[closing bell rings] liz: thanks to drieden pence. it has been a rough-and-tumble day. the you dow closes in a bear market. can't call end of 11 year bull run but it is closer. connell: coronavirus fears continue to slam stocks. all three major averages sinking on fading hopes of a fiscal stimulus. the dow closes down 1400 points. that is officially a drop of more than 20% from a recent high after the world health organization officially declared the virus outbreak to be a global pandemic. that is almost 6% down, 5.87% at the close. it is, good to be with you as we continue to watch the crazy markets. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." s&p 500, nasdaq closing firmly in the red, both ending down more than 4%.

president trump meeting with bank executives right now at the white house about the state of the economy, amid the outbreak. we'll bring you the president's comment from that meeting as soon as we have them. we have fox business team coverage. jackie deangelis is on the floor of the new york stock exchange. edward lawrence is outside of the west wing. phil flynn watching action in oil and gold at the cme. jackie, first to you. reporter: melissa, good afternoon to you, when i say the new normal expect the seesaw swings, it is not really an exaggeration. tensions were high on the floor today, traders trying to internalize it, deal with it in the best way possible, basically saying until the virus peaks in this country and starts to fall off, you will not see an end to the volatility. today a more than 1400 point loss. session low was down 1689. the dow is now in bear market territory, in that bear market mode. as we said, not sure that wipes

out the entire bull run but not a positive sign. couple problems. concern about a stimulus package coming out of washington what it would look like if both sides could agree and if enough would be there to stem the economic loss we're seeing as a result of the coronavirus. world health organization calling this a pandemic officially. that was serious issue how the people took that news. meantime, look at dow losers today. boeing was the biggest drag on the dow. also united technologies and dow itself. 10-year treasury yield, we saw that vacillating all day. it is at these very, very low points as we've seen money pour into bonds, coming out of the stock market. certainly something to watch there. final point i want to make, anything related to travel, whether it was hotels, cruise lines or booking sites, all these stocks were in the red today. they have been hammered but, norwegian cruise lines a report

coming out of the miami, there was a leaked memo that norwegian is telling salespeople to spin the coronavirus in this way, saying, quote, the coronavirus can only survive in cold temperatures. so the caribbean is a fantastic choice for your next cruise. this stock was down. obviously the company getting a lot of criticism for that kind of a spin in this kind of environment, guys. back to you. melissa: i don't know how you can spin a cruise right now. there is not much you can say. jackie, thank you. they're trying but. connell: talk about this. jonathan hoenig with us today, capitalist pig hedge fund founding member. scott martin from kingsview asset managements. they are fox news contributors. tell everybody up front the president wrapped up a meeting with the bank ceos happening with the white house. there were cameras there. reporter blake burman was there as well. we are , you guys stay on hold. i think blake made it out to the camera now.

let's talk to blake about that before we get a playback. blake are you there? reporter: connell i was inside of the cabinet room with the president, the bank executives, other interested parties. the headline coming out of it, tonight, 8:00, somewhere around there, president trump will made a statement about decisions he has made. as we left the room i asked the president will these be economic health decisions and the president looked at me and said both. so it appears if in about four hours time we'll hear from president trump exactly what he has decided to do next on some economic measures and what he has decided to do next on the health care front. the health front as well. it was very interesting listening to all of the major bankers sit around the room and the basic message from them is, that the economy and specifically the banking system in general is sound, is strong. that they are liquid. that they don't have credit fears. they still see economic growth. they have acknowledge this is a very difficult time that the country is going through, they

say there are not parallels according to the biggest bankers who we heard from in the cabinet room, not parallels as they see it to 2008 and 2009. i asked the president if he wouldn't mind sending it around the room to ask the ceos what they think stimulus should look like? let me read you some of their responses. brian moynihan, bank of america. he said, adding fiscal stimulus is the right answer. getting it out to the most people possible. these are my notes. he said i would focus on that level. second take care of the health care problem. i think businesses and hospitals will get through this. then the head of citibank said that they need to support of, support of small business is critical. he said the other side is there is uncertainty on the demand side. so working to put in forbearance programs and lending limits, upping lending limits within those programs as well. ken griffin of citadel said the weak spot is the smaller business, especially the gig economy workers. that is a sampling of what

you're about to hear from around the room. but the bottom line headline here, 8:00 tonight, we believe, announcement from the president. the bankers saying that they are sound, that their institutions are sound, and the next question is, what exactly do we hear next from president trump? i believe we'll get the play out soon. connell: is that oval office address tonight? reporter: traditionally 8:00 would lend itself to that though we don't know the exact setting. the president at one point said 8:00, probably 8:00, and then he said later around there. bottom line is, i'm guessing. i don't know. maybe some of this is still being worked out. president said we'll hear from him tonight. connell: blake, a minute until we get that played back. jonathan, scott, you take it first on stimulus that was talked about. we'll hear from the president in his own words but bank ceos talking about helping small business or something on fiscal side. what do you think we'll hear

tonight or should we hear? >> blake talked about it exactly, the forbearance arrangement or -- real key here what the banks do with some of these loans let's face it will not be performing for a period of time. the small businesses we talked about, we know are impacted, they will get more impacted, they are less capitalized like big companies like apples, adobes, what banks are doing and they are doing it, talk to the administration, talk to officials, okay, if we have a small business comes to us in may, can't service loan, we want to call in the loan and repay it what do we do? the banks have to get something in plans what they will do with that and not foreclose on the loan. we had problems with the housing market, things were getting foreclosed on, everything plummeted. given this is hopefully a temporary situation, that is something that can stem a lot of panic. connell: makes it serious but different. brian moynihan, jonathan -- hold

on "fox business alert" to the cabinet room moments ago. here is the president. moynihan to his right. let's listen. >> having a meeting with greatest banks in the worlds, most important banks in the world, financial centers, having a good discussion. we're discussing the economy. we're discussing how it relates to jobs and all of the things that are happening right now with the, with the virus we've become so familiar with. i will be making some decision, i already made some decisions actually today but i will be making some, some other ones that are very important. i thought i would let the press in to hear some of the wisdom from the folks in the room, maybe, brian, i will start with you. brian is the chairman and the man at bank of america. highly respected. everyone in this room is highly respected. brian, please.

>> thank you, mr. president. thank you please for bringing us together. the ceo's of the large banks here want you to know that we're, because of all the work done on a capital liquidity and all the things as we look forward to uncertainty due to the virus and oil price changes, we're very strong, capitalized. we are in a great position in terms of liquidity, capital. most importantly we do what we do best. which is helping our teammates, importantly, but also our clients and small business customers, medium-sized business customers, continue to have access to credit. all of us are providing relief to any customer who has issue being out of work because of the virus. things we've done in every natural disaster that occurred in many years. we tell you up until the last couple weeks the activity has been very strong. it is still strong. we're still seeing people spend money. we're seeing people go out, small business loans, auto loans are growing. mortgage loans obviously very strong, but the real key we're

well-capitalized. we're here to help small business, medium-sized business, american economy run and help the consumers clients weather the storm that are directly affected by it. >> brian, thank you very much. >> mr. president, it is important to recognize a few things. one is building off of what brian said. this is not a financial crisis. the banks and financial system are in sound shape. we're here to help, part of it. second, when we look at what's going on many ways we're going at several challenges at the same time. we went through sunday a precipitous drop in oil prices. we needed to deal with that when the market opened on monday. clearly corona is front in mind for everybody, not just here if the u.s. the market is goering through to get to price discovery, also trying to figure out what is the interimmediate

and longer term health of the economy. we saw some fears on back of those and some talk about poe earnings recession on back of those. market going through discovery phrase and look like and valuation will be. market performed in orderly way. the infrastructure support the markets have held up through various tests. there have been strains throughout the way but it held up and is orderly. as brian said we want to provide liquidity. woe want to lend to the small businesses. we want to being supporting our consumer clients. >> thank you, michael. that's true. prior to the coronavirus it was, it was just all go and numbers were fantastic. we don't even know what the numbers are now. we'll have to see. the numbers from a week ago were great. from two days ago were great.

now we're hitting a patch. we'll have to do something with respect to getting this, getting rid of this virus pass quickly as possibly and safely as possible. our number un, our number one priority is the health of the people of our country. so we'll be making most likely a statement. i will be making a statement later on tonight what i decided to do and what our country will be doing. charlie, please. >> after what brian and michael said, first of all reiterate, we're all here to help. that is what our institutions do. we're all in the position to do it. i think we're being the very, very thoughtful how we do that both for consumers, small businesses and as well as companies we deal with. we're all encouraging any customers and clients having any issues to make sure they talk to us. we're all developing programs to insure as they, and the employees and customers go

through the situation we are a source of strength. whether helping them with issues for their fees, payments, we're there to lend. that's what we do. >> i'm glad you're saying that. that is great. may be some of that frankly more so than you've been used to for the last three years, right? it could happen. david? >> i appreciate, mr. president. glad to be here with my colleagues among these other institutions. i would echo what has been said. the banking system is in good shape. the virus obviously poses unique challenges for policymakers and businesses large and small operating across the country. all businesses are very focused on their people, taking care of their people. as part of banking system we're looking to help businesses, large, small, individuals anyway you can. and taking same steps that themes other institutions have spoken about. and so, we'll get there this. but it es going to require some navigation on the part of all of us. we're focused on doing our part.

>> you're doing very well. and we'll be doing a lot of additional work with small business as you know. we're going to be adding many billions of dollars and we're going to be making lots of small business loans as banks are too. we'll be, do you have anything to say about that? >> of course. i would like to thank you, mr. president, being aggressive and specific for protecting health and safety of employees and encouraged by those in this industry thinking along the same lines about their employees and their community. but i would like to point out that sba has the authority currently, with $18 billion, to provide loans with the support of all the lenders in this room and they also have the opportunity to extend some of the payment terms up to six months. i'm looking forward to working with everyone of them to leave no money on the table on

$18 billion to provide support for small business. >> yesterday we met with the insurance companies, the top companies, the top people in the companies, like yourselves and they were very generous. you know what they did with copays an everything else, they're going all out. so we appreciated that very much. steve, anything to say? >> [inaudible] financial system of the u.s. is in great shape and prepared to handle this problem. one of the issues is that, you know, as people are tested more and more there will be better handle on what we're dealing with. just because, you know, it will be some economic effect obviously if this goes on. we all hope it is short but it es going to need the support of

the banking community. we'll need the support of ability to be tested and if we can do that this has a natural ending which most people lose sight of. there will be vaccines developed. that will take a year, to year and a quarter but there may be other things in the meanwhile and, you know, it requires a mobilization of our show sight. >> making very good progress, steve, at cdc and different places dealing with the problem. they have made really tremendous, tremendous strides so we'll be announcing that also. thank you. anybody else have anything to say? ken, anybody? >> mr. president, i think you have done a fantastic job of bringing interests of our country first, fast action. i think focus on fiscal stimulus is really important. how do we help american families live too often paycheck to

paycheck, get you there the difficult time where they lose their job or otherwise phase difficult circumstances. leadership on the fiscal stimulus is really thought full, appreciate it. all of us in this room know markets are working to help america. the interest rates changes that we've seen both with the fed and bond markets, created unprecedented opportunity for americans to refinance mortgages at dramatically lower rate which is really good for american households. we'll have the opportunity to buy the first house or new house for growing families. so the markets have worked as we hope at this moment in time to help provide stimulus to entire economy through low interest rates. >> good job. please. how is jamie doing? >> jamie is doing well. >> say hello. >> i will. i will. >> i hear he is doing fine. >> he is making great progress. thank you very much for asking. so the bank has very rigorous

resiliency plans both in the united states, all around the world, all of those are underway right now. all of our plans are designed obviously to protect and help our people and to protect consumers and small businesses. we'll be there with forbearance plans, to wave fees and consumers and small businesses who are under stress. very fair question, are we still lending? over the course of the last 40 days at jpmorgan we extended $26 billion worth of loans to both consumers and small businesses. that is as i say, the last 40 days. we look a little bit at the seattle, which has been, you know, a center of the virus. economic growth is still continuing. you know, we see, it slowed down significantly. but people are still going to restaurants. people are buying food to be delivered by the delivery

services. interestingly in the data we also see a pullback is much more about, from the older generation, my age than it is from the millenial generation. so millenial generation then seems to be holding up very well. >> i think there will be a pent-up demand when this is gone. i think that everything maybe we're tamped down. people are not leaving their homes. i think you will see tremendous pent-up demand hopefully won't be in too distant future. >> we're not waiting for customers to call into the banks. we're proactively reaching out to customers, small businesses, waiving fees, refinancing loans when possible. up 79% versus last year in refi. still will take a while to find out how much the effect really is. >> raich ard, thank you very much. anybody else? >> let me add i represent the community banks across the country, rule markets, open markets, urban markets. they're standing ready strong to

support their companies, whether small businesses, ag communities, be there to support. >> thank you. >> i would echo all the sentiments you heard, mr. president. thank you for convening the group. echoing on something rebecca said. helping not only banks but banks across the united states so we keep the banking system open to support our customers and clients who are in many cases are facing a time of need. that is what banks do, stick by their customers in good times and challenging times. that is what all the banks in the united states are doing today. >> very focused on finding credit for small businesses. they are the ones who will perhaps have a little bit of struggle. we're getting credit to them rapidly. being very lenient on repayment terms. >> thank you very much. yes, please. >> you heard the financial system is strong and i certainly echo that. >> yes. >> but for those listening the

country is really strong. you have done a fantastic job, your administration. we're adding jobs. we need to all be more diligent in terms of our health management. we're doing this is long term lesson to learn. >> right. >> but at the end of the day, united states of america, in my view is very strong. we need to remind ourselves, part of getting through a challenge like this is about confidence. and supporting each other. having hope for the future. for myself i believe our best days are here. working together we'll make that happen. >> thank you very much. thank you very much. so i will be making a statement tonight, probably at 8:00 and we'll be starting some additional solutions. we made a great decision on china and asia and they're healing and healing at a pretty good rate. i'm happy about that. we can start to think about getting back involved in that part of the world. as you know we have another part

of the world, europe, that is in very tough shape. it is having a hard time receipt now with the virus and we'll be making various decisions. you will hear about them at approximately 8:00 tonight, steve? reporter: what sort of travel restrictions on europe? >> i will be letting you know that a little bit later. reporter: mr. president are you declaring a national disaster tonight? >> we'll talk about that later. all those things we're making decision on in. reporter: mr. president, you heard in the past industries too big to fail, in your estimation, the airlines, cruise lines, hotel industry too big to fail? >> i think they will be great. folks around this table are the ones that finance them and they understand. they're great companies, but we're, we're having to fix a problem that four weeks ago nobody ever thought would be a problem. nobody -- you read about them, you read about them from "1917". you read about them from lots of

other times, but nobody thought we were just discussing that. this came out of nowhere and, actually came out of china which is the way it works. but we are going to get the problem solved. the country is so strong. the institutions are so strong. in the past you had problems with institutions. these are powerful institutions. they're built up. they're ready to go. i know they will be helping their customers during the short-term period. we think it will be a short-term period. reporter: react from ceos what they think sort of stimulus package or measures might be needed? >> i don't mind that. that was a very good question. i was going to ask it myself. you've been hearing about various forms, brian of stimulus. very different forms of stimulus. what would you say would be good, appropriate under these circumstances? >> i think the first thing fiscal stimulus in a time of stress is absolutely right answer. i think anything gets out to the most people. >> right. >> and so, keeping people who

are, become, underemployed or unemployed. wages are supplementing through unemployment and other types of programs is a key thing. if you keep broad group of american people with cash flow and money to buy things and goods, economy will being strong. those are the people that we should take care of, no question. our companies, anybody out for the virus is getting paid as long as it takes, anybody with high-risk they're taken care of. i would focus first on that level. then the second major thing take care of the health care problem. that is the going to give people confidence. between testing, building up hospitals so they can receive and do great work and medical community and hospital community can do with the patients is critical. so, other than the broad base of people and hospitals i think businesses and other things we'll get through this. if we take care of those things, those things will correct pretty quickly. >> if we get rid of the problem quickly, everything solves itself. we don't need stimulus. that would be good.

we are talking about various forms of stimulus. what would you think, michael? >> to add on what brian said, support ever small business is critical. >> right. >> unfortunately right now small business is suffering from both sides. one there is disruption in the supply chains in terms of receiving their goods that they need. and second, the other side of this, there is uncertainty from the demand side in terms of what the future holds. so i think working with the banks in this room and well beyond the sba to be able to put programs in place around forbearance, to be able to potentially up the limits in terms of lending in these programs and again i think the there are things that have been used before effectively. i think we can do it again. >> thank you very much. ken, go ahead. >> i think all of us in this room are fortunate we're in a position to take care of our workforce. large corporate america is there

110% for their employees. the weak spot are the smaller businesses that don't have the financial flexibility and in particular our workers who are participate of the gig economy. how do we think about where necessary direct fiscal support to the individuals in our economy who are least secure in their employment? work for ibm, life is going to be fine. work for goldman sachs life is going to be fine. if you're a part-time or gig worker this is a moment of real trial. this is where first call accommodation can be quite powerful. >> i agree with that 100%. anybody? anybody? >> i would say that that stimulus is appropriate. some form of adjustment of payroll tax holiday or complete restructuring. it is a regressive tax and it is something that could help in the short run and the long term and help provide for 70 plus percent

of the u.s. that need stability and livelihood. maybe a chance to help the short run and long run. >> i think so. i think the payroll tax would be great. democrats are not in favor of it. i'm trying to figure out why. it would be something very good for the, citizens for people. even longer term. people talking about cutting or getting rid of entirely. steve what do have. >> there is tremendous visibility. interested hearing feedback, small and businesses. executive authorities which are quite significant. there will be various proposals. he will roll out quickly on that front. we're also working with congress on a bipartisan basis to be able to immediately help small and

medium-sized businesses as well. >> thank you very much. >> what do you say to americans who are concerned you are not taking it seriously enough? that your statements don't match what your health experts are saying. >> that is cnn fake news. thank you very much. thank you. melissa: want to hit some highlights here. you heard steve schwarzman in the room saying financial system in the u.s. is great shape. that is prepared to handle this problem. there will be some economic effects. we hope it is short. this will have a natural ending, meaning the virus works its way through the system. hopefully the economy will follow. you also heard the head of the small business association there. i'm going to paws if he says anything else significant here. we are listening. small business association saying that we have the authority of $18 billion to provide loans to support lenders in this room. we are looking forward to leaving no money on the table. she looked around the room at

the lenders in terms of that $18 billion. wanting to get across message to the market they will get out there and support small and medium businesses with those loans. brian moynihan saying, adding fiscal stimulus is the right answer. you have to get it out to people. one of the best quotes, ken griffin of citadel, that markets are working to provide stimulus through low interest rates and saying something that, i have been saying all along, if you're listening this is an unprecedented opportunity for refinancing an an opportunity to buy a new home. you will not see mortgage rates this low and easy lending for a long time. take advantage of it. don't sell stocks. refinance, that is the smart business move. markets have worked as we hoped them to. i want to bring our guests back in here. we have scott martin. i don't know if we have jonathan hoenig. sound like we have both of them. i would ask each much you, it is important, somebody commented,

this is wall street patting wall street on the back. they can't really do that they're here to that. there are here to reassure markets and legal implications if that is not true. let me ask you, first, jonathan, what did you hear there? what is the biggest thing that jumped out. >> there will be some sort of a intervention. i fear this is actually, very reminiscent of 2018. bankers are correct, the economy is tremendously resilient. there might have to be corporate changes or layoffs, job losses as a result of the real nature of the economy and i have to say in 2008 it wasn't until the government started with the stimulus and bailouts and tarps, that creates systemic risk for all investors because even now, what is the president going to announce? who will be helped? this creates exactly that type of panic when government central planners start getting involved with bailing out and stimulating. >> i want to take issue with that scott. >> me too. melissa: if you listen what they said there, they, no one said

anything about helping any industries. they didn't talk about cruises. they didn't talk about hotels. they didn't talk about airlines. >> oil. melissa: what they talked about were people who were going to miss a paycheck and they talked about small businesses, medium-sized businesses. they said the system is well-capitalized. it is working. one of the concerns is that lock-up. lock up in the credit market. people were talking about last weekend with the oil crisis. wait a second, all of sudden credit markets go haywire. look it is three or four days, everything is moving along. scott, what do you think? >> i agree with you, melissa, unlike 08. i know what jonathan is getting at unlike 08 where credit markets froze up, they had groups of mortgages in businesses syndicates that couldn't be sold or moved around. melissa: right. >> i lost my data feed or lost my video, somebody talked about the independent contractor.

melissa: yes. >> the gig economy, how those people will be ones off the radar screen. somebody is paying attention to the fact while those people will not show up on ibm payrolls they're talking about, they need to be taken care of, gig economy. melissa: looking for who said that. >> you will have every constituency showing up, caterers, restaurant operators, insurance companies, showing up at the white house with their hand out for a bailout, for low interest loans. you're right, melissa, it is not a bailout for cruise operators. very low interest loans. stimulus assistance, sends a terrible moral hazard and vex the economy and vex any hope for the recovery. >> i don't think we're right there. >> we should forget about them? melissa: focus own little guy to the gig economy. president is cheap as hell. i'm not sure he will do any blanket sort of stuff. thank you. connell: other issue happening speaker of the house nancy pelosi is having a meeting with house democrats.

they're supposedly talking about having a bill on the floor tomorrow, coronavirus response bill fox is told released tonight. edward lawrence tonight. what are we hearing, edward? reporter: connell the meeting is going on right now. she is letting democrats know exactly what is inside this bill. what is not inside of this bill is any relief for payroll tax for employees or employers which is something the president wants. we understand what is in the bill will have paid leave, related to that also. they will expand unemployment insurance in the bill. there will be benefits of natural disaster for small businesses. treasury secretary steve mnuchin is taking point on this. he says this is what we can get done right now. he was not done talking with congress about this. listen. >> this will require multiple times coming back to congress. whatever we do, kind of in the next 48 hours, that is just the first step.

we'll be back. there is bigby partisan support. people understand we have to help small and medium size businesses in certain industries. reporter: mnuchin says for the small and medium-sized businesses they're talking about low interest loans through the small business association to help entire sectors. talking about helping the airlines and cruise industry, hotel sectors dog some type of government-backed loan, mnuchin was talking about, some mechanism. paid family leave, the government would pay the company who would pay the workers. they're working on the mechanism to make sure the workers actually get all the money owed to them under that. mnuchin looking to move the april 15th deadline for tax payments for not only individuals but also companies. he says that would add $200 billion to this economy going forward. senator john thune says once the package comes up in the house it would move pretty quickly. listen. >> when a plan is produced it

will move very quickly up here. hard to get anything through the senate. there is a will, there is a sense of urgency, things can move quickly. reporter: congress is supposed to go on recess next week but senator john kennedy said that the senators told the president in the luncheon they had yesterday they're willing to stay to pass some sort of stimulus package if it does spill over into next week. connell: all fast moving developments. edward, thank you. speaking of developments from capitol hill, there was prediction in congressional testimony that things will get worse when it comes to the virus before they get better t came from dr. anthony fauci, somebody we all become familiar with today, top official in the government talking about the growing threat of the out break. let's listen to part of that. >> the seasonal flu we deal with every year has mortality of 0.1%. i think if you count all the the

cases minimally symptomatic or asymptomatic infection that brings the mortality down 1%. which means it is 10 times more lethal than the seasonal flu. connell: to republican congressman fred keller in the hearing today. i heard dr. fauci, congressman keller, make that exact analogy in television interviews last couple days and congressional testimony. i'm not sure the goal is to make sure people are hearing it or taking it serious enough. i'm also not sure if it affects how you and congress respond to what we're dealing with. what are your thoughts on both? >> i would say, i was there when dr. fauci was testifying through the whole hearing. at one point we want to make, he also mentioned they will paint this in the worst-case scenario to make sure people are taking it seriously, taking precautions they need to have. they talked about the denominator in this whole thing. understanding how many cases there are.

getting all that right is very important. you know there is a lot of things have been done so far. connell: health care response, the president says he will have responses or announcements i should say tonight in this address that he, says he probably will make to the nation around 8:00 both health and economics, that health care response, if you try to stay ahead of this sometimes, is dealing with, shutting events down, sporting event without fans or canceling large gatherings, and the like. economic response we've been talking about is fiscal stimulus. are both needed here? are you prioritizing one over the other. how are you dealing with as member of congress? >> i think congress and president taken this seriously. you look what the president did initially. he took precise, preventative actions for the travel ban. he took some criticism for that. we want to make sure people are safe, they understand what to do. we put money, roughly $8 billion to get out to federal, state,

local agencies. also making sure we communicate best practices and everybody has been doing that. now we got to look at financial side of things. again the president has proved that he can handle an economy. look what he said over the last three years. we have to look at that. >> what is important to you? bank ceos a few minutes ago said helping gig economy workers, small businesses, and people, that seems what focus was for people might be in trouble over next weeks and months this goes on for, how do we help them? >> all options on the table like the president was discussing today, and showing that he got people into the white house and discussing this and taking the actions and having a bipartisan discussion. i think president making all the right moves looking at all options, payroll taxes. connell: payroll tax cuts are off the table for now in terms of passing congress? >> excuse me? >> payroll tax passing congress, that is no-go for now, isn't it?

>> i don't want to be premature to try to make a prediction. i say we in congress should work with the administration to put all options on the table. congressman keller, thanks for joining us live from capitol hill. melissa? >> thank you. melissa: more time to do the taxes. president trump planning to delay the filing time for most taxpayers. here to discuss, peter morici, economics professor university of maryland. thanks for coming on. first of all, what kind of impact do you think it would have? >> the no as large as people think. it is not a cash giveaway. you still have to pay taxes. they still didn't explain whether you pay interest on taxes you owe on the 15th, don't pay them until the next month. they will make it easier. a lot of companies are becoming impaired. they will lose workers. it just makes it easier. >> it seems like it is a smart immediate move and like you said it probably won't cost them very much money depending what the interest situation is but i

think of, i was watching in the last hour, restaurant owner seattle who is saying you know when you cancel all of these large public events i understand what you're thinking but do people realize how many jobs that's going to impact? so if you're a restaurant owner you have a really thin margin. cancel a whole bunch of stuff. people aren't coming in. i guess not having to pay your tax bill, putting some bills off for the future at least takes one thing off your plate for the moment, right?? >> absolutely. really act of pa think act of empathy by the government. it doesn't make a qualitative difference. melissa: if you were listening in the oval or cabinet room, before the beginning of the show we have 18 billion nor the table. we're looking for lenders in the room to put it out there small

and medium businesses they're was a lot of focus on small and gig economy to help the people. what would you suggest they do? >> zero interest loans. some people will abuse it. but with the capital cheap to the government and federal reserve seep row, okay? melissa: right. >> than people in need not get access. in the end people have to pay it back. banks need to make sure people they give it to go are legitimate so they will get their money back for the most part. melissa: that is the risk, people abuse the system? go ahead. >> there are companies out there that were vulnerable going into this mess. one ever of the things about recession they clear out people at margins. we have a lot of b-rated companies. we have a lot of retail businesses that were on the edge of failing. now this is going to make it impossible for them to recover. some of the money that gets loaned to those folk is going to

be lost but you know, there are businesses we just have to keep going like the airlines. melissa: right. >> shale oil producers and so forth. melissa: so you don't think there should be any support to the shale industry. what about the little guy -- >> no i think there should be support. i think there should be, excuse me. shale oil industry is being put in jeopardy by basically dumping on the part of the russians and saudis. they're selling ultralow prices because they're engaged in a war to drive each other out. one is trying to monopolize the industry by driving the other out. in the end we don't want them driving out our shale producers that way. i think carrying them through makes some sense. melissa: especially because there is security implications. it is not just the business with the shale producers. it is the idea has real impact on our foreign policy if you really want to look at it in terms of money we can avoid getting in wars we don't want to be in, we're not dependent on the oil. >> exactly. melissa: if you really want to be just financial you can see

savings down there. peter, thank you very much. come back soon. >> take care. all the best. connell: a lot of news breaking after the bell. new york city canceling the st. patrick's day parade here in new york. they made it official. we'll talk about this coming up as well. ncaa announced there will be no fans at the basketball tournaments, mens and womens. what a group of chefs all over the world is doing to help. melissa: incredible. connell: all ahead. ♪ ♪ ♪

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melissa: fighting the pandemic one hot meal at a time. chef jose andreas, world chef kitchen feeding stranded passengers in quarantine due to the coronavirus outbreaks. first in tokyo and now in oakland, california, where many of the grand princess crews passengers are still waiting to disembark. joining us, josh phelps relief operations manager at world central kitchen. you guys are so unbelievable. doesn't matter the disaster, you're there with delicious food. how do you deal with this crisis

in particular. it is around health. people have to eat healthy food. they're stuck on the ship. how do you do that without getting more people infected, how do you do it? >> we had practice in yokohama, japan. we already over the last years we're feeding in areas and shelters after disasters where there is chance of communicable disease. just following wash protocols, general safety standards and you know, having everybody with gloves. everybody with masks who may be anywhere near the boat and with the food prep. this is something we do. melissa: that you would do anyway. yeah. you are the perfect person, if you don't mind, i would love to ask you about food safety, this is a debate that lots of people are having. first of all, is it safe to go to a restaurant right now? a lot of people saying i'm not going out to eat because i will get the coronavirus.

what do you think? >> yeah. i think it is safe to go to a restaurant. as long as the restaurant is practice practicing safe protocols and restaurants are rated as such you know. everybody in any city. i think it is safe but it is up to everybody owes own personal, you know how they feel. melissa: more important than ever to look at ratings when you go in, is this a restaurant known for being clean. what about people trying to eat at home, what are the dangers there? when you have food delivered to you, are there certain things you are worried about, when you get the ingredients? >> you know, i wouldn't say you have to worry about getting any ingredients in your food. this has nothing to do with that. if you keeping tabs what is going on, washing hand. you know. wash your food. melissa: yeah. >> wash your food as you generally would and wash your hands as you generally should

for 20 seconds or more, you will protect yourself the best way possible. these are rules tried and true, time honored. i don't think that is changing as far as that is concerned. >> do you see how grateful people are to get the food from you? i saw an interview who was trying to receive cancer treatment. she was being told, you know, she would be eating healthy. but there was nothing left on the cruise ship. when i imagine they encounter you guys, this food, they must be pretty excited. do you get to see them? >> no. via social media or direct messages things like that we had people reached out suggested vegan meals. and some of the dog food from rachael ray's dog food company. we try to specifically help people especially if they reached out. as soon as we started feeding, we do vegan options anyway. that is easy for us. melissa: you do great job. yeah, i know you can't hand it to them because it is a

quarantine situation but i -- social media. i hope you get the thanks you deserve. josh, thank you for coming on today. >> thank you for having me. melissa: great stuff. they're amazing. connell: fox news alert from the president. president trump has just confirmed he will indeed address the nation from the oval office and clarified the time. 9:00 p.m. eastern, not 8:00 p.m. 9:00 p.m. david asman joining us ahead of "bulls & bears." blake asked him actually when they were in the cabinet room when he would say, health related and economic related announcements so we'll see, right? >> it was a pretty calming press conference if you will. impromptu press conference after one of the oval office meetings and to have the bankers there saying the banks are fully capitalized, they are in much better shape than they were in 2007 or eight. a lot more liquidity than there was then. a chance after 2008 meltdown

seems pretty small. connell: oval office address this evening, a lot of that is psychological, right, the tone the president uses? >> absolutely. connell: what do you expect? >> so far generally speaking so far so good. there was the last comment. i think it came from jim acosta from cnn at the little gaggle. melissa: oh, yeah. >> in which, you know, president had to say, that's fake news because, there is a little bit of that but general le speaking, 80 to 95% coming from this white house they're kind of avoiding that tit-for-tat return on comments made that are not reasonable. by the way we have the new rochelle mayor as you can see on the screen on bulls and bayers 15 minutes from now. connell: containment zone north of new york city. david asman. "bulls & bears." melissa: played without fans.

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connell: coronavirus outbreak reaching world of sports, ncaa will hold their championship events, march madness, with no fans, only essential staff, limited family attendance. jared, sports reporter, joining us. and many people were wondering what they would do, now we know. >> we're seeing dominoes fall. march madness takes on meaning as we've never seen, one of the largest moneymakers, there will be no concessions, their will be

refunds, as we learn this is a worldwide pandemic. next week in ohio, and. this is something we'll seism connell: for the whole tournament. a televised event. you still have people able to watch it, you don't cancel it. you know they talk to experts we heard, we had dr. fauci on a moment ago. and that is what they say, large gatherings. >> he said if it means not having fans at nba games, so be it. we're lining up, to take a turn, the baseball season starts in the next few weeks, major league baseball making alternative arrangements. connell: what does that mean. >> we don't know. this is all unchartered ground.

and just, sports, is leisure, don't lose perspective of that for next couple weeks, we have issued in seattle, an xfl game, not happening, soccer as well,. warriors, game tomorrow, no fans. connell: we were talking about the economy workers and the like, i think that leagues are trying to plan balance, there aa lot of workers directly or indirectly connected that will be impacted. but, you know safety is first, jared. >> then, all sports, washington wizards and capitals said thank you, no thank you to what dc he'll organization say -- he'llh organization says, they said they will rely on what leagues tell us. there uniformity, don't be surprised if there are no fans in sports events in america for some time to come. connell: ncaa one of bigger

sporting events, jared max, a crazy hour. melissa: and another crazy day in the market. down 1464. that does it for us. connell: "bulls and bears" starts right now. david: fox business alert, it is the end of an era for do you, closing in bear market territory today for first time in 11 years, down 20% from recent record highs, s&p 500 and nasdaq barely avoiding this fake. but just barely, all of major averages are down at or near 5% today. >> number one priority is health of the people of our country. and so we'll be making most likely a statement, i'll make a statement later tonight as to what i've decided to do. david: president making oval office address tonight, 9 p.m.