maria: try to the heavens today. have a great day, varney and company begins now. stuart: a somber president addressed the nation. he said, quote, this is a temporary moment in time we will overcome together. the president has ordered a 30 day ban on most travel from europe, that was the centerpiece of his address. he offered a $50 billion boost for small business and ordered $200 billion worth of tax d for all for businesses. but now giant stimulus package. this morning the selling

continues on a global scale. a worldwide their market, the 11 year bull run here is over. the dow is heading to the 22,000 level. a month ago it was 29,000. it is the fastest selloff in history. the s&p will hit bear market territory at the open today, down 20% from the february high, the same story with the nasdaq. more money is still moving into safe treasury securities pushing the yield down to 0.69% as of right now. the latest news on the virus brings its impact home to all of us. sport dramatically affected. the nba has suspended the season indefinitely. a few days ago they banned reporters from locker rooms. now the whole sport is shutdown. the seattle mariners will not be playing any home games. the early baseball season is in question. there will be an announcement later on the nhl.

social distancing is apparent across the country. you can see it and businesses are feeling it. there's a long list of conference and meeting cancellations that is barely hurting airlines, hotels and restaurants. this is what really brought it home. tom hanks and his wife rita wilson announced they tested positive for the virus. they are in australia, caught some children body aches and are in isolation. as long as public health and safety requires. today we concentrate on your money and the way the virus is affecting all of us. here's the president on what action he is going to take. >> to ensure that working americans impacted by the virus can stay home without fear of financial hardship i will be taking emergency action which is unprecedented to provide financial relief. this will be targeted for workers who are ill, quarantined or caring for

others due to coronavirus. >> we are expecting a 1200 point loss. i get the impression the market really want to the giant stimulus package and is disappointed they didn't get it. >> i would agree but i believe one is coming sooner rather than later. i have no clue what it is going to be. we are in a moment in time when the american psyche is dealing with 100% uncertainty what is to come next and that is what markets are doing. i'm frothing at the mouth about opportunity going forward. out of these times the biggest money is made and i still remember 9/11, that day, driving home, wondering how will be come out of it and months later, you always remember, always talk about the tragedy but we did.

i remember the books that came out about the next depression but we came out of it. we will come out of it again. i think we have more time to deal with when it comes to market and we are getting all kinds of news with carnival cruise lines and more that to come. stuart: i've got to give the news, viking cruise lines killed -- canceled all the cruise lines. ashley: until may 1st. they go through the rivers of europe. carnival princess cruises pausing their global operations. 18 cruise ships will be idled for two months, the cruise industry submitted the proposal to the white house to impose restrictions on travelers over the age of 70 or anyone with

chronic underlying medical conditions. what is the average age of a passenger on a cruise ship? 47. we when you're kidding me. ashley: 14% are 70 or over according to the cruise line international center. one less now, royal caribbean and norwegian secured additional lines of credit and the credit agency is sounding the alarm. these are tough times for the cruise lines. stuart: this is the kind of announcement we will get all the long and here's another one. passengers on a jetblue flight from new york to florida have tested positive for the virus. they got on the flight, the flight landed in florida. >> jfk airport to palm beach, florida. one passenger was tested off for coronavirus testing positive this was stuck on the tarmac for three hours, landed at 8:30 p.m. on palm beach international airport and passengers got off at 11:00 pm or so, two passengers were taken off wearing masks and gloves. it is not clear if one of the

elderly was a passenger the tested positive for coronavirus but what is more concerning is it is not clear how officials determined passengers could get out of the airport, off a plane without seeing a doctor. they are off to palm beach. stuart: jetblue stock is down $10 a share. let's get to sports. that has real impact on all of us. the nba suspending the season. stuart: rudy tested positive for coronavirus before the game in oklahoma city against the thunder. yes, suspended it season. we will have at least a two week stoppage at which point they will decide what they are going to do. covert touched multiple microphones. you are not allowed in locker rooms anymore but can't go to a stage. he is seen touching all the microphones.

start thinking about exposure to the reporters. the ncaa will restrict fans from attending closed doors for march madness which is a huge impact. the major league baseball says they are committed to playing games in front of fans. stuart: there are five baseball teams in california. the governor california says no groups over 235. ashley: local governments will supersede the leads from the individual teams. stuart: gary, come back in. one of the deals we are making today is the effect of social distancing on our economy and our whole lives. you can feel it, you can see it today. >> reporter: the word culture is changing at this point in time. how long it lasts we don't know but it affects all of society. it will affect corporations and

decision-making of people saying at home. i was checking out a few stores and supermarkets. a lot of places on the empty side. on the avenue where fox news is, traffic is way down and we will see more of that. business will be slower and markets reflecting now, whether or not markets shot this i don't know just yet. it is not opinion but the price in the market and we are not open just yet but i will be watching like a park on three red bulls today and every day to see if that shows up. stuart: i want to bring this in. the white house suspending tours. >> out of an abundance of precaution, donald trump has

canceled his upcoming events in colorado and nevada but looks like the tours are being canceled and according to bill diblasio in the us and new york we should keep a close eye on the two code located schools in the bronx that have been shut. stuart: no more tours of the white house, the president canceled his trip to nevada, colorado, new york city schools in the bronx. >> not new rochelle in westchester county, the epicenter of the coronavirus in new york state. stuart: let me get to the president's address, former state department official, christian white and, i say this is the defining moment of the trump presidency. are you on board with that? >> i am. he did what was necessary to ensure there is no financial crisis, working travel companies are going to have a down quarter with their ability to maintain financial security

is sustained is fine and acting to stop travel from europe. we have two excellent case studies how to handle the crisis, one that is good from countries like taiwan the singapore, and japan and when that is bad which is old europe, especially italy, angela merkel in germany, ludicrously saying 70% of germans will eventually get this, that is not the fact. if you look at taiwan where they shut down chinese travel quickly, singapore, japan, they are over the hump. the crisis is over. the curve is going in the right direction and i think the president acted decisively. hopefully we will get all the bad news out and get through this crisis quickly. stuart: we did not get the giant stimulus package so many investors wanted and it has appeared overseas. the european central bank jacking money into the european system, the australians with an $11 plan overnight checking money into small businesses.

the president does not go that far last night. we don't have the big plan. >> they made clear they will provide any liquidity that is necessary. he put a lot of pressure on the federal reserve to make sure that happens. one thing he did propose is the social security payroll tax cut that will give more money to everyone who works which would be important in the service industry or travel. congress has poured cold water on it but that will be a problem for congress if they act like a bunch of sissies and go out of town, they plan to be on vacation next weekend talk about extending that until easter. if they run away from this problem without providing for the american people that is on congress, not the president. we are already seeing this. republicans in the last gallup poll are more popular in a generic congressional poland democrats for the first time in years. i think the president has made some good proposals. stuart: i want to go to gary if you are still there,

australians have a big plan, europeans have a big plan, two days ago the brits had a big plan. if we get a big stimulus plan does the market go up? >> we will bounce. we are as oversold. bearishness - ever -- we will bounce, to what extent i don't know. i think it is a good thing they are waiting to see what happens. i am pretty sure they will do things for airlines, they must. boeing is in the crosshairs and the oil companies. today or tomorrow something will come up. if not latest by the weekend. stuart: we are going to be down across the board. dow futures are limit down. futures are limited to a 5% loss, the market, the s&p goes down 7%, you have a 15 minute

trading halt. happening next hour donald trump hopes ireland's prime minister if the president speaks on the virus you will see it, you hear it. donald trump called for unity in his address last night, congress needs to come together on this. coming up i will put it to senator martha mc sally. next can we take you to jfk, the airport, and tell you what to do if you are planning to board a flight. more varney after this.

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our future remains brighter than anyone can imagine. acting with compassion and love we will heal the sick, care for those in need, help our fellow citizen and emerge from this challenge stronger and more unified than ever before. stuart: the president last night. let me bring in martha mc sally. do you see the unity the president is calling for? >> that was a great message. appreciate the president talking to the american people from the oval office to show his decisiveness, resolve, compassion and leadership that america has and we are the best equipped to deal with this crisis that started in china. here on capitol hill unity is difficult to find but i do believe people need to realize the coronavirus doesn't care with your republican or democrat in our constituents need us to work with the president to address it. stuart: any unity, what kind of

financial stimulus package we can get out of the senate? >> i'm calling on the house and senate to stay in session. the light nancy pelosi is still playing politics and trying to pass a partisan package that isn't directed at what the president is asking for. let's work for our differences. there are the things we need to address. stuart: are you confident the we will have stimulus package emerge from the congress? >> i'm pushing for that and i don't think we should leave until we do. stuart: some republicans do not favor a payroll tax holiday? >> i do. i support relief to small businesses, relief to families who are sick or taking care of someone who have to stay home. support for the economy in any way we can to make sure we stay through this and continue to be strong. i want to stay here and i think everybody should into we work through this because it is the right thing to do. the president is leading a

let's find common ground. stuart: i want to tell you what a leading labor party official said in britain. these guys are socialists and he said we support the government, no party politics in this. we work together and beat it. that is unity and that is britain. >> they should put down their differences, potential gleeful is that this where the president or republicans and to show the same patriotism, leadership and resolve the president is showing and work with us to get something on the president's desk to help americans economically why we work to keep people safe and mitigate and contain the coronavirus. stuart: thanks for joining us, appreciate it, see you soon. here is something that is very important, a sidebar to what is

going on with the price of oil and the lack of social distancing. the price of oil is down, the price of gasoline, the national average is down to $2.32 a gallon, drive-by any gas station and you will see the price coming down. $2 a gallon in texas. boeing really under pressure, down very big yesterday and down again this morning, premarket quote, 15% drop for boeing. it is a dow stock. $28 a share, down 160 on boeing. the company has halted hiring, limiting over time, trying to preserve its cash, yesterday was the biggest 1-day drop since 1974, down 15% today. here is what really brought home the virus to so many people, the announcement that tom hanks and his wife rita wilson have tested positive for the virus. they are in australia.

>> what a huge celebrity, like tom hayes, announced he does have the coronavirus, tested positive in australia. he is there filming a biopic on elvis presley and said in and instagram post which shocked everybody, hello, folks, we are in australia, felt a bit tired and had some colds, body aches, rita had some children came and went so they got tested. the test came back positive. it is unsure whether they contracted and in the us and abroad australia or if they contracted it in australia during filling but they are not that sick. they are in quarantine. stuart: it brought it all home to us, made us realize it is here, but he is ill but not severe. >> there 29-year-old son on instagram said they are fine, not even sick, they are 63

years old. it goes to show as you heard from anthony fauci that 80% of people will be fine, you will have relatively no symptoms whatsoever. stuart: it is the elderly, 70 and 80-year-old that if you have the risk factor, let's go to jfk airport outside new york city. i would imagine it is real quiet. is it? >> reporter: it is not really crowded. very quiet as people are reassessing their travel plans, reassessing with the president said about the band from travel from the eu to the united states that goes into effect tomorrow at midnight. as of right now on the board there are flights to international destinations including the eu but if you want to come back the president said you have to wait 30 days to try to contain this virus. there are problems and concerns

about community spread. i know somebody who said to me i am going to italy because i do business there and i can't stop working as a result of a virus, you say to yourself you want to come back here and contaminate our apartment building and other places you potentially might go. this annulment of personal responsibility here that people are trying to assess. some may decide they want to take more risks than you or i would but that is going through people's minds and talking to folks inside that work at the airport. if they weren't in panic mode before they are starting to reassess if they should be more concerned, people are trying to go about their daily business but at the same time when a researcher like this is imposed they become more fearful. this is a situation that will develop more throughout the day. we will keep you updated. >> the shots at the airport make it look like it is not busy.

this is several hours old but interesting, new york city at st. patrick's day parade postponed. >> it has been held for 260 years, since 1762, before the american revolution. the sprayed went on even during the flu pandemic of 1918. two days after boston canceled it and philadelphia, chicago and dublin, new york says let's postpone this and discourage large gatherings of individuals, postponed for now. can you imagine it will be held any day but march 17th? pretty much canceled for the first time in 250 years. stuart: social distancing has arrived is the nation's top infectious disease doctor, anthony fauci, says the virus could get much worse. watch this. >> it is going to be totally

dependent upon how we respond to it. i can't give you a number. if we sit back complacently. >> i'm not asking to be complacent. i'm asking for a realistic -- >> i can't give you a realistic number into we put into the factor of how we respond. if we are complacent and don't do aggressive containment and mitigation the number could go way up and be involved in many many millions. stuart: that talk of many millions i take it he's talking about cases, confirmed cases. let's bring in johns hopkins medical guy, a degree in public health. we often talk to you about big tech but you've got that degree. it will get worse? >> the number of cases, our first hundred thousand, our first million and we will say how many are infected and that will be important, how many are actually sick and who is a some somatic and who is not? the case fatality rate is

important. stuart: in china you have 1.4 billion people, just over 100,000 cases. don't know how many deaths. >> 3000 or so. stuart: which implies with a limited number of cases a fatality rate of 3% which is very strong. what i suspect is there are a lot more cases. and i onto something here? >> that is what is going on. we don't have the testing infrastructure. in south korea they are doing drive-by testing, people swab people and run the test. you can do more tests that way. we don't have a testing infrastructure. if you walk into a hospital and say i have the flu and what a test kit, people were not getting test kits. stuart: that was the original problem from the cdc which

performed remarkable he well in previous events like this but this time the test did not go out. we lost a few weeks. >> we did and part of a containment strategy was to give hospitals time to give them the beds. the challenge is not i need my mask but i need a respirator, oxygen and a bed. they are moving electives surgeries out and other things to prepare healthcare workers so there is capacity out of the million beds we haven't healthcare system. stuart: i don't know what else we can do other than the social distancing to contain this thing. what other measures could you take? >> one approach is like everyone down for four weeks, hope it passes, second transmission doesn't come through or do what we do now we have a decentralized public health system which allows everybody to make the call at their locality. either way if you are in the political end you look like you do the wrong thing. stuart: if we go to the italian extreme, locked out everything, not sure how well that would go down in america. not sure whether you could do it. a couple minutes before we open the market.

scott martin, marketwatch of the day is with us. i think this market wents a gigantic stimulus package and they are pulling out for it. >> i agree and the fed also, the market also wants to see third intervention which is days away as well as more coordinated central bank innovation. we have started that process but i don't believe it is finished yet. these markets too just quickly, not trading on any fundamentals. the fundamentals are out of the bath water, away from the baby and gone out the window, trading on the sheer panic, sheer fear and expectation that the worst-case scenario will be possible. something keep in mind if you look to rebalance or change their investment, just know you are doing that in any rational market. stuart: does this remind you at all of 2008? >> it does but there's a end to this. you know there will be a end in the transmission. it will take four to six weeks.

between now and the next six weeks is all about supply-side versus demand-side. stuart: we will open this market. when you look at the futures, contracts are limited to a 5% loss, the market is about to open and we will show you the s&p 500. if it goes on 7% you will see some movement. if we get a minus 7% this market will be halted for 15 minutes. that is what you've got to look at. the percentage decline of the s&p 500. right now it is down 6.59%. if it goes down 7% watch out, the market closes for 15 minutes. just as it did three days ago. >> circuit breakers kicked into the market but we should be careful. we haven't seen any companies go under, no lehmans, no bear

stearns, we need to caution that with a little more. stuart: know -- ashley: the circuit breaker we saw earlier this week worked quite well, gave people time to take a deep breath, buyers and sellers to reevaluate and after they came back online we didn't see the dramatic drop. stuart: we have been at that level for some time. you don't close the markets in 15 minutes unless the s&p goes down 7%. >> 42 days have come around to less than a month to lose 20% from recent highs. great bull market run, 11 years two days, $20 trillion, 500% but it has come to a end. stuart: we are aware what is on in the s&p. i will bring you up to speed on the other stuff that is going on. the nasdaq composite is down 6.5%, consistent down 6.5% across-the-board. stuart:

ashley: the s&p is down in bear territory as well. stuart: in bear territory but not down 7% today so it is not closing the market. ashley: 20% down. stuart: i looked at an index of all the world markets. it is down 20%, bear market globally on average. the anxiety, the 10 year treasury, 0.67% so money is going into treasuries. gold down 36 bucks. i have an explanation. how about this? people are selling goals. to meet margin calls on their stocks because they bought stocks on margin, borrowed the money to do it. there is the price of the stock going down, they say you need more money and we wanted so where do they get the money from? some of them are getting it from gold, down $37 as we speak. >> some disappointed from the ecb.

cutting interest rates from minus one half%. stuart: are going to jack a lot of money. >> they are offering cheap loans but didn't cut the headline rates was disappointing. stuart: i consider that a negative but you are seeing on screen now, $30 per barrel for oil, down $2, down 7%. that means a lot of drillers and people who produce the oil in our country got an extended credit line, being called on that credit line. they are close to having no money left to pay down your securities. oil at $30 a barrel, you have a problem. >> a lot of people have credit concerns. we talked about billing, using the $13 billion loan by this friday and hilton would draw down its credit line. blackstone is a private equity

fund, they have been advising the company to draw down credit so you don't have a liquidity crunch and that has people concerned about the comparison to 2008. stuart: that is what i was getting at. the beginning is of a liquidity credit crunch. that makes the whole financial system shaky and has a lot of people worried. ashley: which is why we have coordination from central banks, that is what we want to see. stuart: you have real concerns about a credit crunch, shaky financial markets. >> there are some but you are doing the terminology correct. it is not a credit crisis. it is a crunch. once they draw down these credit lines, what happens? you go back to the bank and say revenues have fallen 30% and we see the light at the end of the tunnel but for the next week humans we need more credit and that is where the differences

2008 versus now. officials are meeting with banks, getting ahead of the impending issue with other containment and other issues that will come with the virus as far as quarantines and stuff. they are saying we got your back if you cannot pull these loans in and get business where you need it. stuart: left-hand side of the screen for radio listeners, down 6.98% on the s&p 500. if we go down 7% the market closes for 15 minutes, 6.93%. we will concentrate on that, keep that onscreen. ashley: i am on the edge. i meant to signal you but we are close to it. stuart: i want to keep the s&p on the screen so everyone is advised about a possible closure but i'm very much aware but big tech is way down this

morning. don't have a specific quote. >> it is more the airlines you should be concerned about down double digits, air canada is down 18% as well. stuart: we are down 7%, the bell rings and trading stops. that is it. closing for 15 minutes so that means reopen at 9:50, roughly 9:50 we will reopen. traders on the floor of the exchange look up at their screens, they are going to be white because they can't trade. now prices you can't trade. you are down. ashley: the financials i slammed down 6 or 7%, jpmorgan down 7%, boeing down 14%. they are 162. >> volatility is up. they worry at the highest level of fear on the market since 2008.

stuart: if you think there is going to be light at the end of the tunnel at some point, if you think that you are looking around to see value. where is the value of these sharply depressed prices? where is the value? ray is sitting next to me about value in the big tech stocks. >> i look at zoom, netflix your home with nothing to do in the way they do production is decentralized, facebook which i normally down on but what are you doing at home? and there is facebook for enterprise playing a role and all stocks doing with work at home. thinking about google hang out, what you do on citrix, gotomeeting and collaboration and microsoft. stuart: microsoft is down to 140 something and it had been 190. a couple weeks ago. that is an astonishing call, the most rapid 6% down on microsoft. the most rapid decline, the

most rapid fall into a bear market we have ever seen. >> more than the great depression. how scary is that? stuart: it is a totally different threat. this is a virus, a worldwide global -- ashley: an unseen enemy. we don't know by how much. >> infectious disease without your. if there was a vaccine people would feel better but people don't know where the bottom is. stuart: what about a treatment? >> gilead has the resident here going up and there are others that are going, j&j are putting together some treatments, compassionate use is the biggest one in terms of that. stuart: let's go to the new york stock exchange, they stopped trading for 15 minutes with what have you got for me? >> the traders anticipated it would happen. overnight future markets halted

given the rough start before 9:30 eastern time. before we went live, one trader walked by me. why are you so-called? i have 14 minutes to just rest, talking again in 14 minutes when the markets reopen and then i won't the so-called. 9:30 eastern time hit, i was walking around the floor. a lot of traders rushing to get their orders and because they anticipated a circuit breaker halt which is a 7% drop, down at 2549 points, the nash threshold is 13%, then 20%. if the negative 20% comes along before 3:2:05 pm eastern time the rest of the day we will be closed but hopefully we are not going in that direction. we are talking about that getting hard but the mood is not as panicky as it was on monday when we first had the circuit breaker. stuart: you have nothing to do but bear with us.

>> most economists forecast a growth in the second quarter of this year, not much, still 0.2%. people are not calling recession just yet. and recovery in the back half of this year but these markets are treating it like a recession already. and economists are not calling for that forecast so what economists say you should do it looking for certain metrics because you don't want to look at jazz in the job market or that kind of data but jobless claims, the sentiment index in terms of confidence in the purchasing managers index. there is less legs time and sentiments from those indicators. stuart: is this the washout capitulation day, everybody sells everything, is this the day? can we say for sure?

>> there might be more because we haven't seen the announcement, headlines go 100,000 cases, million cases and then we have something. stuart: i have a feeling the market is collectively pushing congress, get on with it. we want a bailout package. we want a payroll tax holiday. come on. the market is think to congress get on with it. >> and telling the federal reserve to get on with it, 100% cutting 75 basis points but isn't that the concern? once you get close to 0, if we cut 3 quarters of one% we don't have much dry powder left? what the coronavirus gets worse? ashley: the ecb looking at minus one half%, that is the problem. stuart: in the president's speech we don't have a gigantic bailout package but we did get something.

we got a $50 billion program to make loans to small businesses in affected states. $50 billion, money influencing cheap loans and also said he called upon the treasury to defer tax payments that are due from some individuals and businesses, that is a $200 billion injection of liquidity so you have money being pushed in, not the trillion dollars you get pushed in from payroll tax holiday but some money going in. would we bounce of congress get it all together and says you can have $1 trillion worth of stimulus? >> that would leave a lot of fears about what is happening on the demands side, are they investing in future equipment and technology especially from our view and betting on the future? it is all short-term. stuart: if you are looking on your screen, what you see as the s&p 500, it is there because of frozen trading,

halted trading because the s&p is down 7%. before they halted trading appellees down $19, google down $93, 1122. i had microsoft down $9, amazon down 106, 1714, facebook down 10 at 106, tesla town 164, 569. those were the prices until the market closed and that was eight minutes ago. 7 minutes from now, roughly 9:50 the market will reopen. you have it on the screen, 9:50 it reopens and see what happens then. michaelzacor is with us. retailers are really going to get hit, really big time with this social distancing. in my going overboard? this is a slam. >> not at all. i talk about the fact that

there is no retail apocalypse, just a major reset of the way people shop and where they shop. this could harbor a retail apocalypse, people not going out, stores closing, people losing jobs. the bright spot might be people are going to shop online, it will be good for amazon. that will hold true as long as we are able to move things. if the supply chain and logistics system starts to break down we are really in trouble. stuart: demand comes way down, you slow down the whole country demand comes down for retail operations. does it come back? do people avoid buying a pair of shoes today do they go back when the stores reopen or when the virus is gone, in august? does demand restore itself? >> i do believe it will. we can look at what is happening in china as a bit of

a model. as the virus started to spread in the country locked down for a couple months, they are getting back to work, factories reopening, people going back to offices, dean and is starting to peek again. maybe there is a 3 month cycle where the virus hits, peaks, things shutdown, life starts to get back to normal again. stuart: three months. >> it could be a couple months here. stuart: that is a long time. >> there are more unknowns than knowns. stuart: jack how is with us on the phone, barons associate editor. my feelings of this. if we get a stimulus package from congress the market bounces. what say you? >> you could certainly get a relief rally in the short term. there is something to keep in

mind, we see stocks are down a lot. not the same as saying stocks are trading at press level. we started this elevated level at the beginning of the year. where we are now if you compare the s&p 500 halted at this moment with the money that companies inside the index earned last year we are back to historical ordinary levels of valuation but then consider with the stocks coming down you have to put a recession on the table. what effect would that have on earnings? can we assume earnings will be the same this year as last year? i don't think we can assume that and in a typical recession going back to 1940s, 11 recessions since then. in a typical recession earnings come down 13%. you have to consider we could

have a decline in earnings-per-share and we can have stock prices come down further. not the best case but if you are thinking in terms of what ifs you have to think of that. stuart: let me bring back gary who has been patiently sitting in florida, good place to be right now. is this the climactic washout selling the clears everybody out of the way? what is the expression? washout cell capitulation? >> it is called washing out all the sellers. all i can tell you, the opportunity for that to happen is there. washouts can only happen when the fear is at its most and markets are way way down. there is that shock but there is no way of predicting it. i'm hearing european stocks are down 10%. i wonder what happens when we open up again. i can never predict one but i am on watch for one.

a couple fridays ago we had the big reversal. it was a low but it was not the low as we look for another one again and if we are down 2000 and only finished down 500 that will tell me there is defense by the big-money crowd but it is too early in the day. stuart: we are looking at the s&p 500 down 7%, when it falls 7% you halt the market for 15 minutes. approximately two minutes we will reopen this market, at 9:50 eastern time. when we reopen all eyes on where we go. do we go down some more? if we go down 13% compared to yesterday's close, stop laughing. >> i know it is not funny. stuart: trading is halted for another 15 minutes and if at any point we go down 20% we close for the day. i'm not suggesting that is going to happen but we are keeping a close eye on it.

>> circuit breaker, 13% kicks in before 325. stuart: before 3:25. >> that is important. stuart: if the market goes down after that it doesn't matter. no closure. stays open. >> as good as closed. >> an interesting shakeout. this is where the transfer of capital and equity to those were patient traders. we heard from warren buffett that this is not 2008, this is not a financial crisis. stuart: gary, come in please. >> i am not being a financial crisis, there is more leverage in the system than back in 2008. when markets went down they want easier money and more debt comes into the system. there is the potential, it is a financial crisis. a lot of oil companies with stock prices gone from 20 down

to a quarter, and the airlines and cruise lines open their credit lines. and to think it is not a possibility it is because leverage brings on that paper ability. stuart: any second now, and the trading, i hear that bell, trading is about to resume. you will see some movement, watching the s&p, it goes down a lot, down 13%, we halt the market over again. right now, i heard the bell, don't see the trading going on and we will keep on this until the market reopens.

and the trading resumes and we are down some more. we are down 7.3%, 200 points, the dow is down 1700 points, 7.37%, still pretty stable, 7% loss. the stock exchange, christina has with us the president of the stock exchange, is the market functioning properly. >> because you don't have an earpiece right now, stuart varney asking, is the market functioning properly, this has

been worked on for quite some time. the market is functioning as designed, circuit breakers are intended to give the market 15 minutes to slowdown, process information and react, what we saw monday is what we are seeing today. you seem pretty nonchalant. took a bathroom break, could get worse. what are your thoughts. >> i'm not nonchalant about market movements but it is important not to panic. the circuit breaker is a precaution. it is one of the things we decide for moments like this. my views let's not panic. we are taking precautions, measures to limit risks. that is what circuit breakers are designed to do. >> what do you think you can do this mean given the cme in chicago since close on friday what is going to happen here? >> now plans to close the

trading floor but we implemented the measures to limit access to the floor, to reduce the risk of the virus across the trading for. >> the platforms are specific. and electronically, clients have access through the data centers. >> i know you are busy. stuart: we reopen the market and went further south. the s&p is down 8 and one quarter%. the don't are down 2100 points. we are back in the 21,000 level as we speak. the next halting level is 13% down on the s&p, nowhere close, down 8%. ashley: looking at gold, down $53, gold up $15.88. stuart: that is what it is. ashley: as the market continues to drop. stuart: with borrowed money.

the person who lend them the money says -- give me more money. where do they get money from? liquidate other assets. liquidating gold, down $57. >> that is why the fed increased the amount of money they are giving to the system, down $175 billion, we learned what happened when people are pulling their money out at a fast speed. the money is still there and liquefied. stuart: you have the internal workings of the market forcing it down like a real chain reaction, keeps going down. big tech on your screen. it hurts. apple is down $22, amazon is down $116. facebook is down 12. the stock quotes coming, off a bit otherwise known as google down 7.5%, microsoft is down

$10, and big tech, the financials, jpmorgan is down as you would expect, badly hurt. they are all down, citigroup down $6, wells fargo, $29 a share. it had regulatory problems and oversight problems, $29 a share. delta, look at the airlines, down $5, 37, southwest down 2, jetblue down 11, at $11 a share. can you believe this? american airlines $14 a share. united at 41, all of them down. i'm dying to see the cruise lines, royal caribbean down $12, 32. carnival, the owners of the princess cruise line, norwegian is down. we have news they are stopping cruises.

>> up until a certain time. ashley: 18 cruise ships on pause for now. stuart: they suggested they are not taking passengers over the age of 70. ashley: or anyone with chronic medical conditions. stuart: that is turning away a big chunk of cruise passengers for the immediate future. not for the rest of the year, the immediate future. hotels, hyatt, hilton, marriott, down. can't imagine hotels going up. >> hilton fell yesterday for concerns about credit. they have been drawing down loans as well. a lot of these, you can imagine are sectors that get relief probably the first sectors get relief from government on tax defense. stuart: doesn't this make the apples and no concern over the credit problem there, is it. >> sees a lot of free cash flow

a lot of cash. you can expect acquisition coming out of this because valuations are very low. susan: what tim cook said to us. imagine, purchasing $100 billion worth of share. that is why the stock price gone up over the years, despite the fact with slowing iphone sales. if the prices come down like this, they have already said to the market we'll continue to buy shares, they might do it at these levels. stuart: news from capitol hill. edward lawrence has it about the virus on capitol hill. what do you have? part period of time first case on capitol hill, senator's office, senator cantwell's office. seattle has been hit pretty hard. here senators were briefed there is one case inside of senator cantwell's office. sergeant-at-arms, released a joint statement, they are closing the capitol complex to tours starting 5:00 today.

there will be no tours from now until april 1st. that is temporary closure because advice from d.c. hospitals and physicians and physicians here at the u.s. capitol complex. stuart: quickly, if a member senator cantwell's staff has it, what happens to the other members of that staff of senator, any idea? reporter: my understanding they're starting to test other folks that person came in contact with receipt now. that is the process they're going through right now. right now there is one confirmed case. no one else as of yet. stuart: i'm seeing a little bit of a comeback. let's not get overwhelmed here. we were down over 8% on the s&p. now we're down back to 7% down. we were down 2,000 points on the dow. now we're down 1700. ray wong on the set. thanks for being with us in the

first place. sterling work. susan: i think we're keeping him. >> i'm actually back. stuart: please, ifb back in again. booking, these are travel booking companies obviously hurt. they have comb way, way down. they're down some more today. this is the social distancing thing. we're not traveling. we had a report from jfk airport earlier this morning. the place is not empty, but it is not busy. absolutely not busy. i would say it is very, very quiet. we're not traveling. people coming in to work on the subway, very, very quiet on the subway in new york city. i drove in very, very early this morning, no traffic whatsoever. you drive down sixth avenue, couldn't see another car. ashley: lot of people canceling vacation plans if they had them in the spring here. stuart: we have the sporting events canceled or -- march madness will have no fans in the stands, is that right?

ashley: correct. no atmosphere, a huge hit for cities that host championship rounds. a huge economic hit. >> talking to one ever the president of the sports teams, they have to run games because of broadcast rights. they will do everything without any fans. stuart: nba. >> all the sports teams. nba. stuart: nba is suspended. >> nba is done. stuart: 10:00 eastern time the first hour of the program is over. i believe we we got latest mortgage rates. ashley: actually up. stuart: you're kidding me? ashley: 3.36. let's keep perspective. that is historically low. it was 3.29% last week. we're up just a fraction. 15-year fixed at 2.77%. refinancing continuing. applications for that continuing to surge. if you can save money, people are doing it. again 3.36. stuart: you're looking quite happy about this.

the 15 year. 2.77. impact, please. >> at least there is some support for mortgage. stuart: michael, before you leave us, your comment please? mortgage rates holding steady at 15-year fixed at 2.77. any name pack on retailers? >> in general this has potential permanently change the habits of consumers. i think more people will just buy online, pick up in store. i think they're going to get used not being in crowd. not traveling as much. i think there could be a long term permanent effect the way people shop and interact with each other. stuart: pushed on line more. michael i think you're now clear. let me recap. just after 10:00, we got mortgage rates. didn't affect the markets. the dow down 7, 1hundred points

t was down 8%. i will not call it a comeback but a modest, modest pickup of a few prices here and there. david kelly is with us, jpmorgan's chief global strategist. your come meant on action so far , comment. david? >> scary times in markets. for long term investors remember you're long term investors. i remember 11 years ago, markets are crazy, people think it is armageddon. we'll get past this. people underestimated the virus. this is a significant and serious medical problem for the world. one way or the other we'll get past it. the key thing if you're an investor, not just about the economy in 2020 which will be ugly but in 2021, 2022, years and decades into the future. if you see stock prices very low, if you think you own companies that can weather the e

rebound and thrive in the storm, no time to get out. stuart: david, i read your stuff. i think at this moment it is the social distancing that is really having an impact on america's economy. i think you got numbers what social distancing will do to airlines, for example. do you have got some numbers for me? >> yes. it is very hypothetical and frankly i think even these numbers are too low. i ran a hypothetical situation where you had a 50% drop in cruise lines, 25% drop in airlines, 25% drop in sporting events and so forth, those numbers are probably low. even that will put you into recession in the second quarter. so i think gdp growth will be negative in the second quarter, significantly so. then of course you get layoffs. that will probably lead to, also hiring freezes which is more important than lay offs. that will give you a second negative quarter. unfortunately looks like we have a recession here but over time, you know, we will get better

treatments for this disease. over time we will develop a vaccine. i don't think this is matter of weeks or months. it may take until next year to really have effective medical response. over time more people will get immune to it. over time, social distancing will slow the spread of the disease. all these things means we'll get past it. we have to recognize. we'll have recession here. i think it permanently changes people's behavior. looking further out there are long term winners and losers. maybe we're more electronic. maybe more communications less gathering crowds. there will be winners and losers this is a time to think about investing. think about active management perspective. how can you find eventual winners, those that survive the environment and rebound as it occurs as it will. stuart: david, as you've been talking about, we're running groups of stocks as you mentioned, they're down sharply. i see disney below $100 a share. that is social distancing

hitting theme parks, is that correct? >> i presume so. even, i don't like talking about individual companies but about a big multimedia company, there are two arms to it. one, yes, theme parks and crowds, so forth. another part is streaming media. so i think there will be opportunities in the entertainment business get entertainment to people frankly sitting home bored. stuart: casino stocks, way, way down as well. hotels, tour operators, cruises are way down. david, thanks very much for joining us. stay with us, i need more information about social distancing. i have to move on for now. thank you very much, david. joel mcdowell with us, license the real estate salesperson. it is a good one. i can't see houses selling very well this spring when we're all social distancing. we don't go to maybe open houses for example. is that what you're expecting? >> well, i have to say, in some markets, some agents are saying

open house, attendees, the number is down a little bit. i'm not seeing that right now. i have more business than i know -- stuart: what area? >> long island. we're in bidding wars. i just listed a property, that is a great first-time buyer home, i have more appointments for the next few days i can manage. stuart: that is your personal experience? >> yes. stuart: would you dismiss the whole idea this virus and this social distancing is not going to affect the housing market at all, would you go that far? >> i'm going to say i don't think right now it is going to affect the housing market right now. it is a bright light still in the economy. i think that, i mean, look, investors obviously with the roller-coaster on wall street people are investing in bonds, right? when they do that, the mortgage rates go low and we're seeing that buyers are getting more buying boyar. stuart: there is awful lot of job losses coming down the pike here, i mean a lot of them. i don't know which industries will be affected.

there are lay offs. big-time lay offs. surely that affects housing market. >> one of the buyers i had yesterday was a doctor. i'm concerned. i'm concerned that maybe people will lose their jobs. it is a concern. stuart: we like the idea that housing is a bright spot? >> yes. stuart: i just don't want to see it dimmed by the virus. >> i know. stuart: i suspect might be but not your experience yet? >> not yet. not yet. stuart: jill, we'll move on, thank you very much for being with us. we love bright spots. you're one of them. >> thank you, sir. stuart: mike summers with us, american petroleum institute president. i'm looking for bright spots, young man and i think i have got one, that is the price of goose lien. i've got it down to 2.32 a gallon right now and i think it is headed a lot lower. do you agree? >> well i do think we're seeing, obviously a significant downturn, mainly because of saudi and russia putting all of

this new oil on the market. so i do think you're going to continue to see gas prices go down but that is not good news for american producers for sure. stuart: right. you have got a real problem with oil at $30 a barrel. right now at 30 bucks a barrel. that puts the oil patch in real serious trouble because a lot of drillers and frackers, they're way extended. they have a credit line they probably used up and they need cash. they have got a problem, right? >> well let's be clear what is happening here. saudi and russia are flooding the market with oil and they're doing that for one specific preen and that reason is really put a dagger in the heart of american shale producers. so we're of course very concerned about this but at the same time this is an industry that believes in the free market. we're not asking for handouts at this time. we want markets to work. we want our diplomats to get to the table to make sure saudi and russia are operating in a fair manner. stuart: you want the president to call off mbs, ruler of saudi arabia say knock it off,

come on, you're hurting us, don't hurt your allies? >> look, this is a very well-supplied market right now. it was well-supplied in december before the coronavirus hit and we want to make sure there is balance maintained within the market for sure, but at the same time we want the market to work. we're not interested in what some people are proposing right now in terms of federal bailouts. we want the marketings marks to work. stuart: mike, you got it. oil $30 a barrel. great to be with you. >> yes, sir. stuart: jeff flock following impact of cheap oil on shale industry in whiting, indiana. what have you got for me, jeff? reporter: you were looking for a bright spot, this is bp refinery in whiting. they got 50% cut in their commodity. what is the break even in places

like eagle forge, people mean in texas and bakken in north dakota? eagleford, $42 little over for break even. bakken, 41 1/2. permian under $35. they tell us every oil well going to be drilled now by definition unprofitable. you can't drill now and be profitable. these numbers are not exact. these are averages. every well is different. go to the middle east, you stick a straw in the sand you come up with oil. note that way in the u.s. there is fracking. there is a lot of cost to it. these guys have heavy loans. they're up against it. they're not hearing anything in terms of help. stuart: well-said. they are up against it. that's a fact. jeff, thank you very much for being here. good stuff. a lot of people in america waiting for some kind of stimulus or bailout package from congress going to affected industries by the virus.

while the europeans have got that kind of package i think. ashley: they do actually this is more about the ecb president, christine lagarde saying it is time to act. governments around the world, you have to get your fiscal policy together and in a coordinated way around the world. it is absolutely required to support businesses and workers at risk. even if the affect of the coronavirus is short-lived, she says the economic impacts will go on. we'll have a very huge impact as we're seeing with the volatility on the markets. she is calling, making an appeal really, for coordinated -- stuart: tax cuts. ashley: whatever it takes. much like we saw in the uk yesterday. they were pumping in $40 billion worth of stimulus. stuart: as the president suggested in his speech last night, $200 billion worth of tax deferment. taxes deferred for some individual and -- ashley: push the deadline back. stuart: don't have to make those tax payments. that puts $200 billion of liquidity into the system.

the brits have done it. the europeans are going to do it. investor want more of that from us. but that is going to have to come through congress, i think. you have to do that. ashley: yeah. stuart: okay. check the market, we're down 1800 points now on the dow industrials. we were down 2100 points at one stage. sorry, susan? susan: back down to 2017 levels, the dow lost 2,000 points, lowest since july 17th, 2017. we need to keep things in perspective where we were, and where we are right now. stuart: back to kristina at the new york stock exchange you have, what have you got for me, please? kristina: i have a bright spot for you because i know you like those. cabot oil and gas. this company has been around for quite sometime. they're well-known as a gas producer in the united states. the reason they believe a lot of analysts are upgrading the company because the drop in crude prices are expecting a drop in supply for natural gas and that will push up the price

of gas. upgrade from credit suisse raised to outperform from neutral. the gas name, because on a relative basis, cabot is 99% gas. that is $16.76, because it is best in class gassy name. stuart: we appreciate it. cabot oil and gas. up 3%. we'll take it. david kelly, come back in. moments ago you were seeing eventually we come out on. other side of this virus impact. which groups, which industries do you see the most value in now at these very depressed prices? >> well, i think when we went into this some of the tech names looked expensive and financials

looked somewhat cheap. i do think there are a lot of opportunities for technology companies coming out of this. most of the solutions people adopt as we evolve to social distancing economy. they will evolve to technology. nursing homes, if you can't visit wouldn't it be nice to have video link with your parents or grandparents. there is a lot of that. people work at home, which will require technology spending. that is one area where we'll see some growth. then i think we should also recognize that over time we will get back to a more normal society. this is, obviously we will, the biotech industry will try to deal with this virus. there will be a lot of growth in biotech next few years as we try to deal with the next virus more quickly. there will be plenty of potential also. stuart: david, stay in there, please. bring you on again in just a moment. look what we got. we got 1800 down for the dow. the s&p is down 91 points. we're down on the nasdaq, hardly believe that, is that 520 points

down, the nasdaq? my goodness me. how about that? let's see, kfg. who is that. keith fitz-gerald. there you go. sometimes rock and roll, folks, rock and roll. this is live action television. you read the prompter, it says kfg on the phone. >> zero cognitive problems. [laughter] stuart: hey, keith, bail me out of this, what is your view of the market. is this washout selling that takes us all the way down, we hit a bottom, is this today? >> i think we may have a couple more days ahead. we're getting close to it. people are starting to swear off stocks. they're starting to swear at stocks. those are consistent we're getting to the bottom of it. we are in uncharted territory to be fair. greed, fear, panic are a nasty blend of emotions but like i quipped the other day, my buy list is as long as cvs receipt.

it is getting longer by the day. i'm peting excited about this. stuart: have you bought anything today? >> i've been nibbling personally into microsoft. stuart: now he tells me. stay there, kfg. just stay there for a second. >> will do. >> i am, got to go to sav would be. edward lawrence. you have news on the democrat stimulus bill. i want to hear. reporter: we do. senate majority leader mitch mcconnell, also kevin mccarthy, house minority leader oppose the democratic stimulus bill. basically it expands government. expands the social security administration, expands the food stamps program. they want to tweak it a little bit. those conversations are ongoing trying to fix this. also on capitol hill here a number of senators are starting to crows their offices, senator cantwell, who had the case of coronavirus is closing her office as well as senator mitt romney and senator ted cruz

closing their offices here at capitol hill. telling workers to stay at home and work from home. stuart: bottom line, mitch mcconnell in the senate opposes what he sees in the house stimulus bill? doesn't like it, too much government. reporter: exactly. stuart: at some point the senate comes up with its version, passes it presumably, then the two side have to get together to agree on some kind of a compromise. reporter: one more point on that. i talked to three senators this morning, heard from three senators this morning they're willing to stay as long as it takes through the recess possibly next week to try to get this done. stuart: got it. edward, food stuff indeed. doc siegel is here. i'm sure you're aware of this, a study by princeton, have you seen this? >> yes. stuart: not gone through the medical stuff so to speak. >> peer review we call it. stuart: peer review, not gone through it, this study says the virus may survive in the air, in other words could be airborne,

what do you make of that? >> well, it means that if you put it on respiratory droplet floating in the air can last three hours. let me tell you that will be less scared. that is the exactly findings with the other sars virus one in 2003. it had the same properties. lived on surfaces for several hours like the flu does. and it could hang in the air for three hours. ultimately that sars virus, the one in 2003 died out. this one is probably more contagious than that one we believe but the properties when really analyzed, i'm so glad scientists are doing this, this is what they should be doing, but the properties are similar to the other one. stuart: okay. when we heard the news this morning that tom hanks and his wife rita wilson, they had it, that really brought it home to people. they have got it. celebrities got it. they're not immune from this thing but what stuck in my mind was, the symptoms, they're not that sick, not quite sure how to put this, they have got some body aches.

they have a cold but not that sick. what do you say? >> i like, i really like to happy that because i'm hoping that they recover and that they both become poster people for this vie produce in a better way than we've seen before. you're going along on the titanic, hit the top of an iceberg but there is a big iceberg under there you're not seeing. a lot of virus have mild casings like this. tom hanks, 63 years old, appears to be healthy. has mild case of diabetes that could impact this. tony fauci said we're looking for severe other medical issues. so he may very well do well here. if he does well and she does well, we'll be able to point to that, saying you can get this and recover. more optimistic. stuart: i want to put everything in perspective here. we're treating it at the moment like it is the black plague from the 1400s. it is not that, but the people most at risk are people over the age of say 70? >> yes. stuart: certainly over the age of 80? >> over the age of 80 is

predominant number of deaths. 70 yes. 80, even more so. stuart: if you have an underlying condition, that is a real problem. >> emphysema where your lungs are impacted. severe complication is pneumonia that the virus causes. smokers, people with severe lung disease. people with heart disease, severe immunological problems, cancer and maybe bad diabetes as well. severe complications and age. stuart: okay. i want to bring up the jet blue flight that left jfk, went to florida last night. on board a suspected coronavirus case. where that was discovered i don't know, whether it was discovered before the person got on the plane or -- ashley: we don't know. stuart: we don't know that, but my point is, the passengers after 2 1/2 hours on the tarmac in florida were allowed to get off the plane and go where they were going, no medical check as they got of at plane. what do you say to that?

>> that is concerning. a, a plane is a closed space but you have help pa filters on the plane, filtering out 90, 95% of the virus. when they leave who knows what context they have, who knows what they are rubbing their hands, their face, coughing. that is the biggest problem they have the community spread we're not tracking. another reason we have to get that testing. people should not go to the doctor or go to the hospital with suspected cases because you can spread it. call your doctor, when you call your doctor, hopefully they will tell you how to get tested. stuart: doctor, hold on for a second. i have to do something which i find really very pleasant. i want to offer congratulations to a man i have known for several years he is a general win american hero, he is on the screen now. you recognize that fates. that is general jack keane, you have received the presidential medal of freedom. there you are, putting it on you. tell us again, how did it feel at that moment?

>> i think it was something of a numbing moment, to be honest about it. it was quite overwhelming. it was emotionally gripping. i think two things really hit me. one is walking into that east room accompanying the president to "hail to the chief." that was quite a moment. stuart: yeah. >> and the second thing, even though i prepared myself for this, i said to myself, keane, be ready for this, when you turn around on the stage, your whole life will be in front much you, family, friends, everybody that went through 3years of the military, those dealing with today, national security, foreign policy on fox et cetera. it really shook me when i saw them all. tell you what. i had to really hold on to myself to kind of get through it t was an incredible experience. i was just so delighted, certainly that the president honored me in that way. i'm not convinced i'm as

deserving as so many others out there but i certainly accepted it with due respect to the president and the office he have holds. stuart: well, general, humility is a great thing off the battlefield but really bad news thing if you're on the battlefield and you're humble. we don't want that. so i want to offer my congratulations to you, general. i've known you for many years. i think you're a real good man. now i turn to something more serious, how does the military handle this kind of a outbreak? if you're in a major military camp, somebody has got the virus, what do you do? >> a couple of things for the military. first of all, it is a relatively young population and secondly, it is a very healthy population. in addition to that we have medical facilities wherever the military is. there are some remote places. where there is a large gathering of troops we have military facilities there, u.s. military facilities to take care of them.

i at i think they're in good god shape. they will continue to protect the american people and the american people's interest. they learned a lot of the swine flu, h1n1 virus in 2010. 61 million people affected in the united states, over 12,000 deaths. the military learned from that they treated that as a bio warfare element. in other words, let's assume a country did this to us, and used that as a major learning exercise for themselves. so i think they're in good shape. doesn't mean they will not get infected. likely will because they're going to be in vicinities where that is but they, i think, are given who they are, and the help that they have, they will do very well with this. stuart: general keane, congratulations again. thanks again for all the time you spent with us on "varney & company."

we appreciate it. >> thanks a lot, stu. stuart: thanks very much. doc siegel is waving at me. what have you got. >> i want to ask you if he did a fist bump with the president or shook his hand? stuart: is he still there? general? he just took his mic off. general, if you can hear me can you answer this question, did you do a fist pump with the president or shake his hands or one of these man hugs? >> the president and i shook hands multiple times, before the ceremony, privately, with my family and the first lady and then shook hands two more times i think after the zare, shook hands during the ceremony. shook hands two more times after the ceremony. pounded my back about four or five times. stuart: okay. >> it was a normal experience i think for two people, unusual to having that experience with the president of the united states for me at least.

stuart: well-said, sir, well-said indeed. thank you, general. >> take care, stu. stuart: does that satisfy you? >> yes. business as usual. stuart: business as usual. i'm sure some people said you can't shake hand these days. there are not people like that. would you support that? would you shake my hand, would you? >> your hand is great. stuart: shake my hand. >> here. stuart: no, not going to do it. i want to have separation. >> i like the social distancing. that is really important right now. that cuts down on all respiratory virus spread. the stuff we're doing now are things we should have been doing for years. cough into sneeze. don't cough or sneeze out in public. wash your hands frequently. keep well-hydrated. decrease stress, all of this decreases viral spread. by the way, wash off your iphone and your keyboard. clean everything, surfaces. stuart: i'm very conscious of this. i have no intention, i don't want to go into quarantine. i don't want to get this thing.

i want to keep this job possibly as long as i can. that is a hint i am not going to retire. i want to do this thing. it is great honor and privilege. >> you're great at it. stuart: it is a honor and privilege -- ashley: from the time row seat. stuart: front row seat in history. you have to go, don't you? you have a date someplace else? i will do that. doctor, see you soon. a moment ago, we had on our screens the movie stocks, i guess you call it, amc. bring them on the screen. losses there were -- ashley: we're coming back a bit. down 6% on the s&p. following same trajectory we did on monday after circuit breakers kicked in. we stayed in the same territory purchase rest of the day. who knows today. but we have stopped the bleeding so to speak. stuart: david kelly, come in please. viewers are seeing movie stocks,

amc, they're down 24%, 14%. do you expect that kind of an impact on an industry group from this social distancing? >> well, yes, absolutely i would because i think, i'm not sure that we're past the worst of this in terms of people's perception of it because the math on the spread of this thing, you know, we're still talking about just over 1000 cases, maybe 1500 cases in the united states now that we actually confirmed but that number will get much, much, larger. as it does, the actual risk of contracting it in a crowd is going to go up. one of the things i do like, people are, most people are taking this very seriously from personal responsibility perspective. i don't shake anybody's hand anymore. in my job, i make all the speeches, people want to shake my hand. i will not do it to them and i am not going to do it to me. it is not about my health. but about other people i may interact it. this skews very heavily toward the elderly. we want to protect them.

we all should be more cautious. very important we actually all do that. no good if i don't shake hands, but lots of other people do. we should practice social distancing. that will make it better for everybody. stuart: david kelly, thank you. want to bring in kentucky congressman, james comer, republican. now the house is going to vote today on its own stimulus package, virus package. mitch mcconnell and senate already turned around we don't like that, there is too much government there. you're a congressman. are you going toe vote for this democrat measure in the house? >> no, i'm going to vote against it. we made that loud and clear. we already met this morning as a conference. we're pretty disappointed in what pelosi has come up with. this is a democrat wish-list, idealogical wish-list and we don't need to politicize this

crisis. we need to come together in bipartisan way, to respect the taxpayers. stuart: what do you want to see come out of the senate, the tax holiday, pay rom tax holiday. $700 billion worth of stimulus. are you for that? >> looks like we'll have to do something to stimulate the economy. i don't want to reward any type of business or individual. if there isn't a serious outbreak, if we go into a situation which by all accounts we by all accounts will, we have companies that will have to shut down for a couple weeks, certainly i support some type of a payroll stimulus to supplement the workers because we have to keep this isolated. i think south korea is the model in how to prevent a massive outbreak. we're learning from all of the mistakes italy has made. so if we have to shut down businesses for a couple of weeks, then certainly those workers need to be compensated for that.

stuart: but you want direct compensation to the individuals an businesses concerned? >> absolutely. stuart: as opposed to a brand new program, entitlement program? >> absolutely. everything i heard from nancy pelosi raises red flags for me, as something that can be manipulated abused. stuart: i don't want to politicize this. >> right. stuart: i realize there will be some political dispute here and political discussion about what is the best way to stimulate the economy and do something about this virus. so i'm not saying everything is political. i'm saying there is room for disagreement on how we do it right? >> right. stuart: congressman, i have got to leave you, thanks for joining us, sir, important input on a day like this. >> thank you for having me, stuart. stuart: john lonski, moody's analytics, with me now. is there any way, i don't suppose there is, is there any way you can quantify this social distancing that really is now taking hold of the country? if this goes on for like a week, no, four weeks, a month, how bad

the impact? >> it is going to hurt. it is hurting air travel, leisure, hospitality, we forget a lot of people, meetings, conferences they hold. a lot of vendors service these conferences. i ran into one guy who does this, makes up signs for south by southwest. he lost all his business. he already laid off four people. he is worried that he might have to close list business entirely. stuart: could we go into recession. >> yeah it's possible. it is very real risk. stuart: that would be in the second quarter, that is -- >> negative growth. stuart: june we could contract a little. it could go into the summer, july, august, september. >> con eachable. best way approaching this problem is do whatever is necessary to reverse the course of covid-19. stuart: okay. >> as mentioned if that involves closing businesses for a while, then do it. take the pain up front so that it doesn't become prolonged and

perhaps even greater over time. stuart: as a economist you're for dramatic draconian up frond now, if you have to close it now, do that. >> i would think about it. i would lean in that direction, correct. >> okay. when we come out on the other side, is there a boom? >> yes, my goodness. look where mortgage yields are. we talked about mortgage refinancings. i think you will have quite a surge in business activity, especially again as it relates to travel, leisure and the like, if you can convince people that the risk has been reduced sufficiently. stuart: but you would have a program, as you as an economist, you would approve of a program from the government that puts money directly into the pockets of individuals and businesses which are hurt through no fault of their own? >> absolutely. this is a natural disaster. this is akin to an earthquake a hurricane. that is the way it should be done. temporary help for people that are being hurt by the virus, perhaps, that will be sufficient

minimizing the macroeconomic damage. what we want to avoid, is a big increase in bankrupts, defaults, mortgage foreclosures because of this. stuart: in his speech last night the president said the small business administration will have a program, 50 billion-dollar program pushing money to small businesses that are affected. the treasury would defer tax payments for some individuals and businesses. that is $200 billion into the economy. that is to avoid bankruptcies, isn't it? >> right. that is basically the short-term loan that you need in order to get through a rough time. hopefully the interest rates on these loans will be very, very low. they ought to be. my goodness. look where the 10-year treasury yield is. stuart: can the fed do anything like that? they have a march 1th meeting next week? could they, as opposed to lowering rates could they jack in a lot of money into the economy. >> quantitative easing. that's it. buy mortgage-backed securities. bought them in the past. what is to stop them from buying

in the past? look at other central banks. ecb, european central bank buys corporate bonds to keep borrowing costs low. japanese central bank, they buy etfs to stablize the equity market. stuart: they buy stocks. they are major owners of the stock market. >> yeah. fed can't do that in the united states but who knows. stuart: true. not yet. >> not yet. stuart: in australia they have a 11 billion-dollar stimulus plan. they too are pumping money to small business. stuart: the brits two days ago, they did exactly the same thing. lower rates, monitor small business. the ecb has a program, came out with it today, right, ash. ashley? ashley: correct. stuart: waiting for same thing here. >> we're dawdling. stuart: congress doing it. not the president. >> they're dragging their feet. that is inexcusable at a time like this. in an emergency. if you go outside today in

new york city, tell your audience, it is like sunday morning. nobody out there. this is hurting economy. hurting a lot of small business. stuart: you can feel it, social distancing has arrived. you were out in new york city. >> i have to live with people paycheck to paycheck very much concerned may be losing their jobs. stuart: through no fault of their own. >> exactly right. stuart: that is where the government comes in. that is the legitimate function of government to help those people. >> precisely. stuart: not industries made mistakes. individuals who are suffering through no fault of their own. that is my position. >> that's right. stuart: okay. i think we're on the same street here. stay there. >> okay. stuart: who knows what i have got for you. susan, however, has an update on a particular retailer and that is dollar general. susan: which has been outperforming last few years. dollar general, down close to 4%. they are reducing direct sourcing exposure to china they

say by around 7% in 2019 and targeting further reduction of their exposure to china 7% for yeah, this year or so. so they say that they anticipate delays of certain goods that have originated in china. this might be the tipping point in terms of manufacturing floor of china. whether or not they should be producing and manufacturing as many goods in china as world's second largest economy as u.s. companies have been doing. ashley: another sports headline, atp, association of 10 miss professionals, suspended for six weeks the men's tennis tour. concerns over the virus. another sport taking action, basically shutting it down. stuart: you pick up notice, don't you, when sports events are canceled or seasons postponed, whatever it is, spring and summer, here it comes. that is what we do. ashley: major league baseball is desperately trying to hang in there. i'm not sure how. stuart: pga, professional golf

association tour starts today. spectators will be allowed. that starts today. edward lawrence with us back again from d.c., as in district of columbia. what's the update on the democrat stimulus bill? reporter: house minority leader kevin mccarthy held a phone call that included larry kudlow from the white house and republicans talked about their concerns of this. in that they're concerned way benefits of paid sick leave are paid through social security, expanding that program. they're concerned changes percentage of medicare, percentage of assistance. they're concerned how long the length of the paid leave benefits would be. this allows up to three months of paid leave benefits if somebody takes 14 days off pause of the coronavirus. so they're concerned about the big government and how it is distributed through this. now kevin mccarthy said both senators and house members should stay here through the recess and get this bill right. he says he does believe though, it can happen in the next 48 hours if the democrats come to

the table and talk to them. stuart: edward, thanks very much. that was an an important update. they're definitely talking about a stimulus package, trying to get it to take shape. as they talk, as they suggest, maybe we're getting something in 48 hours, the market, i hesitate, edward to say it is stablized. it is not. it is still down 7% but we've not gone below that. we're down% now on the dow, down 1hundred points. it has not gotten worse as we've been talking about a stimulus package coming through. edward lawrence, good stuff, thanks for joining us, appreciate it. is kfg still with us? ashley: he went to kfc,. stuart: i kind of like that. what do you mean, don't do that? i'm not talking about john lonski, talking about keith fitz-gerald. kfc. for heaven's sake. what have you got? okay. i want to go through, go through the big techs please.

i want to see them. i want to know if they're anywhere near a bottom right there. they're coming i'm told. do this thing. sues sus chatter from the floor of the new york stock exchange and i just got a note saying one of the traders say most people on the floor had expected to go straight down to 13% after we opened up circuit breaker after the s&p hit 7%. it goes to show he says, there is no under controllable meltdown and if are r value buyers out there. might be a shift from growth stocks to buying value. you're getting them at a discount. stuart: we like to hear that i must say i call that a bright spot. susan: we're off the lows by 400 points. stuart: we're definitely off the lows. we were down 2100 on the dow. now we're down 1688. moments ago we told but the men's tennis tour suspended for six weeks i think it is. grady trimble, is with us. you're spring training venue in florida. that's baseball. what are you seeing?

reporter: detroit tigers play the atlanta braves today. as of right now it is still a go for this game and host of the others across the state. you see these fans walking by right here. as we look into the stadium, there is actually players on the field right now warming up. it appears everything's a go. we have been talking to fans as they come in. they're certainly aware of the virus, the fact that the nba, for example, suspended its games. but it is not something they say will stop them from showing up today. listen. >> seems like we have to do something. people are getting sick. people are dying. seems like probably where it is going. probably a responsible thing to do. but as a baseball fan, it is his first spring training. i couldn't miss it. reporter: the mlb reportedly trying to find ways to avoidance he willing games or playing them in empty stadiums. they're looking into things like third party venues, cities that are less affected by coronavirus or using spring training

facilities for games. of course this is all fluid but at least here media not allowed in the clubhouse or locker room right now. that is across the mlb. they're also sanitizing high traffic areas at these spring training venues. what is affecting games is that some states already banned large gatherings like washington for example, so the seattle mariners have had to come up with a plan b because they can't play home games. california just made that announcement today. that is important because there are five mlb teams. is news on the way? we'll have to wait and see. but we'll keep you posted. stuart: grady, thank you very much indeed. i want to say, when we have the sports cancellations that has a real impact on all of us because it brings home what this virus is actually doing to us. ashley: right. stuart: look, spring, summer, you will not see any basketball. nearly the end of their season. ashley: they are. stuart: but that is almost -- ashley: people look forward to march madness. we're not going to have that.

major league baseball, desperately from baseball, trying to keep this going but for how long? we don't know. national hockey league game tonight. it will be played in front of an empty stadium. stuart: this has enormous impact on all of us. those people working from home, or you're quarantined or avoiding social contact, so you're spending a lot of time at home, you want to watch sports. spring and summer, that is what you do. you watch sports. not everybody? susan: nba had only 12 games left in the regular season before the play offs kicked off. does that mean the championships are held off this year? no one awarded a crown or trophy? ashley: economic impact. loss of ticket revenue, merchandise, all of that fans would normally buy has gone out the window. if you buy a game with no fans, champion as league last night, you could hear the ball hit the back of the net. silent. very strange. stuart: eerie. susan: what of the broadcasting rights as well.

nba obviously has contracts with a lot of broadcasters. the fact they are suspending the rest of the season, will they be played eventually. will broadcasters get games they are owed? stuart: depends on writing of the contract, doesn't it? if your network carries these games, those games are canceled, what happens to the tv station that was going to broadcast them? ashley: exactly. stuart: billions at stake, absolutely billions. ashley: want to get into bowing if we can, market value, market cap has gone below 100 billion. it has gone below mcdonald's into fifth place this was a stock that was number one for a long time. there is a lot of things that are getting multiple hits. let's not forget the travel ban also hurts boeing ultimately because it kills the biggest customers, the airlines. not only that, but could the coronavirus help to interrupt production for boeing? let's not forget, 737 max is still on the ground. it has been a series of bad to worse news for boeing.

it really hit the stock now. it is down 14%. susan: we had 46, 737 max planes canceled in the month of february. drawing down on credit line. looking at credit commitments of u.s. companies. from what i see, u.s. banks had total of 2 1/2 trillion dollars of credit commitments to companies still weren't used at end of 2019. stuart: that is a cushion. >> susan: there is cushion there. according to regulatory filings, according to the fdic 64% of these, two 1/2 trillion dollars goes to the big four banks. jpmorgans, citigroup, wells fargos. ashley: one last comment on boeing. analysts believer the company may need to raise another five billion in cash to keep their levels of liquidity by end of the year. stuart: john lonski, boeing, they have used most of their 13 billion. they need another five billion. i would suggest boeing would be

a prime candidate to get some kind of cash assistance from the federal government? >> that's right. perhaps that could be directed to boeing through these major banks that are so much better capitalized than they were back in 2018. thank goodness we have a much stronger banking system compared to what held during the financial crisis that could help make a big difference. stuart: you just don't see the government giving them five billion. you say, they might get the five billion in a round-about way in form of a loan. >> right. stuart: low interest or zero interest, and pay it back later. >> break on regulatory front, capitalization of banks if necessary. they could loosen up a bit. there is room for doing that without putting the underlying credit quality of these major financial institutions at risk. stuart: with boeing, this is just a suggestion on my part, this is not a program i know about or anything else. just a suggestion on my part. joining us on the phone, mike

murphy, rosecliff capital kind of guy. is this washout sale we've all been expecting? >> sure feels like it, stuart. the one thing i can say for certain coming on with you talking about buying when things are dropping like this, you see a lot of quality companies like you have the bank stocks, bank of america, jpmorgan down at 88, whether or not this is the absolute bottom, roughly seven to 8% closer to a bottom. whether or not today is the bottom we're getting close for sure. stuart: but you could, if your time horizon, this is, for you, mike, if the time horizon is two, three, years or one or two years, buying now for deeply depressed stocks would not be such a bad thing, would you say that? >> i would take it way further than that stuart. if you have a longer term time horizon much year or two years or more, look at quality companies, you absolutely going in and buying here. they're trading 25, 30, more%

discounts than they were a month ago. we will get past this. i'm not going to tell you when a bottom comes in because i don't know but i will tell you for certain, i don't give you a lot of guaranties, i guarranty you we get past the coronavirus and the country will be thriving again at some point in the near future. stuart: david kelly, still with us, jpmorgan chief global strategist. come back in david, because, i was reminded because of the march 2009 when the dow bottomed around 6500 and everybody, some people at the time said this is a generational buying opportunity. all right? now we're down over 20% in a matter of weeks. is this now a generational buying opportunity? if you got are one or two year time frame? >> well, first of all i think if you're invested in stocks you should have a five to 10-year time frame to start with. i think there will be opportunities but i do want to get back to one more general issues on the whole social

distancing thing. i think test something incredibly important. we should ramp up testing. i hope eventually we test everybody in the united states. only way we get past this in the end, i'm immune. i've tested for it. i don't have it. we get a handle on it. i was thinking a little bit about the sort of paid leave. wouldn't it be a good idea, a, you get tested for free. but if you test positive for this, we will give you a stimulus check right now. you need to be on paid leave. should not go into your office. here is a check. your address when you got that positive read. we're going to make sure you have some money to tide you over. in general, i think it is important to get money into the economy short term. i think it also needs to be directed towards lower income individuals. i think, a lot of people in the hotel industry, restaurant industry, these industries will be affected, a lot of low-wage workers, people actually in the black economy in some of the underground economy who will not

get any benefits at all. people in general have to get past this. a great example, why the virus, doesn't distinguish where you live in the world or what your income level is. stuart: i agree entirely. that is the legitimate function of government, to help people who have been hurt through no fault of their own. david, hold on for a second. lawrence jones, fox news contributor joins me now. i'm inclined to say, this virus, this virus issue is the defining issue of mr. trump's presidency. am i going too far? >> you're not going too far and i think a lot of us were hoping and praying that this was just going to blow over. stuart: we were indeed. i was. >> i'm in that camp. but when you see what has happened with the nba, conferences being canceled, america's dad, tom hanks, getting it, everybody is shaking right now. the market is in the business, see how the markets are reacting. the president had an address last night.

i think he struck the right tone. i think he put the nation at ease a little bit. the one criticism if i had one is the communications office, right? the president's job is to deliver a message. he is a business guy. it is communications job to kind of get the details in order so he can deliver effectively to the nation. there were three corrections that happened. i'm forgiving of it, but when you have certain things such as, saying you will ban travel, right, didn't include if it was cargo or not? when you say health care will pay the co-pays, those are major things, right? it is communications, president was reading straight off the script provided for him after counsel and, for communications office to mess that up, i think that was problematic. stuart: i want to draw your attention to something i saw this morning, this is from the british labour party, they're

socialists, one of their top guys was on television this morning, i was watching, about the british situation, look, we support the government. this is a socialist saying we support boris johnson's government, no party politics, not from us. that is what he said. we will work together with this government and we will beat this thing. that was the british socialist talking about a tory party prime minister. wouldn't you say like to see the same thing here? >> look at gavin news some, agrees with the the on on a lot of things, right, california governor, everything we asked from the administration they have given it to us, they have been very support i have of us. this not the time to play politics. all of us, not like the coronavirus hey, if you're r, or a d, that we'll bypass you. all of us are at equal footing right now and the elderly will be affected. they vote a lot.

vote for both political parties. supporting president. if i had one thing to say, the press, i understand, i want you guys to ask tough questions, but this adversarial relationship you have with the president is not helpful, really isn't. ask questions, get to the bottom of it but be supportive of the administration as well because look, this started in china, right? a lot of people don't want to talk about, it started there. america didn't ask for this. the president didn't ask for this. you can go back and forth did they cut the budget. a lot of that wasn't even implemented. we weren't expecting this. now we have to deal with this. both political parties have to come together, to figure out what we're going to do to protect the american people. i think there is a big conversation we need to have about the drugs in this country. why are all of them being made in china. stuart: right. >> the trade, globalists in the administration, that are in congress, there will be a conversation about that. but at the end of the die, what is in the best interests of

america? both parties should be discussing that. stuart: when i got up this morning, started to look at the news feed that was coming at me, i was really struck. i think, want to ask you if you were as well, i was struck by the social distancing it is upon us. you can't avoid this thing. when i saw tom hanks and miss wilson, rita wilson, they got it, when i saw that the nba, had suspended the rest of the season, baseball in trouble, doing the same thing, you look out on the streets, you see them, they're empty. even in new york city, sixth avenue not that many people there, subways are not crowded. ashley: yeah. stuart: did it strike you the same way, it is upon us? >> we can't, we can't deny it at this point. it is here. people are freaked out, rightfully so, i must say. make sure you're cleaning seats and everything like that. make sure, we got to do, the president can only do so much. the administration, we have to take some of this in our own hands as well. stuart: it is our

responsibility, all of us to do it. >> exactly right. stuart: i'm doing it. i'm not shaking your hand. >> i love you brother, but i can't do it today. stuart: on your screens, ladies and gentlemen, the president of the united states welcoming the prime minister of ireland. they have a short meeting. they're going inside. we'll hear from them in the next hour. they shook hands, by the way i'm told. they shook hands. that is interesting development. what do you make of that, lawrence? >> no shaking hands from lbj right now. i love people -- ashley: lbj? >> we got to stop that right now. stuart: lbj. ashley: lawrence b. jones. >> that is my name. stuart: lbj. [laughter] i'm sav from here on out. don't ask what the a stands for. i will not tell you. i really don't care for it. let's have a quick market recap

here, we're about 90 minutes into the trading session. we went straight down at the opening bell. down over 7% from the s&p 500. we had to halt trading for 15 minutes. we come back a bit now. but we still have a 7% drop for the dow. 1600 points lower. we've got a 6% drop for the s&p. ashley: identical to monday. exactly the same reaction. you hit the 7% mark, circuit breaker kicked in. we fade around the 6% mark most of the day. who knows what will happen. stuart: staying at this happen, because they are talking about a stimulus package. ashley: yes. >> stuart, this is your show, i have to ask a question, young guy like myself invested in market. do weapon sit back? ashley: yes. stuart: yes. >> that's important? stuart: i don't know how hold you are, i'm not asking. actually i do know. he is a child. the man is a child. he could be my grandson. could actually be my grandson, agewise, that is. look, at your age you're able to

take a lot of risk, especially if the stocks are in the 401(k) or ira, you have got 30 years to go before you can touch that stuff. you might want to buy a house, so you might need the cash, might watch out for risk. no time be selling. no time at all. >> yeah. stuart: take it from me, young man. >> i listen to my elders. ashley: listen to my elders. stuart: i made a lot of money on microsoft and lost it all on boeing but that is another story. susan: there is a lot of time for you sav. stuart: the clock ticks loudly for me. not for you. hold on a second, ashley? ashley: another utah jazz player, donovan mitchell, tested positive for the covid-19. rudy rudy guiliani obert was first last night -- rudy guiliani.

stuart: say good-bye to lawrence and john. all good stuff, thanks very much indeed. ashley, tell me the significance after second utah jazz player. ashley: shows how easily it can be spread, who is exposed with rudy gobert, tested positive. press conference earlier in the day, touched all the microphones. out there on social media. the reporters get their microphones it goes out from there and there. >> what about the most famous football player in the world being pointing because his teammate tested positive for coronavirus. stuart: i did not know. rinaldo is the most famous and probably one of the most best soccer player of all time.

he doesn't have it. he's in quarantine. that's it. what have i got here? the dow is down 17 --dash 7%, 1700 points. >> in today's environment, yes, by the way, blake berman is in washington d.c., very close to the president, overheard him say the markets going to be just fine. i'm not suggesting that has any impact on the market whatsoever, but that is the view of the president. it was larry kudlow, maybe ten days ago, maybe two weeks ago who said the markets going to come to a bottom and for long-term buyers there are bargains out there. >> we've heard that time and again. stuart: we have. whether we've hit the bottom now, we just don't know but i will say this, at one stage this morning, all the data

indicated, they were all down 8% plus. all of them. that was a selling streak that started at the opening bell. we've come back a little. a thousand point swings here and there. here we go, it is 11:00 o'clock eastern time. let's check those markets. here we go. down 7% on the dow. 6% on the s&p. 5%, 6% and change on the nasdaq composite. here is the back story. they are starting to discuss a stimulus package. the president had some announcement last night on what kind of stimulus he was going to provide. $50billion for the small business program, $200 billion worth of liquidity by deferring tax payments and by the way we do expect to hear from the president this hour,

what he'll be talking about i don't know, but he is inside the white house now meeting with the irish pre-minister. he will come of the cameras will be in front of him. i imagine he will take the opportunity to say something. the other side to the story, apart from the financial side is social distancing. it really is here. it has arrived. we've been saying this all morning because it has come upon us and as we separate ourselves out and keep our distance from each other, were traveling less, shopping less, going to work less. many, many people are working from home as we speak and that is going to depress our economy. moments ago, in e-commerce, john was saying look, in this next quarter, that will be april, may and june, that quarter you might well get a negative economic reading. in other words the economy could contract just a little. mike murphy still on the phone. mike, i'm saying there's a

little bit of stability into the market as we discussed the debility package. you with me on this? >> i am. if you look at the nasdaq, that's where you see, i don't want to say leadership, but the large cap growth tech stocks are the ones that have come off their lows a little bit. the nasdaq is down a little bit less than 6%. we are still down big on the day but that's the area you want to look at. that's what took this market up to the hi, the apple, amazon, google, facebook, let's watch them for some sort of debility. then let's look for a little leadership. >> mike, at this point would you be prepared to say that you can see the bottom or the bottom is insight or it's possible, would you say any of the above. >> so 24 plus years investing, i will not pick a bottom but i

will say for certain we are getting closer. we are 8% closer to it today and for me with a long time horizon, i will keep adding quality names anytime i see this type of selloff like were getting i am a buyer. we could go lower. there's no rules. we could go lower to me there are quality names on sale so i'm going to buy them. >> do. stuart: do you think there are some people selling gold to raise cash because they have a margin call on the money they borrowed to buy stock? is that an internal feature of the market today? >> it could be, but i think the bigger story is the people who are long the market using leverage, who are getting margin calls on stock holdings, on equity holdings that are being forced to liquidate. so into this type of selloff, people could be selling when they don't intend to, they don't want to, but there's definitely a mechanism there where they are forced to sell. that can always make, that usually happens near bottom and can make a weekday even

worse b5 hold on a second mike. on this program today we are all about information and breaking news because it's a fast-moving story. you're going to love this one. this is from a spokesperson with the chinese foreign ministry who tweeted, it might be u.s. army who brought the epidemic to wuhan. well well well. i can see the shock on everyone's face. it just so happens that i have pete sitting right next to me, fox and friends weekend cohost. i'm just breaking the news to you that a chinese official says it's the american army that brought it to china. restrain yourself if you can. >> i don't even really know what to say to that. if anything we've been restraint and how much we've pointed to china in their responsibility of this. there's a reason why secretary pompeo called it the wuhan virus because we know where it originated, he started using it because china was frustrated. it originated there.

there inability to containment means it has now moved around the globe and affected us. it's okay for us to point a finger back at them and also, right now we are dealing with the immediate issue. we are going to have to move eventually to reliance on supply change, whether it's medicine, resources, original materials, all problematic in times of crisis because china is not our friend and won't be anytime soon. stuart: china has its back against the wall because they know some american companies will have to shift their supply chain and when it comes to the components of drugs, everyday drugs that we use here, they control 80% of the ingredients of the common drugs. they know that has got to change. they know they will not allow that supply chain dominance in the future. >> very much so. the president has says if you can't make oil you can't have

a country, it's the same idea if you can't make drugs to protect your people and you're relying on an adversary, commonness china to do that for you, it's moments like this, america first is not about jingle and nationalism and blocking the way the world, it's about being self-sustaining in the moments you need to be and maybe you make things that are a little bit more expensive at certain time, but you can rely on them because they're coming from american and american public. stuart: as we were reporting, as ashley was reporting what the chinese official was saying, blaming the american army, just as he was reporting that, president trump in the white house is talking about real establishing travel to china and europe. so i mean, it's not a contradiction. it's an interesting timing. by the way, the president last night did call a foreign virus. >> which it is. it's okay to say that and it's okay to say where it came from. if you can't address a problem without identifying it

accurately its origin and in this case it's okay to say it didn't come from the united states. stuart: that's very true. hold on a second period i have brian with me. put your hat on. >> okay, it's the only hat i got. got. stuart: social distancing is on upon us. i think it will slow down dramatically. some economists are saying it's a recession. >> it's happening. it has to happen in some ways. it could threaten a recession, no question about it. if you walk into the streets or into the mall you'll see there is nobody there which is why this conversation we are having about stimulus is so incredibly important and it boggles my mind that we started the day talking about congress going on recess, i cannot believe in the midst of this, when we need some kind of boost to the economy were getting that conversation. stuart: but they're not going on recess. >> i know but we started the day talking about that. it took congress that long to make a decision. stuart: but the house has come up with its own package.

>> yeah. stuart: the republicans in the senate don't like it. they have to get together at some point and come up with the stimulus package, and when they do, no matter what it's for, do you see that market popping back up again? >> it needs to be specific and not play political games. the problem we are having is house democrats put forward a plan. there are some good elements but there are a lot of things cramped in there that are there policy priorities regardless of coronavirus. they have to abandon that. republicans have to get on board and get something specific done and get it done quickly. stuart: endless quest for winners on a dreadfully down day. we will return to the new york stock exchange because christina has found another one for us that's why i wore yellow today to talk about all the bright spots but zoom, that share price is climbing higher. they are very well known for videoconferencing as well as audio conferencing. as more and more people are told to stay home today, you

are seeing the share price of this company climb higher. we have one little actual, we have an executive that liz is going to interview later on but i'd like to talk about the app downloads are up 183% month to date and this is according to rbc capital markets who just got a note coming from them. zoom, bright spot. rights do, that's what you wanted. up almost over 2%. it's been climbing very high over the last while. one anecdotal note that we know you like to hear about, i spoke with a few investment bankers and it seems like what that banking community is doing is telling some of their employees, half the office to stay in the office, half the office to stay home. they're not allowed to cross contaminate. even though they don't have the coronavirus they want to make sure because one person in the office gets it they

expect the entire thing to spread and then you have everyone at home that still safe. that's the thinking going on in new york city. you got it. stuart: thank you very much. more from our friend at the chinese foreign ministry who tweeted this, make public your data. u.s. owes us an explanation. any response? >> has china made public their information and data? they say they have. no one in the world believes them. that's why you have a lot of questions about where it originated from that are legitimate as it pertains to the chinese. they're trying to play the ambiguity, they're smart, there communist, they do miss information for living. they're going to deny encounter accuse. stuart: 1.3, 1.4 billion people in china and they reported only hundred 20000 cases? >> that is extremely small. very small. >> it's a lie. it's not an accurate number. stuart: over 3000 deaths coming out of china which means they have a fatality

rate way up there which is truly frightening. the real situation is surely they have a lot more cases, same number of deaths so the fatality rate is actually much lower. >> or they're not reporting every death that could be attributed to the coronavirus as coronavirus case. stuart: that to. you don't believe them do you. >> why in the world would we believe a word the communist tele. >> these are oddly desperate tweets coming from the chinese which makes me wonder what is the situation on the ground, what is their leadership perceiving in terms of social unrest. they are coming back at the u.s. with the same critiques we had of them legitimately when this thing started. that was the problem. we could not get data. we could not track spread. therefore when it showed up in places like italy, everyone was caught offguard. that was the chinese problem. they're bringing it back at us but in a very odd way which suggests to me there are problems on the ground that are bigger than a lot of us are perceiving.

stuart: another sports update, mls, major league soccer has suspended the season. they're supposed to start in the next couple weeks and i've decided to suspend until further notice. >> that's following the mba strike until further notice. >> now it's just a trickle effect. schools will be closing more rapidly, everything will close because also spring break time. the issue is, pay attention to the airport. people say they're not traveling in the next few weeks. are you going to take your kids were out of school, are you going to take a vacation because when you come home that's the worry. where have you been part and we lock down people to make sure you don't spread anything? i'm curious, we could see people start travel. >> pete is the only person i know with more children than me. will you be traveling. >> short. i've got military duty in washington d.c. this weekend. some of my kids will be coming, my wife and some will be coming with to stay with my brother. we don't really have a concern

about that, but we have a vacation coming up in florida and the question is do you go or not go. right now flights are really cheap and, but will it even be open? the place that were going, three weeks from now. i think that's the question of the mba. i'm a big fan but does that mean six weeks from now we hope everything's been managed and we can do a shortened season with abbreviated playoffs or are we looking at a situation where eventually they say seasons over, we'll see you next year. that's the uncertainty many of us have. >> i do want to update the sports thing because this is very important. this is our perception of social distancing. you've just reported that major league soccer is suspending before began. the mba is suspending the rest of the season. the mariners baseball will not be playing any home games in the games played by the five baseball teams in california,

they're under threat because the governor says no crowds over 250. you've got more than 250. the future there is very uncertain. the only sport that i know of which is continuing as normal is golf. there is a pga tournament that starts today and spectators will be. [inaudible] stuart: they will monitor the situation as they go on. the social distancing, it's a big deal because we all feel it. we all see it. it really slows the economy. >> the governor of washington said it is socially inappropriate to go to a bar right now because you would be shoulder to shoulder with somebody else. i read that and i saw and, maybe a lot of people want to go to a bar right now because you're looking at the market and you're feeling all this panic but that is socially inappropriate because there are many cases of coronavirus in the state and i get what he's saying and this is inappropriate what were doing right now. we are shoulder to shoulder.

>> but you see my point. >> i do. if at some point, it's in italy like situation. >> that's a good segue, italy because we know it's been going on there. the president said he's not yet going to invoke emergency powers under the stafford act, that's a federal law which is designed to bring orderly and systemic means of natural disaster assistance to state and local government so they can carry out response beliefs to help their citizens. it hasn't gotten to that stage yet. by the way, the dow just dropped below 2000. 1976 down. s&p down. edward lawrence, another update on the democrat stimulus bill. >> this is nancy pelosi who just spoke saying she doesn't need 48 hours as kevin mccarthy said. she said she's made changes based on what senate majority leader mitch mcconnell suggested to her. she does believe this bill will go forward.

she believes the food stamp program within it and paid family leave does add stimulus to the economy. she did not say they were going on recess but she did not say they were not going on recess. she believes this bill they put forward with tweaks to the language will do the trick and then she says down the road they can talk about other things that the republicans would like to see in it. she seems to be going forward, morava and solid tory term so they may be working something out behind the scenes. let's wait and see. stuart: we shall. the president is in the white house meeting with the irish prime minister. he has just said he expects the stock market to bounce back. now we've heard that before. >> he doesn't support the dams stimulus package. >> he said that, the president does not support the direct stimulus package. >> which includes unrelated issues, the christmas tree.

[inaudible] >> does that prevent him from signing it? i want to know how mcconnell spoke to the updated plan and what will get out of this. i do agree, that's the issue the original bill crammed a lot in that democrats want to get done anyway but this is not the time to make it happen. i get why the republicans and president are pushing back. >> i think of you and i as conservative people and i think that's where were coming from. most conservatives don't want government just bailing industries out and throwing money at the problem. what i want with this virus attack if you want to call it that, i think the government has the duty and the role of putting money into people's pockets who have been hurt through no fault of their own. that's what government should be doing because it's a natural disaster. >> precisely. i think the democrats would massively overplayed their hand if they make this a christmas tree and then insist

on it. the president is on the right place to say we should do everything we can to address the concerns of everyday americans, put money back in their pocket. they will be hit individually. industries that need support temporarily will find that targeted temporary support. certain industries that are country rely on, say it into the camera, say it every day. you can steer down democrats in a nonpartisan way and say now is not the time for the christmas list. this is what's in it and this is what will support. with enough clarity and repetition you can get the right bill in the right place. stuart: listen to this from a senior official in britain's labour party. he said this today on television and i was watching. this man is a socialist. in direct opposition to the conservative force johnson. he said we support the government, the socialists. we support boris johnson. no party politics in this. we will work together and we will beat it. goodness me. socialists in britain together

with the prime minister as a conservative, wouldn't you love to see that here. >> i would be interested to hear what nancy pelosi just said. was there any tone like that in what she is saying? >> we want to spend this much and the president wants to spend this much. he's under interesting the environment. stuart: hold on. i have shelley from west virginia. madame senator, wouldn't you like to see some national unity here and do you see it? >> while i don't see it right now, unfortunately, nothing would bring more confidence to folks out there in the markets then to have speaking with one voice, republicans and democrats. we need to address the need of small businesses and others who are very much having difficulty during this time, but we don't need to blow out the bank. we need to be sensible and we need to work together most importantly. stuart: the president in his speech last night and this got no attention whatsoever but he

did have a 50 billion-dollar program to put money into small business in the form of very low interest rate loans and he's got a $200 billion program, a tax deferment differing tax payments to individuals and businesses hurt by this. i didn't receive, the president didn't receive any publicity but that's what he proposes. >> i think that would go a long way in stabilizing the situation. those at risk of being hurt most are the small businesses, all th are the restaurants, are the travel and bus tours and all the things that are going to suffer because of the containment, the smart containment of people traveling less. i think to get aid to them, to get help to that person who's working, who doesn't have sick leave is the smartest way and the best way to get some relief. >> senator, i understand that senator cantwell from washington state has closed their office after one of the

staffers was confirmed to have the virus. i understand that senator mitt romney has closed his office as well. do you see this spreading inside the senate, not spreading but this idea of moving away from d.c.? is that spreading in the senate. >> i think my personal opinion is that we as senator should be here. we should be working, we should show the nation we are confident and meeting the challenges. anytime you have a large campus, we just saw doctor fauci just told us senators if your office is around the country or if they can telework it might be a smart way to do it. we are looking at that as a possibility. i fully intend to be here. stuart: thank you very much for being with us. a difficult day i know but thanks for taking the time. we do appreciate it. by the way, look at the markets. now we are down over 2000 points for the dow. 2025. that's back to 21500. in the middle of february we

were at 29000 and change. fastest decline in the history of our stock market. another headline from the president. >> president trump meant with the president of brazil last weekend at his florida resort and it is being monitored for coronavirus. president trump says he is not concerned, but they work together recently. >> and he is being monitored. stuart: these developments come you just have to bring them onstream as fast as we can. and what do you have. >> the president says it's possible the u.s. will need to extend the europe travel ban. if needed for a longer period or if things go better than expected they could shorten it. he is prepared to extend that travel ban. stuart: i should also point out that there is a travel ban flights coming from europe that does not include the united kingdom. for whatever reason it does not include the uk. you might know more than

this. >> the benefits of brexit. >> not to be flippant about it but that's part. [inaudible] free movement of people, no borders. the brits have never been a part of that and that's maybe why they are exempted from this european travel. >> it actually helps being an island. it's a natural border with the english channel. they continue to have a serious refugee problem which is part o of. [inaudible] you get into turkey, greece and you can get it throughout europe and that's an uncontrolled flow of people in in the moment when you're trying to account for people, where they are and what they're doing, this is a big threat. stuart: were traveling, we are much closer. now we are untangling, coming apart. the word coming apart is wrong. we are untangling, disengaging, decoupling.

>> maybe it's a reflection that people are realizing the president is ahead of the curve. there is a difference between globalization. if you say it will. [inaudible] versus a recognition that goods will flow and your have borders and customs in a way to regulate it so that when you have to you can protect your people which is the ultimate reason why governments fail. stuart: we've been following the three major indicators. producers would you please go through some of the industries which are particularly hard-hit. just put them up on the screen. i want to see airlines, big tech, cruise lines in particular, maybe the movie stocks, i just want to see it, rotate it dire and we can talk about them. big tech way down. apple at 256. amazon is down hundred dollars a share. bring it up for me.

facebook down 9160. google down 83. microsoft down nine. airlines, oh my goodness. would you believe delta is back to 36, southwest 37, jetblue airways. >> doctor fauci says the u.s. is not set up for people getting coronavirus test easily the way people in other countries are in he's right because my wife tried to call the doctor and get a test and they said you have to call the new york health department directly. here's what they gave you, two options, one of your traveler and calling or healthcare patient calling about a patient who might have the virus. there's a complete breakdown. >> that's a failure within the system. i think the doctor should be holding a twice daily press briefing.

he's the man, he's got the medical knowledge, the experience in the background. is he coming up with a problem, test our problem we all want to hear it. >> it's very difficult to get a test and that shouldn't be the case. >> i spoke with the doctor this morning, new jersey hospital chief medical officer and he said they're not even using the government test. they're using their own. the issue is it takes so long to get the results back. they are trying to be proactive and move it along, but we are waiting to see what were dealing with here in the u.s. the stock market, companies, schools, we don't know. >> the sense of some of these breakdowns on the health side, including the response, when we get a stimulus measure that should be good news but on the other side of the equation we feel like people can't get the test, they can't get answers, the market says this thing isn't as contained yet, isn't as mitigated as we want to see. >> that's true. my mom took a jetblue flight,

not that one, to miami. i said do not go to the doctor, do not go to urgent care, tell them your situation and your pre-existing condition and ask them if you need to be tested. you have to take it into your own hands. stuart: that's good advice. >> but were not sure what to do, the public. >> i think there is a lack of information. i do think it's helpful when you look at the fatality rate and you look at the reality that most healthy people who get it will have mild symptoms and it won't more or less affect their own health in the long term other than having to be quarantined for a temporary time. you take an economic hit so even look at your own family. you look at your family, your neighborhood, everyone there and you start to recognize the people in your life who shouldn't be traveling, who need additional support but we can't get hysterical about

young people in healthy people because the vast majority will be okay. recognize that and take measures but panicking makes nothing better. the more information we can get the more it tampers things down. >> read that banner on the bottom of your screen. president trump maybe the tokyo olympics should be postponed for a year. that's just coming out. another headline from doctor faust fallacy. >> he said is just not geared to what we need. he calls it a failing. the reports were getting back that up. it's not easy to get the test as it should be when you have people like south korea who can just drive through. >> did he use that word? a failing. >> a failing. >> it's dark and it's honest. we need that. that's what you need. that's what we should be having. let me see that. let's get back to the markets. were still down 8%. that's the dow jones average. i'm in a put stocks up on the left. i will read them. citigroup is down.

maybe i need glasses. wells fargo, $28 a cheryl. j.p. morgan way down. morgan stanley is down 156. i want to rotate through the hard-hit sections. they're all socially not interacting as much. we don't travel, we don't stay in hotels, hotels way way down. travel bookings, obviously there's going to be a bite taken out of travel. you can see it if you go to any airport. tripadvisor is down. retailers, they are taking it hard. look at walmart down seven bucks. nordstrom's down, they are a department store, you can expect them to get but $20 a share come about slow. kohls is way down. >> just take this down one

level and think about the small private businesses. so many retailers are still brick and mortar. last night you mentioned the president talking about a 50 billion loan program. you see how important that is when you see how pessimistic we are, now think about mom-and-pop. they are down the same amount. we just don't see it in the headlines. >> speaking of department stores did you see macy's? they were on the screen at seven dollars. share. down 14%. macy's at seven dollars. share. walmart down seven. amazon down 102. ebay down $1.69. can you show me the crews lines. we have news on the crews lines. two of them at least are suspending all cruises in the immediate future. >> viking cruises and the region. carnival princess.

>> they pause all their global operations. 18 cruise ships basically import for two months. >> have they got a pr problem. >> they have a money problem. >> some of them, i know norwegian just went through a major expansion. didn't we have the ceo on the show talking about the news that he got online, this was maybe four weeks ago. look at him now. norwegian is ten dollars a share. carnival 18. i remember carnival a couple months ago over $100. and now it's $18 a share. royal caribbean 33. >> i think we are establishing a problem that were seeing with th the crews line, it's medical. it's a medical problem. when we know what were dealing with, my question is how quickly can things recover. yes there might be somewhat of a credit crunch for some companies out there that are struggling, maybe they get a lifeline from the administration, maybe they don't, but how quickly do we get out of a bear market. the average bear market for the s&p 500 recovery, the

average time is hundred 46 days. are we gonna be like this for hundred 46 days. >> if you got a test, a reliable test where you got the results back and if you got a stimulus package which really does put money in the right places, i think you get a bounce on the market but not until you get the two. >> if you get the test which will happen and it's clearly not happening, but if you get the test, the weather warms up, this question wil country will have warmer weather which will happen in the early spring, and stuart as you know better than anybody the fundamentals of our economy are very strong. if we weren't energy independent and that was a disruptive part of this, people waiting in line for gas, challenges with prices, that's not happening. you could hopefully see a future more quickly than people anticipate where there is some rebound because the fundamentals are good but you have to act quickly. >> i want to bring in doctor

siegel from a different studio. you heard the headlines from doctor fauci including that statement that this was a failing because we haven't got the right test at the right place and the right time. you used that word. what you make of it. >> i agree with that. i think the issue is vague about it from the point of view of your patient. doctors are telling you don't come in. were telling you don't go to emergency rooms. then i have to be able to offer you a test and i still can't without a delay. it still days. i still have to involve the state or local health departments. >> who is at fault? >> it starts with the cdc who had a failed agent. they sent out a hundred test kits to begin with and had a withdrawal over 95 with them. a month ago we were trying to do nationwide spread. i would start with them and then i would say what about this public private partnership were doing right now. why couldn't this have happened earlier.

we are a month behind the eight ball. stuart: i want to go back to tom hanks and rita wilson. when we heard the news it really brought home the news of social distancing. good heavens if they can get it were all at risk of all surprised but doctor, they were not that sick and i think that's an important point to make. >> despite the fact that tom hanks has mild diabetes he's not that sick and he says he's getting better. that's a good point and i think they could be. [inaudible] to pete's point down in australia, they may not have gotten it down there. were not seeing a lot of cases down under because it's summer there so in really hot areas of the world, south america buenos aires, australia, africa, really hot places near the equator or below compass of them and hemisphere were not seen cases. that goes to the idea that pete was bringing up that this may be seasonal and that when

we have high humidity and heat, high ultraviolet light, this will die off. >> just settle this forest. if i jumped on a plane this afternoon, am i at risk for getting the virus through the air system in the plane as opposed to sitting next to someone real close? >> no. that's a big misnomer. 95% of viruses and bacteria are filtered out through those hipaa filters that the planes have. they're terrific. the problem is the person sitting next to you. if you're in first class, i'm not worried about you, but me and peter back in coach so somebody might be coughing on us. [laughter] stuart: okay doctor, you've done your damage. time's up. you think i fly commercial. [laughter] i'm kidding. thanks doctor. special guest coming on right now. lee steinberg, big-time sports agent. welcome back. good to see you.

you know what's going on here, nba suspending it season, major league soccer suspending its season, this is a big deal. your reaction? >> it has a major economic impact in all of these sports. people take airplanes, they fly into games, they drive and have parking revenue, now that's not being collected. you go into a stadium and people by concessions, they buy memorabilia, that's not going to happen. you have people employed in the arena, they're not going have jobs. you also have the impact of what happens if you play an athletic event and there's no crowd. there's no crowd noise, it's an essential part and it alters the dynamics. remember in the locker room, the athletes are up close and very, very personal so, there's a real risk that you have there.

>> but this is can be huge economic impact. >> you represent some of the big-time players. are these guys worried about their income their pay if it's flat on their back and not played, do the players get paid? >> i think they do get paid so i think what happens is the mba loses the revenue, the ncaa college players don't get paid, they lose the revenue. there is a soccer team that's in quarantine so most of the players have guaranteed contracts. now, what the interpretation will be, i'm not sure but i would guess the owners still pay them so the owners are taking a huge economic hit. >> what about booktv channels which broadcast these games. they will now not be played. i guess it depends on the kind of contract they have with the sport. >> so they lose a tremendous amount of income. they have advertising revenue

that they will be making that they're not making, and then what they put in for substitute because sports delivers all the time and the reason people advertise on sports is that you can't dvr game depending on the fact people won't tell you the score so you get to watch the ads in real time so it's a big revenue producer, and there are hundreds and hundreds of hours of basketball right now, soccer, hockey, a number of different sports being played and were in spring training for baseball so we are about to see what happens with that sport, but that's 30 teams playing a season of 162 games. stuart: lee steinberg, top rated sports agent, thank you for coming on board. a perfect day for you to appear and we appreciate it.

>> appreciate it. stuart: moments from now we will have the tape of the president speaking from the white house. he answered some questions as he was meeting with the irish prime minister. as we go into that tape just a few seconds away, i have to tell you the dow is down over 2000 points. the s&p 500 is down well over 7%, the nasdaq composite same story, seven and half percent. what we've got here is red arrows all across the board. and now, the president of the united states. >> i'm sorry, the tape didn't roll correctly. we will fix it. it's not like, you remember the spools, were going back to my day. this is digital. you press the button and the thing supposed to play. on this occasion, it didn't.

say that again, oh it happens to everyone i'm told, not just me. i feel so much better. so it's going to be another minute or so before we get the buttons to be pushed. he did say a lot so it's worth waiting for. >> let me change that subject as were waiting for this. gold was down $1770 down to 151. here's what happened. a lot of people borrow money to buy stocks when the value of those stocks go way down, whoever they borrowed money from says give me more money. ante up some more. you need more cash so what are they do? they go out and sell other assets to raise cash like gold and there you go. that's exactly what's happening. did you sell your bitcoin? it's down big time, 6000.

>> i didn't check it. i should have knowing that you are coming on the show. >> i did my research for you. still waiting for the president. he did have a lot to say. very interesting stuff. i'm just urging you to hold on a second period he was speaking with your irish prime minister inside the white house. we had a couple headlines earlier, but i want to hear the full tape of this when we couldn't get that digital button to be pushed correctly. >> the suspense is killing me. stuart: i know it is. stocks, financials absolutely clobbered. can you believe citigroup is down 13%, wells fargo is at $28. share. where they have that fake account scandal years ago they were 50, 60, $70 a share. j.p. morgan is down nine dollars. goldman down to 156. keep them coming because i've

got to tap dance waiting for the president. cruise lines, oh my goodness. look at that. down $11 at $32. share. carnival $18. share. >> bowling has been getting killed, down 23, down another 12 and a quarter% at 165. the news has just been negative over and over for boeing. now we have european travel ban, airline is boeing's biggest customer. and what if the coronavirus hurts production facilities, especially washington state. look at that. jetblue is down to 11. delta at 36. across the board you are seeing red arrows and the dow is down 2000 points. remember, if the s&p were to go down 13% compared to yesterday's close, the market would be halted.

as we are about to hear from the president, i mean at this time, the dow is down 2000. there's a selloff all across the board. q the tape, we q the button, were pushing it, roll it. >> can you talk about the trickle through effective everything that we are seeing here when you cancel an mba season. [inaudible] it has an obvious effect. the only thing worse is that you lose thousands and thousands of people, more than you would've lost it for not doing it the way were doing it. were very much working with the states. there are smaller form of government and they can control individual things better. it's different for different areas.

some areas have no problem whatsoever in our country and others do. we are working with the governors of the various states and i think it's working very well. i think the relationship has been very good with californians and some others that have been hit. [inaudible] whoever it is, i hope they make their choice soon i thought everybody was going to be burning. i said elizabeth warren, if she had waited that extra three or four days and super tuesday was a disaster, he would've won every one of those states or almost every one of those states. maine, massachusetts, texas, you take a look at the states that were very close and many of her, i would say most of her, all of her votes would have gone to him. had she left prior to super tuesday with just a few days, he would've right now been declared the win winter. but now we have joe and i'm very happy to run against joe. >> one of the reasons i ran for president is because of joe and the job they did.

so, in a way it's maybe the way it should be but it looks to me like biden would win. >> we haven't discussed that yet. is it a possibility, yes if someone gets a little out of control, if an area gets too hot. you see what they're doing in new rochelle, which is good frankly. it's the right thing, but it's not enforced. it's not very strong, but people know they're being watched, new rochelle is a hotspot. >> i did. >> i asked what's going on in there having a dispute with russia. this is something that drove oil prices down and one thing is that oil prices are at a point right now that i would've dreamed about because the gasoline prices are going to becoming way down. they will becoming way down.

so with gasoline prices coming down that's like a tax cut. that's like a big tax cut, not a little tax cut for the consumer. so there's something about that that i like. thank you very much everybody. thank you very much. [inaudible] i thought there was more. i thought the president answered some more questions. there was certainly some shouted questions at the end before the tape moved on to the president walking out. okay. it appears we have major technical difficulties with that tape as i call it. it's not really tape so we are going to re- racket from the top because what the president

had to say was very interesting. we have a quick rundown of some of the headlines we heard befor before. >> we know he doesn't support the democratic version of the democratic stimulus package because he feels there's other related issues included. he says the travel ban from europe could be extended or it could be shortened dependent on how effective it is and based on where the virus goes from here. those were a couple headlines that came out of this. >> host: he wants to lift the china travel restrictions fairly quickly. i think he's extending that to europe as well. he'd like to lift them if they can. i don't know whether he said anything about the stimulus package. >> other than he wouldn't support the democratic one. >> host: he would not support the democratic one. >> too much other things in their. >> he has not decided how long to suspend his political rally. that's interesting to me because the president really shines when he has these rallies and these events. joe biden does not.

stuart: what he just canceled was a trip to nevada and colorado, but i think, was that not a fundraiser, it wasn't a rally, i don't think. it was the fundraisers so i don't know whether he's actually suspended his race. >> he also says that the tokyo olympics that begin in july should be delayed for a year. this from the president. he also says on an upside, if you want an upside, to gasoline prices coming down is like a tax cut. we talked about that a little bit. it becomes difficult for him to have those rallies if everyone is not doing it. people start pointing fingers saying you're not taking this seriously. the democrats did not hold their meetings right after super tuesday the other day so he's got the demonstration there. here we go, third times a charm. the president of the united

states. >> thank you all very much. it's an honor to be here with the prime minister. we've have a great relationship with ireland and we have a lot to discuss. we will be talking about the obvious and will also be talking about the virus that has hit the world. they've canceled soccer games, and a lot of other games. they've canceled a lot over in europe and all over the world. this is a big world problem. we've taken some bold steps, we took the original boldest up of all when we closed very early with china. that helped us save thousands of lives and we went very early with europe and i think likewise that will be very good and hopefully we can get it back very quickly in terms of reestablishing with china that's on track if something

happened fairly quickly because they've made a lot of progress over the last three or four weeks and certainly with europe we think we can go very quickly. they have some hotspots that are really bad, but they will get them better. germany has some problems now, france has some pretty big problems and italy of course is probably record-setting in terms of what they've gone through. italy is having a very hard time. we think we will reestablish quickly after this ends and it's just a question of time. i think it will go pretty quickly. stay away from people and wash her hands and do all the things were supposed to be doing. it will go very quickly. i know were just talking that ireland has closed their schools and maybe i would ask the prime minister to say a little bit about what you are doing and what you're going through. >> thank you, mr. president for having us today.

it's just another opportunity to show how close ireland and america are and how close our relationship is politically and economically and everything else. i think this is become a symbol of how close america and ireland are and how close we will stay in the future. the big concern in ireland and europe as you know is covid-19 and we've acted decisively just has you have acted and we have restricted travel to italy and as of tomorrow our schools will close, we are banning all indoor gatherings of 100 and outdoor gatherings of more than 500. this is all based on our cdc to make sure the virus doesn't spread. were trying to protect older people and people with chronic diseases. it had 30 or 40 cases so far, one death and. [inaudible] i do know the virus has

nonpandemic comets all over the world so no borders, no nationalities and i think we all need to work together in the world and america in particular is the richest country in the world, you've got great scientists, companies and we need them working on treatments and vaccines. >> and we are making great progress i will say. [inaudible] he gave you a lot of compliments that you are getting on top of the. >> right. >> i think it was made very clear last night who is and who isn't, and we will be discussing that and some other moves that we will be making anything will work out very well for everybod everybody. it is a world problem and you

do need separation in some cases. you have some areas that are very heavily infected and you have some areas that aren't, but we do need separation for a little period of time in some cases. one of the things we have in ireland, i went through security myself and they were asking the right questions so. >> one of the reasons uk, it's got the border, very strong borders and they are doing a very good job. they don't have very much infection at this point and hopefully they will keep it that way. >> there are many european leaders who are upset about the travel ban. can you explain your rationale for not consulting with them first before announcing it last night. >> we get along very well with the european leaders but we had to make a decision and it

takes a long time to make individual calls and we are calling and we have spoken to some of them prior to, some of the majors prior to. but we had to move quickly. when they raise taxes on us they don't consult us and i think that's probably one in the same. the european union has done some very big tax raises over the years, not so much with me because i won't put up with it, but they haven't consulted us in the case of european union i've consulted with many people. >> can you discuss the overall economic impact. >> there will be an impact but it's also a human impact which is more important than the financial. when we lose thousands of additional lives. for example if i didn't close very, very early with china, i took a lot of heat including from you people, a lot of heat. they called me everything from a racist to everything else.

it was terrible. the same people, then they say oh he closed too fast, why did he closed, most of them say why did he close and that turned out to be a great move. what we did with europe, this was the time. in china a lot of it came from when you think of what happened here, because this was very fast and furious and what happened is a lot of people went from china into europe and europe suffered tremendously. you see what's going on. so i just wanted that to stop as it pertains to the united states and that's what we've done. we've stopped it. >> what are your plans about travel outside the white house. >> we have some big rallies, we canceled one we are thinking about doing in las vegas as you know, and one in reno. we had one, we had about three of them in nevada and we had four or five that we were thinking about, we have a big

one in tampa all sold out, over a hundred thousand request for tickets but i think we were probably not do it because people would say it's better to not do. we need a little separation until such time that this goes away. it will go away. i was watching scott this morning and he was saying within two months, but in the meantime we want to lose as few people as possible. it's so important. what is the number as of this morning. is that 32? is it 32 deaths. think of it, the united states because of what i did and what the administration did with china, we have 32 deaths at this point. other countries that are smaller have many, many deaths. 32 is a lot. it's too many, but when you look at the kind of numbers that you're seeing coming out of other countries, it's pretty amazing when you think of it. so that's it.

>> we have things that i can do, we have very strong emergency powers under the stafford act and i have it memorized practically if i need to do something else do it after. i have a right to do a lot of things that people don't even know look, we're in great shape compared to other places, we are in really good shape. we want to keep it that way. that's why i did the ban with respect to europe. reporter: are we seeing emergency actions? >> i have a lot of emergency actions i can take. reporter: what are you looking at to help american workers? >> we're looking at a lot of things, including paid leave. we're looking at many things. making sure they get their salaries. we have other workers, people that works for tips, nobody thinks about them. we're including them in a lot of

our schedules. we're making sure that companies, good companies, stay solvent, have money necessary to keep functioning. we're having a lot of things we're working on with the financial markets. it is going to work out fine. tough remember the stock market as an example is still much higher than when i got here. it has taken a big hit. it will all bounce back and bounce back very big at the right time. reporter: what do you decide for the american workers? >> we're deciding right now. we're dealing also prior to even with the stafford act. we're dealing with democrats in congress. we'll see what can be done. i happen to think a payroll tax cut would be a very good idea, distributed, really distributes it very evenly among middle class and other workers. i mean many workers it would be a great thing. i happen to think it would be a great thing beyond this we're looking at the payroll tax cut.

that won't cut immediately, because that is a stronger measure. i think we're looking to do that. i think at right time congress will go along with it. that is really most sensible thing. biggest bankers in the world getting their opinions. they thought payroll tax cut would be a great thing. it woe evenly and distribute money. reporter: do you support the house democrat bill? >> no. because there are things in there that don't have anything to do with what we're talking about. this is way for them to enable to get goodies haven't been able to get last 25 years. reporter: [inaudible] >> always, always, always, just like your prime minister. we have millions, what is the number now would you say? changes every year. gets actually bigger. >> about 25 million. >> got to be, got to be one of our biggest. now we, we love the irish. reporter: [inaudible] >> we'll be looking at that

we'll be talking about that today. it is a very important part of our conversation. that will be actually very important part of our conversation today. reporter: [inaudible]. >> well, i think there is a lot of security. if they use huawei, there is a real problem with intelligence and intelligence security and we'll see what happens. we'll be discussing that point also. reporter: mr. president, can americans -- [inaudible]. >> can i what? reporter: can americans feel relaxed with the -- >> we have it heavily tested. if american coming back or anybody coming back we're testing. we have tremendous testing set up, people coming in have to be tested and if they are positive, if they're able to get through, because if they're frankly, if they're not, we're not putting them on planes if it shows positive. but, if they are, if they do come here, they have to, we'