tv Bulls Bears FOX Business March 16, 2020 5:00pm-6:00pm EDT
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many symptoms. melissa: that is the problem with this. another problem, you look at market down almost 3,000 points, on the dow for the day. almost 13% that does it for us. connell: bears "bulls an players right now. >> best thing i can do for stock market, we have to get through the crisis, that is when i think about. once this virus is gone, i think you will have a stock market like nobody has severe before. david: president trump giving the nation latest update on the coronavirus pandemic, as lockdown fears plunge 3 major averages to biggest point loss in history. dow diving nearly 3,000 points, despite an emergency rate cut by federal reserve over weekend. and injection of hundreds of billions of dollar to calm the market, we have a live report from white house, president's tempered guidelines to slow the spread of the virus, coming up, this is "bulls and bears," thank
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you for joining us, i am david asman, joining me today, susan lee, jonathan hoenig, gary kaltbaum, zachary. and let's go to hillary vaughn at white house. reporter: white house coronavirus task force calling on help of millennials to log on social media help spread message of social distancing, urging them to not participate in gathers over 10 people to get take out, not eating out and limit shopping trips and avoid unnecessary travel, part of new community guidelines hey issued- they issued this afternoon. you would have heard the president explaining the guidelines, also dr. fauci said that reason why they issue is 10 people are less guideline is not to over reacted but get ahead of
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outbreak, in place for next 15 days, task force will reevaluate them, president held a call. >> we have stock piles, we're orders tremendous numbers of ventilators, respirators and masks, they are ordered they are coming, we have a lot at-this-point. if they can get them directly, it always good to be faster. if they need them. and i have given them other authorization to order directly. reporter: president expectses this outbreak to last until at least midsummer, and he thinks best thing he could do for companies and stock market, is stop the virus. he will help industries that have been hit particularly hard biklike airline. david: here are guide lines, you can get it on coronavirus d. g.
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they are guidelines not orders, some people wonder if not enough, what do you think? >> intuitive, don't touch your face, and wash your hands. but i think that stock market anwhat trickled down that 3,000 point loss, you heard from president trump, saying he does not know when it will end, maybe in august in is summer, longer than most anticipated that was a bit concerning for stock investors. despite the fact that fed stepped i. david: gary. >> i sat at my desk all day, all i could tell you, one after the other companies industries, places, cities, counties, states, are shutting things down had. that is economic activity going south, i heard numbers today about going to recession, i think that gdp has to fall off a
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cliff. here in central florida tourism which acounts for $500,000 jobs and 75 billion in economic activity is to a crawl now, they shut major areas, you add in everywhere else, i think this good news they actually came out and started to really be more strict. i just know if guidelines work, i see pictures of clearwater beach with hundreds of people within inches of each other on the beach that is going to have to change. david: revelers, and you were suggesting that in new orleans, they were clearing streets when millennials were out search celebrating. >> mayor orders clearance of bauer abourbon street, we're mog toward a countrywide halt. crystal balls are in high demand and short is up lie, these days -- supply these days, i think in a change way, not making a market prediction, we heading to
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the eye of this, a lot of to getting in way of financial market and businesses is not knowing how long and how bad. not in terps o terms of loss oft in terms of secession of economic activity. once is ceases, mayor of san francisco ordered a shelter in place, that a halt to anyone outside but for stores and groceries and essentials, i have a feeling new york is likely on that path. once that is in place, there is not much more to go, we're not all going to be in maximum security prisons in a week. that is where it goes, i think from then people will slowly be able to gain out sincenarios. david: jonathan, we know from information data out of china, that it is much worse the effect on the economy worse than what
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they said they wor they were expecting, they thought to have retail downturn of 5% it is 20%. as they came to a halt there in china that stopped spread, but it had huge economic consequences, the president thinks there is a chance we could avoid a recession. >> u.s. economy heading into a recession? >> it may be we're not thinking in terms of recession, we're thinking in terms of the virus,1 there is a tremendous pence up demand in term -- pent-up demand in terms of economy and stock market, once this goes away, we're done with it, i think you will see a tremendous surge. david: do you agree? >> we might be headed toward a recession, it is important that markets reflect, that reality exists, i give president great credit, bringing a somber tone
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that is needed. are we in recession or not? i tell you what is exacerbating all of this stimulus, i think that is what causing so much of panic in the market. u.s. equity markets are resilient, they are deep. but all these bailouts and talk of stimulus and talk of emergency -- the fed -- the future fell suess you a susan yt on president's comes but they fell on federal reserve rate cut. david: we'll talk about, that i want to talk about what we night do that changes our life in the community in which we live. there is -- it seems clear that right now, the federal reserve is not ready and assumes that maybe it won't be necessary to have a nationwide lockdown the way in italy. >> individual states are employees their own, here in new york i live in west village this weekend, if you were out, you know the young generation were still at bars, at restaurants. they said you are closing them down, michigan doing same.
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so is new jersey and connecticut, this is had. i think that this will change, how people live for next few weeks. who knows how long that carries on. >> it will be on a case by case, i was speaking with custoins of mine -- cousins of mine in jersey, there was a cheese cake factory last night that was packed with people. somewhere in jersey that will have to change. and draconian measures will come from governors, mayors, and likes that whatever -- evenly we have seen in/ in states like maryland they shut restaurants and gyms, i am expecting more to follow, i am a big believe near free will and stuff, but we we're dealing with safety now, people's health and well being in future, i get it i suspect more rather than less. >> free will, and freedom, but whewhat about self interest, it
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should be every individual's self interest to follow the cdc guide lines to distance themselves. >> i think people would think it would not hurt them. get a seat at restaurant you always want to it's. eat. >> that is most idealistic thing i heard you say on the show. >> the fact is, people in the moments do not know how to act in our own self interest, that is where you have this quickly moving localize draconian measure, one thing about federl government, u unless president declares a different type of emergency. a military kind of national minchtsemergency, most of this n u.s., resides in the state.
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david: governor cuomo suggested such enlisting army corps of engineers, president said he is not ready to go that far. you mentioned federal reserve board, they did over weekend. they -- there is some suggest that they should create a new facility, a government backed credit facility -- >> aye . david: dur turn them into a banr small businesses, i hear you groaning, why would be that a mistake. >> that creates the panic, this is what happened in 2008, just bear sterns then aig, then -- so lindthen10years of bailout, thid for the economy this prolongs downturn and distorts prices and markets and saps liquidity from the marketplace.
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david: quick wrap. >> point of mark to reflect reality no jail out, lit it do what it will. david: coronavirus pandemic shutting down major cities in the country. fox news medical contributor dr. nicole sapphire will separate fact from fiction for us, what you should do to protect yourself, important information, you need to know, coming next.
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here now is fox news medical contributor dr. nicole sapphire. you see pictures. -- >> good to see you as well. david: you see pictures of millennial partying up in spring breaks, you wonder whether we are doing enough by setting out guidelines? what do you think? >> very good question. i actual have a college student myself as. this younger generation they think they are invincible, messaging has been thissa an older person's illness it does send to be but we have to make sure we're instilling the education responsibility that younger people by going out and being with large groups of people they bring in back home and allowing virus to continue to spread, everyone needs to take personal accountability right now. >> dr. sapphire, i don't know whether we know answer to this yes. what is the reason for the case
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load in united states having far fewer icu, needs than say italy or spain, there a real divergence. >> a excellent question, we actually had our first case in united states 10 days before italy announced their first two case. we have a slowdown in beginning because of the initial travel bans. italy it not have, that they actually just have free passes throughout borders, that is why we have european travel ban, let me be clear, we have the absolute possibility of having a situation similar to italy. it started out in lam lombardo i region. truth is, we're in middle of flu and cold season here in united states, hospitals are very busy, if people down take restrictive
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measures right now, we could be in similar situation as italy, it is important to message we do have more doctors, nurses and hospital beds per person in u.s. than in italy, this has a potential to be quite serious here. >> what did in press conference from president trump, saying that last until august. this year, is that realistic or end sooner? >> honestly timeline is very fluid. i would love to say dr. fauci himself, who is incredible and most educated person on the subject, he has said, i believe, it is likely we'll see a leveling off, declining in 4 to 6 or 5 to 7 weeks, however. that is highly depends on what people are doing if you look to see ha happened saturday -- what happened saturday, st. patrick's day parade were canceled but people were partying on pubs and
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streets, we is shorten this the more restrict of are we now the shorter disruption to daily lives, but if people are not listening to urgency, this is going to go on much longer. >> dr. sapphire this is gary kaltbaum, was there like just one or two or three data points that in last week we went from them telling us, don't be in places where 250 people, then 100 then 50, now to 10. are we getting something like 2 people. people. >> the changes and recommendations is because we continue to see higher numbers. the bottom line is, the -- we're looking at doubling rate, essentially, it starts slow, then two, then four, then eight, then 16. right now we have you know x-amount of cases, it should not
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be surprising tomorrow it is double. problem is that we have note taken such restrictive measures, you look at two places they have decrease places that is china and south korea, china shut everything down for 6 weeks, they had to just lock it up. and that is how they are now having declining cases. south korea, did not actual have to do, that but that because they did aggressive testing initially, they had scientists in there and a test ready to go almost at the get go, unfortunately we did not have same thing, because we didn't have that, now we're having to aggressively shut down right now. and then number arbitrary, whole point is limit social interaction. david: a quick final question for you, cluster of 82 cases in massachusetts seems have been started by people who were not showing symptoms. my question, can infected people shed the virus even before they
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begin showing symptoms? >> that is a great question, there a biogen conference in massachusetts, they think there are a lot of close contact that is where cluster started, but, a lot of people actual have mild symptoms that you know. and you can be contagious when you are asy a. >> we have to leave it there. thank you so much doctor. >> thank you. david: american airline industry grinding to a halt because of virus, president promised to back them 100%, can we? should we? we discuss that coming next. or. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades.
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micermisery real and now, o'harn chicago, had deal with a massive influx of traveler from abroad. some are saying they were not screened for the infection. grady tremble is live at o'hare. reporter: latest recommendation from coronavirus task force to reduce crowds to 10 people are fewer makes you wonder if people will continue to flying behind me there is a line of fen 10 pee in close proximity waiting to gets an uber. boeing 737, for example, not to say they are full but they can fit 1 66 people. higher than recommendation, i should mention there are no domestic travel restrictions right now, that something president said not yet off of
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the table. >> looking at any domestic travel restrictions, i know it has been on the table before. >> we're not really, we hope we don't have to. we think that hopefully we won't, but we talk about turf -k about it every day. reporter: without restrictions, major airline are take a hit, cutting capacity in a big way, united alone, reducing capacity in coming months by 50%. delta not far. reducing capacity to 40%. what it normally circumstance this is one of their busiest months. airlines asking for 50 billion half in unsecured loans, and have in grants. you mentioned chaos here, over weekend, it seems too have subsided but there were long lines of people waiting to get through customs to be screened, some have to go get temperatures checked, that does not seem to
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be taking as long as weekend here, wit but there are reportsf long lines at other airport, people are not sure if they qualified to have their temperature checked. or if they can just breeze through. a lot of questions as people try to make it back to the united states. david: grady take care, thank you. >> well meanwhile center for aviation warning that ta pandemc could lead to most airline declaring bankruptcy by may unless there a change. president trump said that administration of backstop the airlines. >> as far as airlines, they -- we're going to back the airlines 100%, not their fault, and we'll be in a position to help the airlines very much, we told airlines we'll help. david: jonathan, is an emergency bailout in order? >> if i understand that fear is you that nighted, della and americadelta andamerican could y
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have been bankrupt before, america west, u.s. air, they go bankrupt all of the time, a lot after 9/11, this is unfortunate but normal and prosperous part of capitalist system, it is a slippery slope, you start with air blind, dairline, then casin? hope to be restaurant workers, and caters. if governments to do something stop spending or give us all a tax kit, but to pick winners and losers this is what republicans fought against. now they commit the same atrocities. >> i want to add for past decade airline have spent billion of cash flow on buying back stock. and not putting in their coffers, on top of, that they made billions off our luggage, our seats, then they took their seats got them closer together there goes our feet. >> are against the bailout.
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>> i'm not sure i am with it and jobathojonathan has a great poiy have been bankrupt before, they have come back, it will happen, it is a done deal, just how much and whether. >> let's take as a given that american airlines, not just them, u.s. carriers. are woefully deficient, that said, unlike a casino, these are closer to necessary lub -- for comer, trade and travel, they are more of a utility, nobody, no private equity firm could swoop in buy them for pennys on the dollar and have a business that makes sense if there are no passengers, badly run in face of decent demand, fine, they go bankrupt. >> this is the time what i -- warren buffet.
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is sitting on hundreds of billions, make he does not buy the stock, maybe stock holders should lose money, but stock holders, they are stock holders voluntarity when you bailout industries that affects every american, and picking winners and losers. >> i am not arguing if a company is badly run, the bankrupt is legitimate, but someone swooping in buying it for a dollar, yun n contract, benefit, pension plan don't go away, they are skilled worker, without demand there is no business this only time these kind of industries inquire massive infusion of free cash. >> government has not had a good track record of so call bailout, mnuchin does not want to call it a bailout. general motors, they feste inved and lost. by the way it instills panic when you need to bailout an
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industry. that reminds everyone of 2008. >> this is not a time when tropes of free market ideology are operative. >> this is when you need them the most. >> no. >> this is when you need them the least, when it is a financial crisis that is human created, driven by greed, that is the time where chips should fall. david: let me be in middle, there are good and pa bad bailo, the bailout of banks that paid back stabilized our engine our l system, then the bailout of gm that was awful, then chrysler picking you of fiat.
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>> could i say, jonathan makes best point, whose hand will be out next. >> everyone! >> i got news for you, you know who affected most the small business owners, they are getting crushed right now. david: a great segue thank you for that gary, coronavirus stimulus bill hitting roadblocks in the house, lawmakers propose new measures to help americans deal with the pandemic. we ask ross spano, he with us next stay tuned. he numbers to examine investment opportunities firsthand, like innovations in agricultural research. because your investments deserve the full story. t. rowe price invest with confidence.
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start work on the bill until house repasses it. this is speaker nancy pelosi talking of a third emergency response package, joining us now florida congressman ross spano, your colleague, texas republican louie gohmert talking about this process, he is kind of frustrated with it, saying this coronavirus is doing enough damage to people without congress compounding the problem to rush through a bill and another corrected bill, just to say we did something. how would you respond. >> i have tremendous respect for louie gohmert, i happen too disagree with him on this, from what i know the changes made by voice vote, today without full body are technical revisions and changes. this was negotiated, over course of 24 hours, then, heard in house saturday morning early
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that's will -- it is expected, you will have some errors here and there but nothing substantive. not sure what the issue is. >> does this help small business? in 200810, 100 million americans got some form of rebate check, i am not sure payroll deductionerr amendments would help small little guy. >> i think it will in sense one mandate in bill you have to provide paid leave to 14 days for employees. small businesses owners were concerned they didn't have the ability to do that so, the ability now for them to be able to get a credit their quarterly tax file that is a benefit for small. i would disagree with that. certainly entire environment that is geeing to with coronavirus -- going on with coronavirus that will play a before paying role for small businesses but this address
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concerns that small business had to requirement they pay folks on leave that suffer from the virus. >> congressman this is gary kaltbaum, stay on the small business, most people don't know there are over 30 million of them that accounts for over 99% of all businesses. i am looking at numbers that coronavirus. they talk about june, july, august. if it goes that long, i can only imagine how many businesses are going to go belly up. what do you and committees talk about with that? i know there is so much you can doe, but thido, there is seer l business is the engine of this country. >> no question about it, a former smal small, small businer myself, this is a concerning issue, best we can do in how we respond is make sure we're pressing down this transmission
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curb, and make sure it does not last until june or july, to take drastic measures right now if necessary, beyond that, i think about things that have been propose by president, they include, you know payroll tax holiday for period of time or abatement, i would even not be opposed to an income tax abatement. but i think you know let's figure out where we are in terms of what kind of an impact this will have on us before we look potentially at very, very draconian measures, i agree 100% we have to do whatever is necessary to support small businesses. david: congressman, we're hear some wild suggestions, mitt romney picked up andrew yang's idea of giving everyone a thousand dollars and senator
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schumer with a plan, how do you pair back some of the wild spending plans? >> i think that first thing to do is t to tell everyone to taka deep breath, i don't think that is the plan we should go with. i think first of all let's figure out the nature of the damage. let's take steps to protect the american people, to spread the curb of the virus. president has shope great shownp on that. they are things to consider, i don't believe they are the answer,. let's go with what is in front of us, presses down the transmission curb by quarantining ourselves. these of wealt wild ideas. at-this-point i worldcom n woulo
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along with. >> you hear from retail businesses what they are doing is firing people. to get two weeks of sovereign and be eligible for federal unemployment benefits with hope they rehire them at some point. you know 4 or 8 weeks out surely there is a better way to spend our collective funds, we'll spend the un. insurance regardless, would it be better they not have to be fired and repurpose the same money. >> that is a buying assum -- bi. >> it already happening in new york and san francisco and seattle, restaurant cities, they are laying off slots of people. >> right. yeah, well maybe in some instances, but i don't think it will b be -- broader problem. i think that the we need is to
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focus on right now, curb the problem and we'll have an opportunity over course of next two or thei three weeks to figut what it is from an economic stand point from buttresses and supporting our small businesses, we can look at possibilities, i am willing to think and talk about, but in terms of making broad suggests as to what needs to happen right now, this is a little bipresidentresumtiv -- p. >> thank you. david: americans panics stocking up amid coronavirus scares, president's message to stop hoarding supplies, we're inside of a stu leonard's with stu leonard himself, he is next. liberty. liberty. ♪
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>> there is no node fa need fore in country to hoard essential food supplies, relax, there is plenty. you don't have to buy the quantities it hard to refill stores on a basis as rapidly as they are refilling. david: president trump urging americans to stop hoarding for goodness sakes, they are stripped of basic potentials
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amid growing fears of coronavirus pandemic, joining us with an inside look at one of his stores stew leonard. the coc co-ceo ceo of stew leonk you for are for joining us, he said food supply line in tact there has been shifting, you are in front of your fish rack. how have you had to change. >> president trump is right, i think that the supply chain in america is strong. don't forget that everyone has been preparing for a lot of holidays like passover and easter, and mother's day, and memorial day. so there has been a build up of food as far as in america. we're finding, we're getting products but wow, everyone is panics, they are hoarding and stock piling, you can see we have plenty of fresh fish. and meat. chick echicken has been tough tt
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our hands on right now. sorry, our -- foghorn here. but since kids are home, you see snacks, really moving. these are kids pushing buttons, we have tuna fish, really, really hot right now, people are hoarding up pasta. a lot of party, sauce. marinara sauce. with stew lyn leonard's and pizy are putting them in freezer, it great for kids at home right now, and canned goods are flying. but, i would say, today was a very panicky buying day, one of the strongest hoarding days i have seen in last two weeks. >> you are making me hungry, but thank you, this is jonathan hoenig, this is business that drives the economy. i want to thank you, and thank
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your employees, i used to work at christmas at starbucks they wow payic -- would they extra, given when your employees are doing, would you consider paying then 8 little bi a little bit e. >> we have been through this with hurricane sandy, our overtime bill will be huge this week. okay. >> i believe that. >> stew, you are making he mee hingey, i want too ask -- making me hungry. i want to ask about hoarding and supply chain that makes up for lack of travel spend and leisure, is this true? >> i spoke with marissa today, one of greatest wine producers in world over in italy, i was
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curious to see what was happening with super market in italy, they limited number of people allowed in, one per family, and she said one meter a part, you don't get people close together. and you just -- i think you will see a change in the way that people be shopping right now. we're going to have plenty of food. people should not be alarmed. but they are home with their families, they are not traveling, they are working from home, you really have people just, saying, i just want to stay home and enjoy good food and good wine. that is what happens in time of crisis like this. >> so, in terms of produce, and the meat, i heard a lot we have a stock of pork and chicken and it is you know all in warehouses. there is never an expectation that months of supplies sell in two weeks, right, how do you normalize that in next few
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weeks, assume ago. >> you know what. i think all of this in food industry together are doing best we can. i have been in the business since i was a little kid, we're a family business, i have never seen anything like this before. i have seen it happen for you know hurricane sandy for example, that hit north east hard. but i never seen anything continuing like this. i think that we're getting the food in the store, we're getting food, i don't think that people have to worry about getting food right now. maybe the way you shop will be different. they may limit time you are allowed to come in like in italy they are doing that i think puerto rico, you can't go out after a certain time at night. they limit the number of hours people are allowed in the food
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stores, everyone should relax, you are nodding your head, what do you say. >> relax. how are you finding shopping. >> my wife sent me for essentials, there is water, fo food. >> cool. david: nice. good improve, stew. how did i do? >> you did well, you would be a great reporter, i want to second jonathan's motion, we lucky to have you, and fortunately there are hundreds of business people like new country, making sure these supply chains stay in tact. and we get the food we need so thank you very much. we have to run, but i am always great figrateful to have you he. >> thank you so much any time, him happy to help.
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david: appreciate it. >> a good man. >> stew leonard thank you. >> good samaritans across u.s. come together to help seniors amid coronavirus outbreak, more on that to come. >> we need to check on our neighbors and call your grandparents and parents, you know. help elderly folks get their basic essentials. other money managerss difd don't understand why. because our way works great for us! but not for your clients. that's why we're a fiduciary, obligated to put clients first. . . . right? we don't have those. so, what's in it for you? our fees are structured so we do better when our clients do better. at fisher investments we're clearly different. your control. like bedhead. some things are out of hmmmm.
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do not take vascepa if you are allergic to icosapent ethyl or any inactive ingredient in vascepa. tell your doctor if you are allergic to fish or shellfish, have liver problems or other medical conditions and about any medications you take, especially those that may affect blood clotting. 2.3% of patients reported joint pain. prescription power. proven to work. now with a new indication. ask your doctor about vascepa. now with a new indication. there's a company that's talked than me: jd power.people 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room.
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david: on good sign, neighbors and lending hope to people. college students on food tropoffs. neighbors for the elderly neighbors. messages like these offering to get food supplies or anything local or people that need the help. how important are these individual efforts to help those around us. gary. >> real important. i always taught my sons, do something for people you need absolutely nothing from. it is great to see this. we are the most generous and fill -- philanthropic country and great to see. >> social justice warriors, worried about the spotted owl, now is your time to step up. we had crisis from the country from the get go. before, americans are good, benevolent, they'reable. we will see a lot coming out in the weeks ahead.
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>> in a time of forced isolation, reminders of connection are absolutely vital. that is one of the things that this is indicating. david: at very least, take care of people on your left and your right. that is least we can two. that does it for "bulls & bears." see you next time. >> welcome to the evening edit, we're on breaking news more. stocks break the worst day since 87. president trump said it may be over by july or august. investor are jittery. we're talking rapid fire day-to-day swings seen even in 2008. the velocity of trading jolting wall street. we'll tell you about information nobody seen before what hedge funds are talking about if just a second. get to what the white house said today. we're out with new guidelines in d.
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