for voters who want to defeat donald trump after learning some of the lessons of 2016 a what went wrong from the democratic perspective last time, you

make the point there's probably at least 65 million voters you say, who are committed to defeating donald trump. and to some extent the 2020 election will be chart determined by by how you get those voters out and how you grow those voters. tell us kind of the advice you've given in the book. >> i think there's lessons or for any election. but given the presidential election is right in front of us a lot of people are focus on that, trump has a lot of assets, he's an incumbent president cummins got a lot of money, is that a very powerful infrastructure around them, we do not have a similar network and we are going to have a nominee who comes out with the partied that's not completely unified. so we need every individual american who wants to seed trump defeated to take ownership of that what your individual plan for action? to register voters, to create content, to use your social media networks in a more effective way to persuade people because this election it will come down to ten wheel register enough voters

comically turn amount, kingly prevent third-party flight risk which happened in 2016 that's why trump was able to win battleground states we can have that happen again if you're a democrat. and there are real persuadable voters out there, the famous trump obama voters there some suburban voters who didn't vote for him that will vote for them because the battles doing well. the presidential election will be decided by a couple million people tops. so the individual person if you can have an impact on two or three people who might vote who wouldn't vote or help persuade them to vote democrat, that in and of itself you think what does that matter. but if you have enough people doing it can make a big difference. gerry: you are famously as i said in the introduction one of the architects and president obama's victory in 2008 and again in 2012. you honestly admit in the book and you've admitted in the past, you got 2016 wrong. you really didn't think

hillary clinton would lose. what are the lessons from 2016, the mistakes that hillary made, that the campaign made that encompass all frankly made purred what we get wrong? >> the biggest problem was underestimating, the models all got this wrong. there are counties that move 33 of iowa's county obama won then trump won. they weren't five-point clips they wholesale 2030 points. almost like different elect oriole scenarios. we did not get turn out as high as we needed everywhere. turnout was okay in philadelphia, is very poor in detroit and milwaukee. the other thing hillary lost economic battle on who can you trust to fight for you? that is something she actually won against us and zero eight so surprised to see that. gerry: was hillary a problem people were just not willing to come out of vote for her? >> some of it was a lack of passion she struggled with young minority voters. some might of been the sense she had in the bag. the complacency.

and then they ran really strong campaigns in pennsylvania and florida where hillary actually got good turnout trump just got better. obviously they did not put the kind of campaign together they needed detroit to milwaukee and they paid the price for that. gerry: the president is now the income it, that's a tremendous advantage coming with that. got a strong economy, we'll have to see is going on with the coronavirus, but as we speak unemployment at 50 year low common flesh and his good people are content with the way the economy is. you also have a pretty divided democratic party the unified republican party united around a president has got a successful policy record if you like, for a lot of voters, that is suggesting the challenge in 2020 is going to be much harder for democrats that it appeared in 2016. >> i spent a lot of time on both of these issues, the economy and the unification of my book. the economy yes, we have a statistically healthy economy it may be tested by the coronavirus. a lot of voters still aren't feeling great about wages. a lot of voters when they really learn the extent to

which trumps tax cuts went, the companies didn't create jobs, we are already in a manufacturing recession technically in wisconsin there is an economic argument to made that he said he was in a fight for people he's done just the opposite. i know this, move into the reelection obama with 12 the stock market was resurgent that was not a reason to vote the present trade most swing voters don't see themselves in the stock market. gerry: but they do measure by the availability of jobs and income. has ever been a time in history when unemployment has fallen steadily during a presidents -- an incumbent president's term which wages have risen because most of her lower ends workers in the presence got on to lose election? >> do most of those lower and workers feel like they're making the shed? i do not. they filled the economies will too much inequality? yes they do. they are not the way things are going. i think the greatest analogy may be 2000.

clinton did not run for reelection, but al gore watches the session election with unemployment under 3%. so unification, i think if we don't beat donald trump, the fact that we did not unify after the primary but with the top of the list, but we don't do it right it's hard to build the foundation. so i talk in you happy cognizant of this. some people are just an essay tough primary, my person didn't win, i'm ready to do battle. a lot of people be raw. the victor has to spend time, resources, lesage abided as the nominee. and you lived in michigan. you know the 20 name volunteers for bernie sanders community you need to reach out to them, have coffee with them, have a beer at them i mentally they'll say we thought you guys play dirty or wasn't there. you need to ... you can unify. gerry: david stay with us, more on the 2020 race in a particular who the democratic nominee to take on president trump in november. stay with us.

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wealth management. gerry: i am back with president obama's former campaign manager david plouffe. let's look at super tuesday turned into a really remarkable victory across the board except maybe california may be, for joe biden. back from the dead, written off a week or so ago. is his now the nomination to lose? >> certainly it is. it's one of the most remarkable 72 hours of seed in american politics. this coming tuesday, we have another set of primaries. michigan which i think biden might be favored to win now. but clinton lost it to sanders prayed let's say bernie sanders wins, delegates are roughly split. biden is probably going to win mississippi by 30 to 40 points for his of his get annette a lot of delegates. it's about what -- if you look at their maiden contest, you only acquire delegates and a two or three person race if

you are winning by huge margins. if you win the state comments bragging rights a lot of delegates. florida, georgia, mississippi, louisiana, all southern states were biden will probably rack up huge margins huge delegates. i think it is almost certain he's going to end the nomination of the delegate leader. gerry: what happened? a week ago just hold of south carolina, we thought biden would win south carolina, bernie was well-placed or super tuesday. and suddenly in the space of a few days the reit embraces complete turnaround prayed what happened question works two so is important to remember politics, it's always easier to get back voters and support you had the temporarily lost and you never had. bloomberg spent 650 million went zero to 16 hard to go the rest away. biden spent all of last year as the national pulido. in the 30s. he has some pork debates, underperformed in iowa and new hampshire. a lot of those voters had been with biden went under cited in sahl bloomberg. he had a good night south carolina starts performing a

little bit better, get those endorsements from rivals, it all came back. so, the thing that is remarkable to me, is he did it completely on the wings of momentum. he did not have money, organization or time. so the question is if he can combine some more money and organization, and campaign time in the upcoming states the rest of march, without momentum, i think he's going to continue to grow. this is all about in a two-person race, who can consistently get more than 50%. bernie sanders has not shown the ability to grow his current base. and biden didn't just rack up numbers of african-americans yesterday, he did exceedingly wellin suburban areas and some blue-collar areas. gerry: mike bloomberg pulled out of the race and endorse joe her biden is at a ". >> well yeah, probably 75 to 80% of the vote bloomberg was getting ghost of biden. that will grow biden's number. we will see a bloomberg does, but we need michael bloomberg to beat donald trump. so maybe not today and tomorrow, but in the

not-too-distant future, he will continue his campaign machinery aimed at trump. and actually, i would love to see some comparative as on trump and biden. i think that would help for the general, but also help biden look like the nominee. kennedy: 's democratic party endanger making the mistake it made in 2016 which is nominating the traditional, insider, inside washington experienced candidate, doesn't really excite voters very much, looks kind of safe, and campaigns on that for the republicans have this whatever you think of him this varied symantec content dynamic. they're excepting that new candidate bernie sanders. i think it making that mistake again is a risk? >> we don't really have a party meters the voters that made the decision. i think in part, because they seemed biden is a person, and he does have the hasn't performed super strongly, he is not a young freshfaced compay doesn't create the kind of a doozy has been young voters. but they see him as steady.

there are a lot of voters in these battleground states is sam inclined to vote against trump is there's an alternative i can live with. that's biden. we do have to create more energy. trump is going to create massive turnout. anybody that looks like a mega voter he is fighting them, he's going to register them and turn them out. i'm very concerned about that as a democrat. secondly trump runs mad max rode the crazy move with fire and fighting, that his trunk. he is the middle of the circus. he is a social media first, blunt force of messenger. joe biden's and come up with a policy, give a speech about doing an interview. so we've got to figure out how to deal with trump. the debate worries me the last assuming they will happen. it's the day-to-day prosecution of the campaign work trump sucks up the oxygen. trump also understands its memes and gifts and pictures,

that's how we communicate today it's intuitive to him. gerry: that he is very much a modern candidate. he got another take a quick break we come back we will look further ahead to november and see if the democrats can actually unite behind a nomination. stay with us. there's a company that's talked to even more real people than me: jd power. 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room. and my lack of impulse control,, is about to become your problem. ahh no, come on. i saw you eating poop earlier.

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ralph: former obama advisor david plouffe is my guest. we have been thinking for weeks now this democratic primary would go all the way to the convention with no one with the majority of delegates. is that now not likely to happen? >> i am not sure someone will get a majority. biden has an outside chance. the question is by the end of march, if it's clear biden has pledged delegates he won't lose, bernie sanders said whoever has the most delegate should be the nominee. this may not end up with the

drama everyone is hoping for. it's the party rallies biden biden. but if biden really stumbles and bernie gets ahead, my suspicion is this is not going to go all the way to the convention. i think we will know who the nominee is by april. we made a lot of mistakes of last few weeks, what will he be looking for in a vice president? >> i have been deeply involved in this before a pick somebody if you win you want by your side. by the way trump didn't take payments because he thought it would help in the election, some 90% of this is don't make a mistake. don't play it too cute. then in the campaign you want somebody who does not hurt you. i think it is likely, hiding or sanders you are looking generationally. quite a bit younger. maybe somebody with diversity, gender, though it be the list to start with. but for candidates it's there and talk to six people and the only person i really jive with is this person, who may not

fit that criteria but i think they'll optimize for that. gerry: kamala harris maybe. >> amy klobuchar? you got to female senators in nevada, you got newly elected governor in michigan, was a woman paid there is some good talent you got val demings of the congresswoman there's impeachment manager, he started the decent list. i think there'll be cement on it too, but i think you would optimize for a woman, and if you could, look for diversity racially. gerry: so if it is biden let's not get ahead of ourselves, you make this point in the book, party unity is going to be absolutely critical. in a divisive process, the bernie sanders supporters you know feel once again they have been slightly cheated so far up until now, they're going to be pretty hostile. can they come around, and can biden, if it is him bring

those voters out? >> i think the majority of bernie sanders supporters will say they will be disappointed, but they will say okay i will support the democratic nominee. but not all of them and you need all of them. the biden campaign, fee is the nominee is going to be be very thoughtful about welcoming inclusive. i think you treat that campaign as intensely as you would winning wisconsin or arizona. if he not go through the motions? and make sure people understand even if you vote with your nose held, counts the same the tally is someone who has a biden bumper sticker. if it's the only way to get rid of trump, we have to focus. it's going to take a lot of effort. i do think the fact that biden is doing really well, there'll be less this notion that this was taken from bernie. biden is doing well. gerry: do you think so? there's been this sense that the establishment strikes back the death star strikes back. so i've worked in democratic politics for a long time i'd like to meet this establishment i wish we were

that organized. he is doing this with african-american voters, he won college educated women and tuesday states. the coalition is strong enough you hard to say all of those voters are somehow rigging the game. but the biden campaign, if again if they are the nominee, you better treat this unification thing deadly serious. gerry: finally your former boss could play a role in that. do you expect him to come out soon and try to unify the party? so i think is handled is exactly right is the voters seem to make that decision for a whoever our nominee as they need to earn it fully. i think he can be helpful in the bakken on unification. but the most important part of unification, if you supported joe biden and eau claire wisconsin, you have a responsibility as a volunteered to say okay birdie people let's get together, how can wework together. that's how it's going to happen. i have no doubt that if joe

biden is the nominee bernie sanders be standing right by him saying luster of the weekend to get rid of trump. but it's on all of us to bring that altogether and it does not happen automatically. gerry: is a citizen's guide to beating donald trump. up next why so-called political experts would do better time predicting andndndnd at fisher investments, we do things differently and other money managers don't understand why. because our way works great for us! 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?

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gerry: so, joe biden, remember him? two weeks ago he was ancient history, finished, deader than elvis. they gave them no chance the betting markets gave him a 9% chance of winning the democratic nomination for that's only slightly better than the odds of picking an ace from a deck of cards. now since super tuesday, he is invincible. a brokered convention, forget about it. he could have this whole thing wrapped up next month. now whether or not you like the sudden change, you certainly have to marvel at the ability of events to remind us in the words of a great screenwriter, nobody knows anything. capacity to surprise, and confound people you want to tell them was going on is a simple joy to watch. it is after all, why we vote. but there is a message for us pundits here. the media these days is now full of so-called experts telling us not what happened but what's going to happen. not finding out what is going on, but telling us what should be going on. if we all spend a little more time listening, and less time

pontificating and prognosticating, we would all be better informed. that's us for this week, for the additional updates be sure to follow me on twitter, facebook an instagram. i will be back here next week with more in-depth intervion tht large, thank you for joining. ♪ ♪ i'm check out or coming up our exclusive interview with new york stock exchange president stacey cunningham on the effective coronavirus on the markets, trading and more. but we begin with what we think are the three most important things investors should be thinking about right now. wild swings in the market as

coronavirus spreads across the u.s., but is the virus the only factor. falling stock prices have lifted dividend yield, some companies are often more than 5%, we've got the nays, and which companies are more attractive after the selloff. on the barron's roundtable tonight been levinson, jack how, we opened last week with three forces moving the market coronavirus, fed, politics. by midday friday look like coronavirus was the only thing standing, then a new force into the picture. so let's get this out of the way, politics is a sideshow here. what we have is a heavyweight battle between two forces. have a coronavirus which is threatening to make the u.s. economy grind to a halt. and you have the fed which is trying to make sure people can still get access to money. that they are not going to run other cash they need to keep their business going so the market was out riding with biden when the started customer. >> and jack how is being played by sylvester stallone because midday monday he was on the ropes. so in the market is responding first, to the possibility that the fed would cut rates. which it did. then cause the market the selloff because market sells good news. and it looked like it was going to get slaughtered the rest of the week. then friday comes along, and

the last hour, one hour before the end of the day, they come out and say maybe the feds should be buying securities. and you get a 500-point rally in the dow pretty every single market and major index finished up for the week. jack: who said that? >> in a fed member. jack: when he talks people listen. >> it was a wild week you had to, 4% updates which doesn't happen very often. you had some big down days, and the dow ended up on the week a little over 1%. so when you back wayward 6% a year? it's kind of about where we should be. so 8%. so with earnings growth this year now were not getting any. it's about what you would think the market should have done. it's not so crazy at the year-to-date. so a lot of people been calling for repricing anyway. entering the coronavirus kind of ignited it. jack: smita historic move,

since 1851 when the modern bond market was established of never seen this before. so the bond yields dropped below 0.8% on the air. >> if you put $3 million in ten year treasuries right now, let's say your retiree at your life savings, you're going to get income of $23000 a year. i went to the labor department's website looked at who makes $23000 year it's dishwashers. it's not a bad job i used to do it and is a darn good one. i made those plates shine part you would think with 3 million bucks, you're still well-to-do 3 million but you could generate more income. it has gotten very expensive to seek safety. >> so carlton you've been looking at the stock market to the income led 20 fighting and dividend land customer. >> absolutely with stocks going off dividend to going up. that can be a value trap. where things aren't just cheap, but they are cheap. jack: 's a really high dividends are red flags that way if that company question work so exactly but there are some places and or barry has a

story coming out of the bunch of nays of the opt to be underlying financials of the company. have these deals in excess of 5%, the underlying financials of the companies do look stronger, relatively stronger. yet there are some energy nays in here so you're looking at expert on mobile, bolero energy are also look at prudential financial inc. in america. jack: to the other side of followings stock prices as bargains. jackie been a bargain business. so you got to embrace some risk it can't be all safe. if you look at what suman the stock market, soup and bleach. camels and clorox. that's a people excited about right now. jack: and clorox to selling at 28 times earnings? >> if you look at companies like disney and the beginning of the year disney traded and 40% premium relative to earnings. you think the world's most valuable entertainment estimates will be better than cream of mushroom over the long-term. so you don't think that's a future customer. >> now the same price. i think that's a good

opportunity for investors. i pointed out some nays that at least come from ubs stanley black & decker, and jetblue. i get it, we are not ready for the airlines yet, but if you are adventurous and you want to buy very cheap stock,. >> at least not recommending a cruise line. so i am not going for that yet. they load the home improvement chain and young brands, knock and given a commentary on kfc's new chicken sandwich that has the two glazed donuts for buns, that's yummy brand. as a double digit earnings grower. jack: edson mays in one of that size is double earning. >> don't forget they have the tacos. jack: before we go, bennett went to ask, crazy week, big surge into the close, what you think happens monday, tuesday, wednesday next week? smack another 4%. so i don't thing the volatilities over yet.

think we're going to see testing finally happen on the coronavirus here in the united states. we are going to see a spike of cases, the headlines are going to scare people. jack: though put the test that will find it how many people actually have coronavirus that's going to be scary. >> that is going to freak people out there gonna sell. i also think we have to watch carefully, the economic data this coming out. things like the jobless claims data to see if the coronavirus is starting to have an impact on small businesses for it are they laying people off course work we have to very careful to pose number start to rise. if they do it's a problem. jack: coming up our exclusive interview with new york stock exchange president stacey cunningham. cunningham. stay right there's smart and then there's street smart,

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jack: this week barron's launches inaugural lists of the 100 most influential women and finance. one of those honorees is in the thick of the wild action on wall street, stacey cunningham, president of the next stock exchange. as businesses across the country plan coronavirus contingency plan. i asked if traders should stay home? jack: with the floor of the nearest exchange ever shut down for the coronavirus customer. >> one of the things we have to focus on is being prepared for any condition. so we have scenarios that we are ready to roll out and implement at any point time. so is it a possible scenario the floor could close? yes, we are prepared for that we test every quarter. coincidentally, we actually have a test on saturday to prepare for any of our market participants to interact remotely if needed. jack: during these volatile weeks i have not heard of any glitches on the floor the near stock exchange. in past decades that is

happened in moments of high volatility. what you doing right? so it is so important for us to make sure technology can scale with market conditions. i think a lot of people don't realize how much messaging we process here at the exchange. it's more than any other exchange in the world. volatility is a time when investors tend to get a little jittery. we want to make sure we can maintain that confidence. markets aren't always going to go but they need to work. so we have state-of-the-art platform that make sure our customers are getting exactly the same type of experience, every time they sent in order to assist same amount of time it takes us back to them so they know the markets are operating the way they're supposed to. jack: let me ask you another change over time over the next stock exchange free when you were on the floor is a specialist, there were not very many women in that world. and still it's very much a debt male dominated industry. what you tell young women who want to get into finance customer. >> i think is very important when you're part of a male

dominated industry to be yourself. what makes you different is what makes you even more unique and special for the organization. diversity is so important in business, not just because it's an important buzzword in the industry, but it actually makes the business stronger to have diversity. so don't try to fit in, play your game. jack: you have a very interesting perch appear you speak of ceos and investors. but from your perch appear, you see tick by tick trades. you know what it is because all the action is traded here. so what you think what is a market selling in our quest mark. >> i think the market is digesting a lot of news and there's been a combination of both what people are consuming about the virus as well as the election cycle. at any time there's uncertainty in the market, that's typically when the market really reacts. we are an unprecedented uncertain times for it i will say, i have lived through uncertain environments and then it market. i worked out a trade on the floor for many years prayed we get through to the other

side. you learn, you build that resiliency and you have to stay calm, that's the most important part of navigating and uncertain waters. jack: causation changes but this i'm not different. >> no it's not, over time the market starts in the lower corner of the chart, and moves to the upper right. and it's just not a straight line. jack: some companies these days are not going for the liquid market as early as they used to. were seeing this trend where they are saying private so much longer, amassing these massive valuations. sometimes of the come to the public market, things work out for them. what you thought a megatrend customer. >> jack, i think that's a very important issue and i don't think we can overstate how important it is. my company saying private longer, they are limiting access to investors have opportunities in the fastest growing companies. they are leading to evaluations that aren't based on buyers and sellers coming together in a real liquid environment. so they are not actually representative of the value of the company. and they are also allowing -- there's a lack of discipline and governments and private

companies of the public market just demands. so i think those three things are really contributing to what we are seeing in a bifurcation of wealth in the nation. i don't think we should take that too lightly, we need to make sure we are opening up all of our investment opportunities all investors. jack: what time you mention it is capitals needing attunement. so absolutely i am a capitalist and this is been the engine that has really powered the growth of this nation for 228 years. and yet, we want to make sure we maintain some of its core principles. it's a story of shared success. we need to make sure we are sharing that success with everyone. and not letting the private markets become too much of that story. jack: one newish way of going public as a direct listing. >> one of the great things about that is open to the everyone the same time for this artificial constraint with that prices paid. jack: the insiders on getting it. >> juergen the ipo the night before when that initial public offering is happening

prayed is only a subset of investors that are part of that process. they are actually not even able to buy as much as they want to. they might only receive a reduced allocation. and the next day, there are restrictions on who can sell it there locked up. so direct listing really takes away all the artificial constraints and allows buyers and sellers to set the price. and that is price discovery at spinous. jack: you sound very optimistic is there anything that keeps you up and i customer. >> i have been in this business for long time, you know how to power through periods of stress. i certainly am very sympathetic to markets going up and down, and recognizing there's a lot of risk there. my job as a think about what is around the corner and how do we prepare for that? that's certainly what i do. jack: good luck with that. see megabucks thank you jack. jack: to see the other 99 women are list go to barron's.com. coming apple the fed's emergency rate cut alleviate market concerns over coronavirus

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jack: the fed cut its benchmark interest rate by a half-point to combat coronavirus rocking the market. as monetary or fiscal policy be the answer? joining me now and wharton school finance professor jeremy siegel. thank you very much for joining us professor. let's start with the big picture of your economic outlook. i'm here you said a shallow recession might be on the horizon? >> absolutely. when you are growing in only 2%, it doesn't take much to wipe out that 2% increase. with the entertainment industry is a huge portion of the u.s. and world economy. obviously that's going to slow

down. so i could see a couple quarters, potentially of negative gdp growth, later this year. >> so the stock market is forward-looking so is this pricing? are you a buyer seller this point? >> for long-term investors, i am a buyer. even if earnings get ravaged, this year, one has to remember that over 90% of the value of stocks, is due to its profits of more than 12 months into the future. if you do the math on valuation and everyone agrees on that, we could have a 20% decline i'm not forecasting it, how much can be wiped out if we bounce back in 2021, i think that's what everyone expects. these viruses come and go, we

will have a strong economy in 2021. and that should not lead to a bear market. that said, we know history. fear can drive us into a bear market 20%. that would not surprise me. but i do not believe that is economically or financially justified. >> recently made a call we can see the dow jones industrial hit 40000 and the next four to five years. how do you feel about the call now? >> oh yeah, i still think that is true. again, should we change our 2021? 2020 absolutely. but should be changed 2021? forecast as a result. look at today's labor report. look how strong our economy is going into this crisis. and i think that is really important as the doctors will tell you.

a strong patient is going to be able to withstand any disease far better than a week patient. jack: that's a good analogy. let's talk about medicine. so the feds 50 basis point surprise cut the market is pricing in another 50 basis point cut. is that the right medicine right now? you don't cure a virus with a rate cut you don't fix and supply chain with a rate cut. >> this is partly supply chain, but this is mostly still a demand shock, it's cancellations of travel. cancellations of going out of concerts of so many activities. that is demand. even more important than that, remember there are hundreds of billions of dollars of loans to small businesses that are based on that fed rates, on the prime rate, on the live rate. if we can give relief there, it's not going to be a cure-all to say the least. if we can give relief there, let's give relief there. >> is a just bringing down the

cost said that death inquest mark i'm trying to imagine a person out there think you are doing a piece of business thinking i'm an out hold out for quarter-point lower on my finance rate i don't know that's can happen anywhere in the world right now do you get any added benefit is the rates move lower from here? >> you are right. i don't think that's going to be a decision a while go ahead with this project. small businesses have loans outstanding to finance their business. that's always a cost. and interest costs. lowering that rates it is not going to do more projects is just going to relieve some of their expense during a time when the revenues are challenged. i think that is positive. >> how about an infrastructure bonanza. i heard all these ideas about spending, i don't know whether they'll get stimulus or not. thing about infrastructures whether i get stimulus to get the stuff after you spent the money. wouldn't a multitrillion

dollar infrastructure package be a good idea? >> i think it has been a good idea for for five years it supposedly been agreed upon by the republicans and the democrats. we've got nothing over this time. very honestly, for this coronavirus i would advocate if it gets to that and not sing were there yet a temporary payroll tax, holiday we would say attacks cut will be much faster to get congress to agree out what kind of infrastructure, when to start it, by then we could be coming out of the coronavirus a targeted payroll cuts. if we need it. i think would be the best fiscal action that we would be able to take. speed nine that would certainly work a lot faster and those infrastructure plays can be a long-term policy. thanks so much. up next roundtable members give their investment ideas

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kennedy: jack, like a lot of companies, dow jones is up this week to see if we worked at home you did pretty well but there is a little glitch my home office. >> you have to be careful in these times when you are doing the telecommuting from home. part of my job is talking with top company chiefs on the phone. i do it all the time. i had a situation i'm not getting so every last detail but my son who is five, barges into the room and a head to toe star wars storm trooper uniform. never mind that it's 120 something days past halloween he's hollering that my

daughter had changed his netflix that something i can't repeat on the show. my dog starts barking in the background. you gotta stay focused yet be careful out there. jack: i wish we had a picture of your son, at least give your dog my dog is marianne. >> that is ginger too, she is taking up distance from me there. that's not a professional shot. jack: people are saying on stocking up one of the places are stock it was walmart. >> 's or action item for this week, number of these stay-at-home stocks are people either buying goods to stock up, or whatever. a number of them have had a huge run. walmart, compared to costco hasn't had that run. we think a cells room to go. jack: ben, you're right it's a big one. >> do nothing. get your asset allocation right, make sure you have the right mix of stocks and bonds so that the market drops him or you can stomach it. but don't do anything. when the market is dropping 4% one day going up 4% the next day, you don't want to be a

hero. just let the volatility died out. to make it a level little so thanks everybody great ideas. for more check out this week's edition of barron's roundtable and don't forget to follow us tom homan thank you for joining us. lou dobbs is next. have a good weekend. ♪ >> good evening i'm greg sitting in for the vacationing lou dobbs, president trump showcasing his leadership in front of the american people comforting survivors of a major natural disaster, he was meeting with health officials of the forefront of his administration fight against the coronavirus, the president today signing an $8.3 billion funding bill to confront the virus pandemic and a stellar job report. the bureau of labor statistics sure 273,000 new jobs added in the month of february and the unemployment rate dropping back to a 50