>> the good news is the federal government and the fed are on the case and they will provide as much liquidity and aid as possible. maria: we got all hands on deck. >> you need to keep money moving through the economy and make people liquid and solvent, individuals and businesses, period. maria: have a great day. thanks for a fantastic panel. "varney & company" begins right now. stu, take it away. stuart: maria, thank you. good morning. good morning, everyone. it's st. patrick's day but you would hardly know it. strange days indeed. a 3,000 point drop tuesday, not much of a bounce at the open today. everybody's looking for the bottom. where is it? the dow right now is at the 20,000 level. that means it's down 9,000 points in roughly four weeks. that is a major selloff. the dow this morning will be up maybe 270 but futures have been all over the place. nasdaq up 130, s&p up 32 but that could probably change before we ring that opening bell. by the way, the president says

stocks will surge when this is over. now look at this. an overnight tweet from the president. quote, the united states will be powerfully supporting those industries like airlines and others that are particularly affected by the chinese virus. big bucks coming. the president is clearly on board with the rescue plans that deliver trillions of dollars to industries and individuals. who gets help and how it's delivered, that's going to be hotly debated but there is a new sense of urgency to push that money out there. here are the latest virus developments. today's primary in ohio has been canceled by order of the governor. primaries in florida, arizona and illinois will go ahead but the results are likely to be skewed by what may be a low turnout. mcdonald's will close its dining rooms. takeout and drive-through okay, but no eating in. chick-fil-a, starbucks, they are encouraging takeout. the kentucky derby has been postponed.

very tight restrictions around the san francisco bay area. residents in seven counties told to shelter in place. stay home. on the medical front, a breakthrough by regeneron creating antibodies to prevent and treat the coronavirus. trials by early summer. that's the status we have right now. ash is with us. more sporting events postponed? go on. ashley: in euro 2020, the big soccer event in europe that's supposed to begin in june, lasts a month, that has been pushed back a year to 2021. stuart: i believe there is another sporting development. ashley: yes. stuart: nothing to do with the virus. we will handle this right now because a lot of people are interested here. ashley: tom brady announcing on social media he's not going to be returning to the new england patriots, says in a line here, i don't know what my football future holds but it's time for me to open a new stage for my life and career. there you go. tom brady, no longer with the

new england patriots. in the middle of all of this. stuart: that's interesting. it is a virus day and that's about the only non-virus news item we think worthy in the first hour of our broadcast. tom brady not going back to the patriots. got that. okay. susan, come in, please. susan li. how are gyms handling the virus? susan: closing down. they are shutting down. we heard from the governors of new jersey, new york and connecticut saying they had to shut down by monday evening. according to some of these web sites, they won't reopen until march 31st at the earliest, from what i see. but mayor de blasio sneaking in a last minute gym session before, of course, those closures taking place. getting a lot of heat saying do you really need to hit the gym when people are supposed to be social distancing and aren't you supposed to set an example for the people of new york? ashley: yes. stuart: well said. that's taken off on social media, i think. heavy criticism right there. can i just pick out one item here of virus news which i think has the biggest impact.

that is mcdonald's. all mcdonald's closing their dining rooms. that came as quite a shock to me this morning because that's a source of cheap, plentiful eat-in, get out food but you can't eat in. that's going to be very apparent all across the country. do we have dr. siegel with us? is he with us yet? is he? yes, he is. dr. siegel, we are all in different studios, all trying to keep that social distance. not quite sure who is where. glad you're with us because i want to know the latest on regeneron whach regeneron. what have they got? how's it going? >> i accidentally went into that studio. i thought that was a robot in there. i didn't know it was you. i thought it was ashley. stuart: very good. get on with it. >> regeneron is working together with sanofi on a drug that's a monoclonal antibody. that's a whole new way of thinking about viruses, can we target a specific antibody at the virus. it has moderate impact, i would

suspect, but in this case, this situation where we are seeing a lot of severe cases, i think that's very good. i'm optimistic about this. i'm glad they are in the game. stuart: is this both for treatment and prevention, this drug from regeneron? >> more for treatment but you bring up an interesting question. it could be used for prevention in someone at high risk. for example, if you are in a family where someone else in the family had gotten it and you were at high risk, i would be all for giving it because it's pretty well tolerated. stuart: it says we've got early testing, testing by early this summer. that still seems a couple months away. >> they got to look at safety but this is a drug they have used before so i think they can speed that up. i would hope they can get it out by late spring. stuart: the whole process has been speeded up for this, hasn't it? >> we talked about it yesterday, how there's a vaccine where they skip the animal trials, not entirely, but in terms of efficacy, and they are going right to human trials. that's also occurring if germany where they have a vaccine

candidate they are speeding up. look, when you have a pandemic strain out there, you know what it is, it's that it's a virgin population where there's no built-in herd immunity to stop the spread of this. that's why it's accelerating. this, by the way, is an example of how important vaccines are. we don't yet have the vaccine and we don't have immunity so that's why it's spreading so quickly. that's why we are using all these draconian techniques to try to slow it down. stuart: in the health sense, we need a test, treatment, vaccine. that's what we need. are we making -- give me a judgment here -- are we making real, real progress on all three areas? >> i think we are making real progress in all three areas, but the progress isn't fast enough. you just made a really good point. i want even more progress quickly in the treatment area. even if it just slows down severe cases. because we can use drugs that are already proven and used for other things. i mentioned chloroquine yesterday. they have been using that in south korea and china.

that's a malaria drug. that's already on the market. remdesivir is already out there. it failed for ebola but we are doing a clinical trial on it right now. that's got to be done very very quickly. now this. we need to throw a lot of weapons at this thing. the vaccine, we can't speed up as much as you want, because we are going to end up giving it to millions of people but i have one suggestion. if we get it through phase 2 clinical trials by summer, we might be able to suggest using it in very high risk groups and in health care workers who we are seeing today are getting infected by the droves more and more. stuart: we will get back to you shortly. futures show a gain of 280 points for the dow industrials but remember, we were down how many points was it yesterday? 3,000 down yesterday. i'm not going to call that much of a bounce. scott shellady is with us. scott, everybody is looking for the bottom. have you seen the bottom yet?

>> i would be remiss to say that i could say the bottom's in here. we've still got more bad news, still got all the hysteria out there. as long as we've got the panic reaction we've got to what i call a panic-demic, who knows what could happen. you have seen the gyrations overnight with just the futures market. who could ever say the bottom's in. it's been a weirdly orderly like selloff, too. i haven't had that panic feeling or when we get a mass flush so who knows. in five years' time it will look like the bottom. right now i can't tell you on a day-to-day basis. stuart: the president says this will forcefully and powerfully support industries hit by the virus. we have confirmed treasury secretary mnuchin is working on $850 billion rescue package, talking to senate republicans about that today. if we get the mother of all bailouts, trillions going to industry, maybe trillions going to individuals, what's that going to do for, a, the economy and b, the market?

>> nothing. stuart: nothing? >> i think it's wasted money at this point in time. i would like to see them be involved in the game, but stuart, until -- you could put a million dollars worth of gold bars at the end of some of these people's driveways and it's still not going to get them out of their house. why do they think cutting interest rates and emergency overnight is going to make a difference? all the money you can throw at it in the world, you have to solve the virus problem because it's a psychological issue. not a money issue. stuart: wait a second. there are millions of people in this country who are not now drawing a paycheck. they're not. >> right. stuart: there's nothing wrong, in my opinion, with the government pushing money out to those individuals. forget about industries. pushing it to individuals who need to pay the rent, who need to pay the mortgage, they've got to live. surely there's nothing wrong with pushing out the trillion there, is there? >> no. i will go with that. their mortgage and those types of things. but they are still not going to leave the house to spend it to

put it back in the system. stuart: but eventually they will. >> eventually they will. stuart: got to take care of the basics first. that's the function of government here. >> i agree but they need to solve the virus before anybody is going to really start seeing that money go through the system. it will stop and get clogged along the way and won't do what they want it to do. they need to save their bullets because we going to see a lot more of an economic pandemic than we are -- than we do right now. think about it. we just had all the bars and restaurants close in illinois. think about all the people that's going to be affecting. think about the guy that i know that just bought a week's worth of food the day before the government told him he can't open up now. think about the restaurant workers and the guys that are washing the dishes. on top of that, 247,000 hotel rooms will be lost because they canceled four conventions at mccormick place. think about the people who clean those rooms, all the people who drive taxis to get people around. we are on the cusp of some big-time economic problems and our government's wasting all their bullets right now trying to get ma and pa kettle out of

the house. stuart: i hear you, scott. we will return to this debate because this is going to be the powerful debate we are going to have over the next few days. it's going to be politically very contentious. scott, we will bring you back a bit later on. we want active coverage here. kristina partsinevelos, she's in ardsley, new york, just north of the city. do i see a line outside of a grocery store there? kristina: yeah. i would say what's now about 25 people, people have been lining up as early as 7:20 a.m. eastern time here and you can see the reason they are standing in line early is because they are either a little bit older, you have to be about 62 years old to stand in line early, or you might have a weaker immune system. the whole point of this toys avoid coming into close contact with people and being able to shop. i would just like to point out it's even sanitizing all the carts as people walk in. this is what happens when you have a family-run business. let's go in the store. you've got eight stores in the

county. people have come early. i know this man, i saw you standing in line, what do you think of what's going on? >> i think they're doing a great job and ardsley is being really cool about everything. the manager has been working very, very hard and hopefully everything works out in the future. kristina: thank you. enjoy your shopping. people have come early, they have opened up the store early at 8:00 a.m. so those that are a little older can grocery shop, not have to worry about the massive crowd and they are stocking. this store is completely full at the moment. they have been working, that man over there is rushing, he's going so fast right now. they came in at around 3:00 a.m. in the morning. they said they are constantly getting restocked goods. this is an important point for a lot of people to remember because there's been so much panic hoarding that shipments are still coming in. there's lots of toilet paper here, because i know for some reason everybody seems to be stocking up on that. but right now, at this location, and all of their other shops as well, they are just trying to accommodate. that's the key.

i have been speaking to a lot of shoppers here. they love the sense of community and that they are making an effort to open early. it's not just here, there are stop n shop locations from 6:00 to 7:30 a.m. eastern time, also open early for the elderly or anybody with weaker immune systems so they can maintain the social distancing. stu, i will end on this. i want to highlight, across the store there are these signs encouraging people to stay three feet away and avoid any type of contact just so they don't get sick. that's really kind of the manager and the store here, just to encourage people, let them know they are aware and literally wiping down the carts, that kind of service i haven't seen in quite some time. back to you. stuart: kristina, thank you very much. i'm sure we will be back to you later on. joining us, newt gingrich, former house speaker, of course. newt, i know you are in italy. i want you to compare what they are doing in italy to what we are doing so far over here. >> well, first of all, i think

the italian government once it understood how big the problem was, has moved with remarkable speed and decisiveness. the grocery stores here are full but they have very strict rules about how you go in, make sure you don't get too many people in at one time. people have been very good about lining up outside, staying apart physically and then going in in an orderly way when somebody comes out, somebody else would go. the only stores that are open are grocery stores, pharmacies bega and gasoline stations. this is a country [ inaudible ]. there are a huge number of restaurants, they are all closed. they are very social people but they have all buckled down and the last two days for the very first time, [ inaudible ].

they haven't peaked yet. the real efforts at physical distancing are beginning to pay off and [ inaudible ] hong kong, singapore. it may start working here. stuart: newt, i'm afraid we have a hard time hearing you. it's not a clear line. i'm going to break off for a moment and hope we can reestablish a much better connection. let me summarize what's been going on so far this morning. the dow industrials with a very, very modest bounce. up maybe 200, 300 points at the opening bell. that's a gain of, what, about 1.33% after a 3,000 point drop yesterday. i'm going to say that is not much of a bounce. susan is back with us. susan, ulta, what have they got? susan: they are closing down their stores effective today.

they will be shut until march 31st. they are not providing an update in terms of an earnings report because obviously, you lose sales when you don't open up your stores. i was checking in on sephora, their competitor owned by lvmh. they haven't announced any store closures but have announced they will reduce some of the in-store beauty pavilions they have inside, so no more in-store makeup services because of coronavirus. you would imagine a lot of these retailers should be impacted, nike, apple, lululemon, under armour, that are shutting their bricks and mortars. it should show up in the earnings, you would imagine. stuart: i would imagine so. ulta closing -- they are up $3 at $165. i guess the market kind of likes that action. mike huckabee is with us, former arkansas governor and fox news contributor. governor, a lot of states still have bars open and this is st. patrick's day.

you think that's responsible? >> not really, stuart. unless they can prove that alcohol cures the virus, i think it's a very irresponsible thing because people are going to be touching glasses, touching counters and doorknobs and it seems like if mcdonald's is closing, this is sort of america's premier institution, then i can't imagine that there is some healthy decision to keep bars open. i do think one of the things we are seeing is these are decisions largely being made by local authorities. that's the right thing to do to keep it local, closest to the people, and then we will see how these decisions work out and we will have a real clear model for what is and what isn't the right way to go about it. stuart: we seem to be moving very rapidly towards more and more restrictions placed on meetings and individual contact with each other. it seems like we are getting much more restrictive by the day. i don't see that -- i don't see

that turning around at all. do you? >> i do not. i think it's necessary because we don't have a cure, we don't have a vaccine, we don't know where it's going, i don't think it's peaked out. that's what the medical professionals are telling us. when you have a pandemic, the only way you can contain it is to keep it from spreading by keeping people from each other who are strangers and who may be unintentionally affecting others and infecting them. that's why these very harsh measures are in place. nobody likes them. it's very awkward for us as americans who love our freedom and liberty and ability to travel about to be told we can't do things, go places and all of our institutions are closing, including sports, but if we don't do it, the consequences may be worse. i think the leadership on this has been exactly the right tone. stuart: that's interesting. i watched the president's performance yesterday. his tone was much more firm and he seemed to be trying to get out in front of this with more restrictions.

he's saying look, avoid groups of ten people or more for 15 days and it may last through july and august. he's more out front with it now. >> he is. he's setting the template but he's also letting the governors of the individual states make a lot of the detail decisions about schools, about specific institutions. most governors have already practiced what would be called tabletop exercises, what to do with a pandemic, which roads to close. if they have to seal off their states, how do they do that, how many people does it take to get that done. these are things that are planned years in advance. so the plan is in place. it's a matter of activating it. i think states have to make that determination. how bad is our situation here. but let those decisions be made closest to the people being affected and that's a better model and it's exactly what the president is doing, and i think that kind of leadership is the right approach.

stuart: i believe you are in florida right now and there will be a primary in florida, and also one in arizona later on today. i think the results of that primary have to be skewed because the turnout is not going to be that strong, especially amongst older people, a lot of older people in florida and arizona. the results have to be skewed. in other words, the virus is right in the middle of this election, isn't it? >> well, it is. if i were old, i would probably be more worried about it. i'm being obviously facetious there. but i do think it's maybe necessary to rethink the whole idea of anything that requires people to go out. i will be honest with you, i'm thinking whether or not i will even go vote. i have never not voted. but is it that big a deal for me to go and to risk the social contact, maybe not. i haven't decided just yet. stuart: those are decisions which each of us has to make. you have to be responsible.

that's the whole point. you have a responsibility to the community. governor, thank you very much for joining us this morning. we really appreciate it. >> you bet. thank you. stuart: this news item just coming at us. we were expecting a briefing from the task force at 10:30 eastern. that's been pushed back to 11:30 eastern. that's the briefing. now, lockdown. that's the wrong word to use. shelter in place. much of the bay area around san francisco -- ashley: san francisco bay area counties, san francisco, marin, santa clara, san antonio, contracosta, alameda, seven million people, probably one of the most radical steps taken so far in the united states. the san francisco department of health saying i know it's a radical step but basically saying history cannot allow us to wait an hour more than need be. what it means is residents are being told to avoid unnecessary travel, only leave their homes for food, medicine and exercise

which i find interesting. who would want to go out running in a time when you are being told to shelter in place? regardless, twhahat's what they say. pharmacies and banks will remain open, restaurants open only for carry-out. this is a big-time clamp-down. seven million people basically told stay home. stuart: that's a lot of people. the streets of san francisco must be an absolute ghost town. i have seen pictures from earlier this morning of chicago, new york city, boston, and i guess seattle. by the way, there's a volunteer in seattle who has got the first virus vaccine test shot. ashley: yes, the first stage. 45 volunteers, that individual managed to get, she's 43 years old from seattle says she's very proud to do this. they are not getting the virus in that shot. i just want to say, often that's done in order to build up the immune system, the antibodies, if you like. that's not the case. they will be getting two doses, one month apart, 45 volunteers.

what they want to do is ramp up that immune system, the reaction to it. so they are going to test it. if everything went really well on these tests, it would still be -- the vaccine wouldn't be ready for use widespread for another 12 to 18 months. let's just keep that in mind. this is being done in record pace but. stuart: yeah, but. ashley: still going to take awhile to get it out there. stuart: doc siegel, are you there? >> i wanted to comment on two things. one, i think i understand why running is okay. exercise helps ward off viruses. granted, you are doing some sweating but you aren't having any direct contact with people. i think outdoor exercise, extremely healthy and decreases risk of you being vulnerable to a virus. to his other point, this is a revolutionary vaccine. this uses something called messenger rna. you can understand the word messenger is very exciting. it's a piece of genetic material that transmits a protein from the virus that triggers the

immune system to respond to that protein. when it responds, you get an immune response. that is really exciting technology and i think it's probably going to be effective. it looks very very promising. stuart: thank you, doctor. stay there, please. a lot more coming from you, i hope, shortly. let's go to jackie deangelis at the new york stock exchange. you are watching blue apron, a delivery service. what's it doing? jackie: blue apron, one of those food delivery services. as people are staying home and having problems getting their amazon fresh order or fresh direct delivery date, there is backlog there, they are i don'ting using these services more. the stock is up 37% on the increased activity. this is a stock that has had a really rough time. as the volatile period continues, you might see these stocks move around a little to the upside. this is a big move today for blue apron. stuart: that reminds me of amazon hiring another 100,000 people, paying them an extra $2 an hour because they want to

keep that delivery system flowing and they are inundated with orders. let's go to susan. how about casinos? are they asking for emergency help? susan: well, airlines are asking for $50 billion. the $250 billion casino industry says we need help, too, because we are virtually on our knees. we heard from wynn and mgm yesterday that said they were closing some of their outlets and casinos and hotels on the vegas strip, including the mirage, encore and bellagio. they have been hammered, of course, with a lot of bookings being canceled. they are closed at least for the mgm and wynn properties until may 1st. they aren't taking any bookings before then. they say look, we need a comprehensive bailout package as well. when you hand out cash to airlines, you can imagine that other industries like the casinos, also the cruise lines, will also be asking government and d.c. for help as well. stuart: thank you, susan. i want to bring scott into this because the debate, we have had it this morning, is who gets the money. i think i can make a case the airlines, they are kind of a utility.

i think they should be propped up and kept in business. i'm not so sure about casinos and cruise lines. what say you? >> well, there's going to be hands out all along the way if they give it to one, they have to give it to everybody. just think of the economic, i don't want to say disaster yet, but we are talking about shutting down seven million people. this is where i've got an egrarian background. maybe i'm not that bright and don't understand but when we have say in the state of indiana, 15 cases and one death, horrible, i don't want to make light of anybody's death, whether it be the flu or measles or this virus. but we have shut down all the schools, all the restaurants and all the bars. that doesn't pass the smell test with me. maybe something's coming around the corner that the government's not going to tell me about, but i still don't understand about all this reaction with something that now we have 180,000 people that have got it cross the world, of which almost half of them have beaten it and survived and we have lost 7,000 people

globally. i'm not -- these things are not -- they are incongruent. it doesn't add up for me. stuart: i see your point but there's a political dynamic to it. which politician can stand for election who is accused of doing nothing while people die. that's the issue, isn't it? >> yes, it is. let me answer with this. last week i was on your show, i got a little worked up because i was talking about we can't err on the side of caution anymore. i said last week we had to err on the side of hysteria. we can't do that anymore. we have to be better safe than sorry. you know what? that's the strategy of losers not the strategy of winners. now we are judging everything on better safe than sorry. a coach would be fired for that. a ceo would be fired for that line of thinking. why are we going down that line with our country? this isn't my america anymore. stuart: because a politician would be fired for that line of thinking. just bringing the politics out here. there's a dynamic which i think is very important, scott.

>> i'm going to have to go with common sense. i think ultimately that will rule the day. stuart: stay with us, scott. this debate is not going to go away. it's actually very very important. quick wrap up the market. we are two minutes away from the opening bell. we are going to be up about 250 on the dow. okay. hold on, producer. i've got up 250 on the dow, got the nasdaq up 117, the s&p up 30. okay. not bad. not much of a bounce after the 3,000 point loss for the dow industrials yesterday. okay. come in, dr. siegel. you want to respond to scott? >> i love his cow suit, by the way. he's very representative of our great part of our society. terrific. i have been looking at that for days and admiring it. here's the counterpunch to his point. we don't know the denominator. we don't know how many cases there are. when we see 15 cases in indiana, it actually may be 10,000 cases. that's the problem. that's why testing is so

important. when you see somebody in the icu on a respirator from this virus, there may be countless cases that we don't know about. that's actually good news. in other words, if there are mild cases or asymptomatic cases out there, they are eventually going to cause a certain immunity and it will slow the spread of this. that's what i think happened in china. this puts the emphasis on getting the testing. if his numbers are right, then he's right. if his numbers are right, then he's right. it's draconian for politicians that want to get re-elected but i want to know the numbers before i can agree with that. stuart: if i was a sociology student i would be writing my ph.d. thesis now on the great virus breakdown because books and movies and thesis are going to be written about this way out there in the future. how did we handle it, did we handle it right, were we wasting our time, did we go too far. all those questions will be answered two or three years down the road. all right. you have 20 seconds to go before we open this market. bear in mind, please, we were

down 3,000 yesterday. a deserted bell ringer right there on the nasdaq, the new york exchange. in five seconds, we start trading. are we going to see a bottom established for this market? what's going to happen? i really don't know. we will go up a little at the opening bell. here we go. right from the get-go we are up 340 points. pretty good. lot of green on the left-hand side of the screen. i see one loser, mcdonald's. no surprise there. they have canceled -- not canceled, they have said you can't eat in. they shut the dining area of their restaurants. you can walk in and have it to take away. you can drive through the drive-in. you can get mcdonald's but you can't eat in. that's why mcdonald's is down. one of the losers on the dow industrials this morning. everything else is in the green. the dow is now up 400 points. show me the s&p. let's go through these markets. remember, there are circuit breakers on the upside as well. if you go up 7%, the market is

suspended for 15 minutes on the s&p 500. so right now, the s&p is up about 2.5%. not bad. the nasdaq -- sorry, the s&p is up 2.5% and the nasdaq composite up 2.7%. dow industrials just over 2% higher. can we go through some of the main stock, please, main stock groups. amazon is up 84 bucks. google is up 15. just over $1,000 a share there. facebook making it back to almost $150 a share. microsoft at $140, up five bucks. it was way down yesterday. ashley: modest rebound. modest. down 10, 12, 15%, kocome back 2. stuart: absolutely. the financials, again, modest, not bad comeback. jpmorgan up 3.7%. goldman is back up just 1.5%. morgan stanley is up 2%. modest rebound for the financials.

citigroup, wells fargo. wells fargo still at $27 per share. more stocks, please. airlines clobbered yesterday. they are in line for a $50 billion bailout package, tax breaks, loans, cash grants probably on the way. the president says he backs the airlines 100%. they have rebounded this morning but american airlines is still at $16 a share. united at $36. delta at $36. not much of a bounce after the carnage we have seen recently. jetblue, southwest, both of them, also moving up a little. almost all these airlines have canceled a big chunk of their schedule. cruise lines, carnival is back to $14 a share. no improvement there. royal caribbean, norwegian. question is, do they get government help. they want it. should they get it? you could say the airlines are vital. i don't think you can say that about the cruise lines although you don't want to see them go

bankrupt. thousands of people work for them. carnival is now up 13 cents. travel booking companies, nice gain for booking holdings, up 20 bucks. expedia up just 20 cents. trip adviser is up 55 cents. no serious bounce for them. dow industrials now up 600 points. worth pointing out we were down 3,000 yesterday. casino stocks. they are asking for government help again, the argument is should they get it. a lot of people will say airlines, yes. casinos, question mark, should they get it. they are rebounding this morning but not that much. wynn is up two bucks. el dorado resorts up just 26 cents. all right. walt disney still well below $100 a share. these are the amusement parks here. six flags, up but not much. they are all canceling, you can't get in. they are not open. that's revenue that's lost that won't come back.

that's a problem, obviously. leisure stocks. netflix doing okay, back above $300 a share. peloton, yeah, you bicycle away from home, don't you, peloton's at 23. activision blizzard, games company, they should be doing well. what else are we going to do at home if we are locked up? what do you do? ashley: netflix, video games. stuart: youtube. i'm addicted to youtube. the biotech stocks, they have always done well because they might come up with something for this virus. biogen, amgen, gilead sciences, all up a little today. have we exhausted the stock groups? no. drug makers pfizer, merck, eli lily, look, i will characterize all of these stocks, i think you've got a bounce. ashley: but modest. stuart: that's your lot. ashley: more positive certainly than yesterday, but we got a long way to recover. stuart: j & j, same story.

novartis, up 1%. not great performances after the big losses recently. the dow has come back to a gain of 375. literally in seconds, we were up 600, now we are up 350. 360. it's changing rapidly. health insurers cigna, centene, both of them up, a very very modest bounce. not a great performance. clorox, they can do no wrong, at $177 a share. they are up another three bucks. procter & gamble, they have cleaning products as well, of course, up five bucks at $113. 4% gain there. uber technologies has dropped below $20 a share. lyft, the ride sharers, they are down to $18 a share. that's not good news for those guys. all right. food delivery. uber technologies, uber eats, of course. grub hub is actually up nicely. you want your food delivered, i might even try it.

ashley: my goodness. stuart: i will stick to pizza in the immediate future. i might branch out from there. we'll see. let's move on. what else? work from home. slack up again, zoom, they have had a terrific run. they are pulling back. dare i say a little profit taking there. they have had a terrific run. anybody else? give me some more groups. why not. semiconductors. an indicator of the future. texas instruments coming back a bit but boeing, that's not a semiconductor stock but we will take it. boeing is down to $129. all right. they are flicking in and out. we have a problem with the graphic. no big deal. trade related, caterpillar is up, nike is up. remember, nike is closing their retail operations in the united states. they are at $67 a share. not that long ago they were a $100 company. npr, home builders, pulte, i keep saying it's a very very modest bounce. i suspect the market's looking

for a bottom, trying to find out where is that bottom, where is the long-term bottom. a lot of people are saying this is a generational buying opportunity. we have come so far down, so fast, the feeling fis yis if yo a youngster, 20, 30, 40, 50, you have a long term time horizon and can afford to go in now and probably do well in the long term. here we go. we have a presidential tweet just coming at us. quote, federal government is working very well with the governors and state officials. good things will happen. hash tag kill the virus. the president is quite correct, leadership here in terms of new restrictions clearly being taken by state and municipal governments. witness california, where seven counties around the san francisco bay area i'm going to say lockdown. shelter in place. ashley: exactly right. stuart: david dietze joins us now via skype. we are being socially responsible, keeping distance

from everybody. david is at some distance here. look, i think a recession is absolutely inevitable. my only question is how deep is it going to be. what say you? >> well, i agree with you, stuart. i think the problem is it's ultimately a health care issue as opposed to a financial issue. i think the question is how long is it going to take before we have enough testing kits so at least certain areas of the economy, certain segments of the population feel safe around people. the other thing is how long is it going to take until we have some sort of medical development, some sort of vaccine where we can stem the tide. we don't know how long that's going to be. stuart: come on, you got to answer the question. goldman sachs says in the second quarter of this year, that would be april, may and june, we will contract 5%. what's your number? >> i think that's an extreme number. but of course, we know that two-thirds of the economy is the

consumer. that's the good news. the bad news is the consumers are being told don't leave your home except for essential purchases. that ties one hand, two hands behind your back. there are some silver linings to it. for example, two-thirds of all the money that consumers spend is on auto pilot. our cable bill, utility bill, mortgage. we are going to pay that without raising a finger because often it's sucked out of our accounts right away. i think what we really need to look at is what's going on in the bay area, san francisco. what's going on in france and italy. is this a way to more mandatory lockdowns? that will make it longer. on the other hand, there is great news from regeneron, there is light at the end of the tunnel. look, we have seen flus before, asian, spanish, swine, bird, influenza a, b, c and d, polios and so forth. we have gotten through all of it. the big difference now, as the other commentator was saying, this government wants to make

sure no one gets sick if possible so the lockdown is more extreme. stuart: i'm sorry, i have to move on but i have not seen anything like this before. you can't compare this to any event in our past. i think it's going to be quite a recession. i can't put a number on it but i can't walk away from the idea that we are sliding into a recession. hold on. got to go to susan. you've got news on uber? it's dropped below $20 a share. susan: right. wow. so the reason that they are trying to contain this spread is they are now suspending shared rides where you have more than one rider in the car, and that's how you split the difference in the cost along the way. they will actually suspend that for a few days, few weeks, from what i see. they don't have a date on this but are hoping the pooled rides can contain the spread of the coronavirus. if uber is doing this, lyft will follow suit as well. stuart: that's important. now you are placing more restrictions on the number of people who can get together and

it shows up in the stock price. uber at $18 per share. that's extraordinary. ashley, we have significant developments here. uber restricting the number of people who can ride, but to me, the big deal is mcdonald's closing the dining room. i think that's just a really big deal. ashley: it is a big deal. doesn't it make sense? i don't know how many people are crowding into mcdonald's dining rooms but it makes sense, trying to eliminate people hanging out together, even if you don't know them. restaurants are key to that. bars and everything else, nightclubs, cinemas, you name it. we can't have people in any number standing around together because that's how this virus passes on. stuart: that raises the question, the new york stock exchange. ashley: good question. stuart: a couple hundred people on the floor right there. they are still open, still doing business. ashley: technically doing what the federal government and local government in new york says you shouldn't be doing. susan: i want to talk about the levels and broader markets. yesterday after that huge

selloff the dow jones is back the february 2017 levels, the s&p is back down to december 2018 levels and also the nasdaq is trading at january 2018 levels. i was talking to some smart traders on the floor of the new york stock exchange and they say equity markets are getting slaughtered but have you taken a look at the ten-year treasury yield? we are not close to the record lows of 30 basis points. still trading at 75 or so. that shows you they say the bond traders and bond market is probably a little bit smarter than equities so they don't have what they call electronic trading or they don't move as quickly with algorithmic trading. stuart: i have to tell you, as you can see, we have lost much of the gain we had at the opening bell. again, down 3,000 yesterday and right now, 50 points. i see your point about the ten-year treasury. can we get that up? .79%. well above the lows we hit ten days ago of .3%. still, there is some anxiety

there. money is still going into it. look at that. it's gone negative. ashley: not the same rate as ten days or two weeks ago. stuart: look at this. we have gone negative. the dow is down some more. off 24 points on the dow industrials. we opened up 600 12 minutes ago. ashley: when you have low volume, the volatility goes up even more. be aware of that. stuart: we bounced back and are up 12. my goodness me. that's volatility. up 600 points one minute and three minutes later, you are down whatever it is. now we are up three points. really extraordinary. negative again. now down four, 10 points. bottom right-hand corner of the screen. gerald storch is with us, our retail watcher. welcome to the program. will any of the retailers be having their hands out to the government looking for a bailout? i presume they are. >> i think they might. what you are going to see in retail is all the volume is going to be funneled into a few retailers who will stay open and

of course, amazon because e-commerce will continue to grow. you will see a lot of success in the grocery stores, target, walmart, costco, cvs, walgreens, places people go to buy necessities, and from all word, sales are actually up in these kind of locations. of course, amazon is scoring like crazy. you saw their request to the population, go work at amazon, we got plenty of jobs, we can't even handle the demand we have already. meanwhile, everyone else is dying. they are closing, shutting their stores. people i talk to say their sales were down 60% last week anyway. they are going to shut down and some will have real financial problems. they will certainly go to the government but so will everyone else. it will be a long line looking for handouts. stuart: do you think the retailers should get it? it's almost a moral question here. hold on a second. >> i will tell you my opinion. stuart: you have to have

airlines. it's not their fault they are in such a dire strait. not so sure about the casinos. they are in dire straits but you have government money going to casinos? what about retailers? make the moral case the smaller retailers who are clearly in great trouble should get a bailout. >> here's the way i think it should happen. i believe in our system. i believe in capitalism. i think government has many responsibilities. first and foremost is to keep people safe and deal with the virus itself. secondly, people have to be able to eat. we have to make sure there's enough money in people's hands who live paycheck to paycheck, they don't actually starve to death and get the medicine they need. the reason for giving people money right now is not to boost demand bus ecause it won't have anything to do with that. it's so they can eat. that's a role of government that's proper. government has a proper role in maintaining liquidity and functioning in the capital market. our banking system, we really

have to make sure that happens. then i think it's the role of the financial system and those banks and you know, who know each of these businesses individually, to decide which business is viable and which is not when we come out the other end of this. in retailing, we were going through armageddon anyway. many of these companies do not have a future and i believe it would be totally wrong for the government to start trying to pick winners and loser is in th environment whereas the banks underst understand this credit and provided they have the capital to do it, they can decide who makes it out the back end and who should go. stuart: hang on for a second. i want to get back to amazon with you in just a second. scott wants to get back into this argument, who should get the bailout, who should get the money and why. go ahead, scott. >> stuart, you got to stop the madness, okay? this is the unintended consequence of better safe than sorry. what's the price of the stock market when we have shut america down. that's the question we should be asking all the panelists. what price are the stocks when

you have shut america down because that's what the government's doing. yes, they are keeping us safe on one hand but they are going to kill us on the other. the economic consequences of what they are doing now by shutting america down will be far greater than anything the virus could do. stuart: okay. let me put that to gerald storch, because that's a very good point and well expressed. gerald, you heard it. what do you say? >> well, what's the cost of human life? it's a very difficult question. i was having this discussion with my brother who works in the government just yesterday, and we were saying look, with the flu, you have tens of thousands of deaths a year and we don't have this kind of economic armageddon. people kind of accept that there's going to be that kind of carnage every year. i don't know if that's right or wrong. i can't make that value judgment. what i can say is that most of these companies will be solvent because most of the value in these companies is in the later years of their operation. so you know, i still believe the banks and the capital system can understand which of these

credits can handle this period and should be financed and we will have a great future, and which ones shouldn't. if the system is working, then there should be the financing available for them to survive this period. i can't say how long we need to be quarantined. that really is a role of government. but i can say that good businesses that are viable still retain most of their value, 90% plus, any company is more than a year off so these are still valuable companies and we have a system called capitalism, we have banks, where people can assess them who can make sure these companies survive for the future. it's not the role of government to be bailing them out. stuart: hold on a second. i want to deal with the wild swings in the stock market because we have wild swings indeed. in the first couple minutes, almost the first couple seconds today, we were up 600 points. then we dropped to a minus 60 points, if not more. now we are back up again to plus 108 as we speak. that is true, we have swung, what, 700 points.

easily 700 point swing. that's really extraordinary. this is volatility, of course. this is what you should be expecting. i think the market is looking for a bottom. that's what i think. when you get to that bottom, i don't know who knows it and calls it but i think you are looking for a bottom. in a situation like this, this is exactly what you do. ashley: you only know in hindsight. stuart: what have you got to add, susan? susan: i hate to bring this up. have you looked at boeing's stock this morning? another drag on the dow. we are down 9%, to 2013 levels is where we are trading. boeing continues to slide. you can imagine airlines are still waiting for that bailout. if you don't get $50 billion then what happens to this industry group? stuart: by the way, boeing is costing the dow, what, 80 points at this moment. susan: at least. stuart: boeing is in line for emergency loans or assistance from the government. scott shellady, you have any problem with loaning money to boeing to get them through this? >> well, because we have shut

america down, they have now basically priced boeing stock to a level where they are not making airplanes anymore. this is how ridiculous we have gotten here. i don't like bailouts. we will get to the fact with what we're doing to this economy in order to save it, that's going to have to be the case. don't you find it interesting, stuart, with all the emergency tactics we have taken from our government since sunday afternoon, we have got the stock market behaving like it is right now? that tells me something. what also tells me something is when we have to run to .75% ten-year, i say oh, good, look, things aren't that bad, it's almost zero. .75. we still have so many things out there that are still flashing red to me because of the bailouts of all these different companies you have talked about and then what's happened to the stock market with all the aid that's being thrown at it and these ideas, it's just telling me one thing. it's still a psychological issue. until we solve that we are not going to solve anything. stuart: dr. siegel, you want to say something? >> first of all, i love the

cowboy suit. i have to say it again. he's extremely articulate on this point. i absolutely think he's right. i wrote a book on fear and hysteria. no question that's playing a major role in tanking the markets. but i must add the medical side to this which is we are having a lot of people on ventilators in icus, hospitals are stretched, there's going to be a lot of diversion, a ton of money spent on that, and that's got to be calculated into the equation here. believe me, people are getting sick from this virus. it's not all hype the way some of the previous health scares were that i covered. i'm extremely worried about the health care system and the cost. again, let's decrease the viral spread any way we can in the short term. stuart: we are doing it. doc siegel, thanks very much. look at amazon again. can you get that back up again, please? amazon is up this morning. they are hiring 100,000 people to cope with the extraordinary demand for their services. they are paying them an extra $2 per hour at least through april, maybe longer. i'm not sure about that. amazon now is up 57 bucks at $1746. susan: yeah --

stuart: hold on a second. retailer gerald storch, come back in, please. i would imagine that home delivery and the amazon style, that is the huge winner from this lockdown of america. >> absolutely. my calculation, on the retail sales report, i believe e-commerce could double its market share in retailing during this crisis. now, all of that's not going to stick but a lot of it will. once people get used to it, they will keep doing it. you can order almost anything on amazon. obviously there are some items that are in pretty short supply right now. but you can order almost anything and get it there in a few days. they're logistics geniuses, they have a supply chain that's unmatched by anyone in the world in any industry. this is the time they are going to thrive. stuart: brilliant indeed. hang on a second. i want to get to the price of oil. this morning we are at $28 a barrel. the average price for gasoline is $2.23 per gallon. all the way down.

in fact, it's falling at about two cents a gallon every day. that's your regular gasoline. andy lipour with us now. are we going to get to $2 a gallon as a national average? >> we sure are. we are going to get there by april 1st. in fact, we are on track to get down to $1.70 a gallon as the national average in about 30 to 40 days. stuart: isn't that the lowest price inflation-adjusted that gasoline has ever been? am i right in that? >> well, i'm not sure. it certainly seems that way. it hasn't been this low in quite some time. in fact, if you look at stations around oklahoma city, it's already below $1.25. stuart: wait, wait, wait, wait. oklahoma city, you can get gas for less than $1.25 a gallon? really? >> you can, in fact, you can go to a walmart or costco or a number of independent stations, it's really cheap in oklahoma, they have very low state taxes on fuel. stuart: how about the drillers?

the people who are pulling this stuff out of the ground and getting only, what, $28 a barrel for it, have you heard of bankruptcies and going out of business? >> i haven't heard of bankruptcies yet. i mean, people are looking at chesapeake, whose stock the last time i looked was at 14 cents. they are talking with restructuring experts already. i think there are going to be more bankruptcies and consolidation and of course, this is happening at the same time that russia and saudi arabia are involved in a price war that's going to continue on for the next couple of months and they are getting ready to open the taps in april. stuart: so they are going after our drillers and at the moment, they are winning. is that correct? >> they are definitely going after our drillers. whether they are winning or not is debatable because of course, they need all that revenue to support their own government budgets. we expect actually oil prices are going to continue to decline because of demand destruction, whether it's the airlines or the consumer who is driving to work is going to be substantial in

the million barrels a day type of range. at the same time, the saudis and russians are increasing production by several million barrels a day. stuart: give me a target price. if it's $28 a barrel now, where do you see it going? >> i can easily see it going to $25 as a number of people who think it can go into the teens and that would certainly be devastating to the oil we were down around 10 or $11-barrel. stuart: that is fascinating prediction, andy. we dropped about 10,000 points almost 10,000 points in about four weeks. we're down now just hit, just got back to 20,000. bottom line here, yesterday's selloff which was extreme has

continued this morning. we got a blip at the opening bell. we're down 200. you have a 800 point swing for the dow. february the 15th was it? february of 2017 is the last time we had the dow down at the 19,000 level. ashley: yeah. stuart: gone back to the 2017 level. all of us sitting on very nice profit over the past, whatever it is, three years, it's gone. as of this point it's gone. a lot of people are waiting for the bounce. waiting to see the bottom. let's see if we can rebound. this is particularly bad news for retirees. ashley: people looking at investments, saying oh, my gosh. if you're about to retire, it its scary time. time horizon, or if you've a youngster buying opportunity. but right now, you have to have a real intestinal fortitude to even think about this market

right now. stuart: let's bring in the youngster, susan li. what are you saying about this? susan: compare it to election day november 2016, 18,800. we're trading close to the round numbers of 20,000. people like round numbers. if it dips below 20,000, that is when technical trading comes in as well. i was looking at s&p. on election day it was 2139 for the s&p. you're up around 9% or so you can imagine the at administration and president trump wants to protect the gains heading into this year in particular. stuart: i want to thank people, good people who appeared with us today. you notice, ladies and gentlemen, we're keeping a great deal of distance between us all. i want to thank very much to david dietze and scott shell lady. i know you have got business elsewhere. thanks for joining us at great distance. good debate, scott, it will be continued. that's a fact. gerald storch. thanks for your input. great stuff. we appreciate it.

dow industrials are down 77 points. okay. okay, mayor de blasio, new york city, he says, the city, he, is absolutely considering a shelter in place. that is a kind of a lockdown. that is the encouragement of people, whether it is the demand that people stay in their homes. that is what he encouraging. ashley: right on heels of san francisco already taken this step. basically confined to the homes for next three weeks under that particular order. you can go out to get food, medication, exercise. other than that seven million people under that order in the san francisco bay area. stuart: they're actually considering that, the mayor of new york city, considering that shelter in place idea for new york city. ashley: a radical step. stuart: a radical step. it is part of the whole movement towards shutting things down all over the place. the market is, i think market is react towing that. because you're down 200 points now for the dow industrials.

the more you suppress economic activity, the worse the economy performs. therefore the worst the market performs. that is continuum we're on at the moment. we're down 190 points now. right after the mayor of new york city says, he is considering a shelter-in-place order somewhat similar i guess to the seven counties in the bay area, which have a shelter-in-place order. tell me, ashley, if you would, under what circumstances can bay area people leave their homes? ashley: they can leaved homes for food, medicine and exercise. that is according to county officials. interesting, isn't it. covers seven million people. they say, avoid all unnecessary travel. in other words, if you don't have to go out, please don't. only under these circumstances, get something to eat, medicine and exercise. which the doctor, you know, addressed earlier which i find interesting, but those are the rules right now in the bay area.

stuart: it is st. patrick's day. in some states the bars will be crowded. i wonder what local authorities will say to that. ashley: that can't be right. stuart: i wonder what they will say? direction coming from local authorities right. as it should in many ways. stuart: 10:00 eastern time. let's reset. the market has been open for half an hour. i'm looking for minus 200 points for the dow industrials, following yesterday's 3,000 point loss. what we're waiting for, top of the 10:00 hour, we're right there, is the job openingses. it is the jolts number. how many jobs are available. we'll get the number. i can see arc typing away. ashley: desperately trying to get it. stuart: to some degree this looks backwards. it doesn't look forwards towards what i think is recession. ashley: i got it. stuart: what have you got? ashley: 6.963 million, which is more than we were expecting by about, almost half a million. that is very good. stuart: what does that period

cover? is that for march? ashley: this is for january. way looking back. stuart: oh, that number is therefore irrelevant. ashley: because it happened between then and now. stuart: yeah, that is an irrelevant number. it is a he have strong number. ashley: it is. stuart: shows the economy was very, very strong, january and february, strong economy, but radically, radically, totally so. the housing market index from the national association of homebuilders, who has got that? susan? ashley. ashley: that would be susan. we're looking for it. stuart: that is a backwards looking number, isn't it? ashley: business inventories down .1%, exactly in line what was expected. this is, you know, that will not be a market mover by any stretch of the imagination. stuart: the market movers, the market mover, bill de blasio mayor of new york city, suggesting that new york city will be asked to shelter in place. that means the suppression of economic activity, big-time, in

america's largest, most densely packed city. big deal. ashley: feels like it is coming. it is certainly expanding. the shutdown is expanding to more and more places across the country. now we're down 219. susan, did i hear you got something for me? susan: homebuilder confidence was pretty strong. declined a bit, still solid in the month. for march, 72 number, which is pretty much in line what we've seen for the past six months, according to this nahb survey. it is backwards looking as you mentioned. i would look more less lag of reports like the weekly jobless claims and probably the sentiment surveys. stuart: thank you, susan. i want to make clear here, that is the mayor of new york city, who is considering and looking at shelter-in-place order. ashley: let's be clear. for new york city. stuart: yes. it has been imposed in the bay area, san francisco. ashley: goes into effect today in the bay area.

stuart: it is considered here in new york city. i wonder, i don't know how that would work. what about businesses? grocery stores would have to open. doctors offices, pharmacists, they would have to open. ashley: public safety, sanitation, medical services, if you're in any of those three areas, you would be allowed to get out of the house. stuart: how about tv news? ashley: doesn't say television, doesn't say that. stuart: we'll have to clarify that. but what do we say. i will be broadcasting from home. dow down 200 points. jim awad, clear stead advisor senior managing director. you say it gets worse, i'm talking about market, gets worse before it gets better, is that right? >> yeah. for a couple of reasons. first of all, as you roll out these closures and constrict the economy, the economic news gets worse and the market, the market has to have a sense where it is going to bottom before the market can bottom.

secondly, the commercial paper market apparently still not functioning in spite of everything what the fed did. you need more announcements from the fed, in occurred nation from the treasury to commercialize the paper market. fiscal stimulus from the legislative side. those pieces have to fall into place. so i think we have more uncertainty and more downside risk right here. what i would like to emphasize it is too late to sell. we will get through this sometime in the next few months. we'll look at the other side. too late to sell. too early to buy. it will get worse before it gets better but it will ultimately get better. stuart: i believe in the philippines they have closed the stock market. i don't know howlong, but they have closed the market. do you think we should consider doing same thing here? >> absolutely here. people need to have liquidity in the sense they can trade. you create pent up panic if

people are locked into positions. we have largest, liquid, transparent markets in the world. we have to have people feel they will function under all circumstances. i think it would be a big mistake to close the market. stuart: do you think stock prices at these levels are valid? we've come down so far so fast, i have to wonder, is this a realistic valuation level for american business? >> well, you don't know because you don't know what the earnings level is going to be. the stock price is the earnings times the price earnings ratio. so at this point you don't know but my estimate is sometime in the next few months you will know. i think, the credit markets will stablize, i think sooner rather than later after you get the fed and the treasury actions. and you have the best scientists in the world working on the virus. so the worst may be over, should be over in a few months. so at this point you estimate how bad a hit to the economy it

is, and then you rationally stock prices. stuart: talking about trillion dollar bailouts, trillion dollar helicopter money. that seemed to have made no difference at all to the market. should it? >> i think you have to have more in place. they're just talking about it now. so i would think, look, make money available and then people have to have the confidence, ability to spend i. the second is not going to happen while you're still having closures. so what i would say in terms of the bailout and helicopter money, it is better to do it than not to do it, but itself is not sufficient, scientists have to create a cure before people go out to have confidence to spend money. they should do it. we need all the shock absorbers we can get at this point. stuart: hold on for me, jim. we reported earlier this morning, mcdonald's is closing the dining rooms. chik-fil-a and starbucks trying to emphasize take-out. go out of the store to eat and drink. jackie deangelis at the new york

exchange. you're watching wendy's, what is the story there? reporter: wendy's is responding. in places where covid-19 is a serious problem, it will suspend in dining services. it will sell food for take-out or pickup. at drive-through windows, some other companies have said. here is the thing. as this continues to become more and more of a problem, chain restaurants will have to follow each other in this pattern because then it becomes who is being responsible and who is not being responsible. so wendy's is the latest one to do this. the stock trading down 10% on a day when we were up. now trading lower, stu. stuart: jackie, you're right, there is a dynamic driving fast-food operations to close their dining rooms. once one starts they all pretty much have to join in. reporter: exactly. stuart: i want to bring in the judge, as in judge andrew napolitano at significant distance from me there.

>> right. stuart: as you know the dc restaurant kruper plans to defy restrictions and stay open. what power does the local government say, hey you have to close? >> they probably don't have any power to compel them to close other than their norm as situation. i will give you an example. in st. louis this morning the mayor asked restaurants to close. about 90% of them did. the 10% that did not were picketed and browbeaten trying to close. some have, some haven't. look, if the restaurant is complying with preexisting health law, the government cannot force them to close. when they do close, they are doing so voluntarily, in the spirit of joint sacrifice. but under the law and under the constitution they have every right to stay open. crazy as it may sound, you and i, people watching us now have the right to go in there to eat

their food. stuart: really almost a shaming situation? >> yes. stuart: hey, you are being irresponsible, don't do it, we ain't coming? >> yes. the flipside of this is, government is vastly exceeding its power because the constitution prohibits the states from interfering with preexisting contracts. so if i have a contract to rent a theater, theoretically under the constitution they can't stop me from letting my customers come in to pay the fee so that i can pay the rental on the theater. same principle with a restaurant. stuart: been a lot of theories go out the windows in a time this extraordinary, unprecedented national emergency. >> often when these cases are challenged, the courts will defer extraordinarily to the information available to the executives that are making these decisions. in new jersey the state courts are closed. where would you file the challenges? chief justice said the federal courts, you're not closing because if the federal courts

close and state courts close, there is no place to challenge state authority. stuart: have you seen our reporting from the new york stock exchange? i'm sure you did? >> yes. stuart: maybe 100, 200 people on the floor still moving around and at same time the mayor of new york saying bars and restaurants close. we have the president saying don't meet in groups of 10 or more. now new york city is considering a lockdown or a shelter in place for homeowners of people in their apartments and homes. i don't see how the new york exchange stays open. >> i don't know how it stays open either except perhaps to argue, when you and ashley list ad few moments ago the twists that have to stay open, one that i'm not sure you mentioned but surely was on your mind was financial institutions, atms have to work. you have to be able to get cash to buy your food. you could argue the stock exchange is in that genre. by the way, you, i, ashley, susan, are protected by the

first amendment which says we have a right to go to work because our job is to be the eyes and ears of the public, by telling them what is going own. we are journalists. stuart: my employ hears every right to tell me where i may work, if i'm not mistaken. >> correct. which in case could be any one of your 25 or 30 homes. stuart: that is true, actually. not the 25 or 30, but yeah, homes which i choose. hey, judge, you're all right. thanks for joining us. don't come too near me, okay? got it. >> four floors above you. stuart: yes you are. neil bradley, u.s. chamber of commerce chief policy officer with us now. what does the chamber of commerce want for business? >> we're suggesting three things. begins with a certain principle that we have, no family and no business should go bankrupt simply because we have this period of income disruption. to help solve that we propose three different ideas to the president and congress.

one, we should suspend remittance of payroll taxes for the month of march, april and may. this would be put an additional $100 billion in the pockets of employers so they keep paying their employees. two, for america's small businesses we need to expand nationwide , immediately make available small business sba emergency loan program. third, we need to work with the federal reserve, this is going to have to involve congress and the treasury department, to create a credit facility that will make loans and loan guaranties available to america's largest employers to make sure they weather this period of revenue disruption. stuart: i got to tell you, neil, i don't see much opposition to that. there is idealogical and political opposition to it but i think we've reached the point this rising tide of anxiety, that what you're proposing will be greeted with some, with some acceptance in congress. >> we hope so. stuart: around the administration. what response have you gotten so

far? i know you made the proposals known to the administration? >> positive response so far. i think, folks are trying to figure out exactly how we put it together. we get it through congress. one of the key things, this is a.we're stressing to policymakers is, there is variety ali no industry or industrial sector in america that will not be affected by is shutdown in commerce. so we have to have broad-based platforms that help every employer and every employee in america and these type of approaches we suggested don't segment by industry, whoever needs help today or next week has it available to them. by the way, this isn't a bailout. this is money that the government will get back when commerce resumes. stuart: that is an important point. whatever money you put out there you expect to get back, maybe over a long period of time, but if it as loan, it will be paid back. >> that is exactly right. stuart: aren't you also talking about some cash grants here?

>> what we proposed for three months suspending collections of the payroll tax. so we want employers to keep paying their employees. think about it this way. an employer who sends an employee a paycheck for $1000, has to turn around and write a 153-dollar check to the federal government to cover payroll tacks on paycheck. next three months, let the employer keep the $153, more likely, more availability to keep paying a employee in the first place. stuart: last one, neil. you're talking about trillions and trillions of dollars being shelled out, are you not? >> well, right, remember two of our three proposals mean that money is coming back in the form of loans. so the up-front costs may be large to help us weather this downturn but if we can weather it quickly and keep consumers, employees and employers solvent when we come out of this, we'll get our economy right back, growing as it should be. stuart: we would love to see

that. neil braddy, thank you very much for joining us. we appreciate it. >> thanks for having us. stuart: grady trimble at a mcdonald's is beginning to should down. tell me more? reporter: stuart, they don't have any open dining rooms at mcdonald's owned restaurants across the country. i will tell you mcdonald's it seems in the minority shutting down dining rooms. there are a host of plays with open dining rooms that are fast casual kind of locations like wendy's, kfc, i think we have a graphic we can show you with all of the different places. it includes burger king, panera, dunkin'. places like that are probably keeping the option on the table to close their dining rooms. as of right now they haven't made the move. kind of a bizarre site if you look at the shot here. this is usually a very busy mcdonald's in the middle of downtown chicago. today there are not even chairs in it. they have a sign on the door says, you can't eat here. you have to come in and grab your food and go, or go through

the drive-through. they didn't even have bathrooms open for the public to use. stuart. stuart: grady, i will update that. i believe wendy's is considering closing the dining rooms. we had a report. ashley: hot spots of the virus. stuart: that's right. hold on a second, grady. they're beginning to think about, this is wendy's, closing dining rooms in hot spots where there is a lot of virus cases. reporter: not to cut you off, stuart, a lot of those restaurants we showed you still have dining room open, they're doing the same thing, like taco bell, for example, says they're prepared to do something like that but they haven't done it yet. stuart: grady, you passed judgment. seems like there is a rolling shutdown in the fast-food restaurant industry, right? >> i think what happens is, one company does it. then the next fall in line. so i think once you see a big company like mcdonald's do it, we'll see a lot more. it was the same with schools. same with major sporting events. i think we're probably going to see the same thing with fast-food restaurants.

stuart: thanks very much, grady trimble. ash? ashley: give you these headlines. u.s. senate majority leader mitch mcconnell saying the senate will not take recess until the larger coronavirus response bill is passed. he says congress has to provide direct dissans to workers -- direct assistance to workers, families, small businesses and support medical professionals. conversations on legislation is making progress. stuart: here comes the cavalry, here comes the money. it is going to arrive. don't know exactly mechanism for taking it out there. ashley: on its way. stuart: talking a great deal of money here. mitch mcconnell. go back to susan. i want you to repeat what you reported earlier about the uber and limiting the size and number of passengers because that's another part of this, what i would call a rolling insistence on social distance. what was that? susan: because they were stopping shares, pool rides. you have deliver the selections

and varieties when you other a car. share your ride, split the cost with different riders. they will end this in canada and the u.s. at least indefinitely for now. there is no dates that they have put on in terms when it ends. it takes place immediately. likely lyft follows suit. social distancing with uber rides. stuart: part of suppression of economic activity, susan. susan: i heard your conversation from grady. we heard this from starbucks as well. only places you can go in, takeaway at starbucks. you can't drink your drink inside of the starbucks restaurants. a lot of restaurants moving same way. especially with mandates from the state government, right? new york, government shuts down all restaurants and bars. i live in the west village. i have never seen the west village as dark and quiet and empty as i saw yesterday. stuart: that was the eve of st. patrick's day. doubly unusual because new york city is is jumping place on

st. patrick's day and eve of st. patrick's day. now it is not. we turned negative. now we're positive. we're break even point on dow industrials after a 3,000 point drop yesterday. it is 800-point plus swing we've seen just today. is jim awad still with us? jim? >> yes, sir. stuart: this is extraordinary, this kind of swing of 800 points, 1000 points. 2,000 points. >> yeah. stuart: i guess we got to put up with this for a while, haven't we? >> absolutely. a combination of uncertainty, medically uncertainty, economically, computerized trading. a lot of investors who have never been through a bear market and people mo are regaming etfs. that is creating uncertainty on the downside and people long term investors, rightfully see this as long-term buying opportunity. you will have a tug-of-war between the two of them. and so i think, you're going to

continue to have volatility. market, in my opinion will be higher at the end of the year than it is today by a measureable amount but i can't say it will not being down for the 30 or 60 days. stuart: we hear you, jim awad. let's go to susan, news on amazon? what have you got for me? susan: amazon will stop receiving non-essential products from sellers amides the core rohn no outbreak. non-essential, amazon become as seller for third party, parties, right? if you want to sell some goods on amazon, amazon will distribute it for you. they want to only distribute essential items. talking about clorox wipes, toilet papers, waters, et cetera. this is something i reached out to amazon on. they have not confirmed this apparently this is a memo sent companywide, as they're hiring 100,000 to try to keep up with demand of orders online. stuart: they want to focus on

orders they got, to make sure those orders are fulfilled. kristina partsinevelos, up there in ardsley, new york, at a supermarket dealt. tell me more. >> i'm in westchester at chico's. people are lining up to get into the store. they are lowing getting people in. al, the wonderful manager, cleaning carts for people. making sure they're sanitized before they enter the shop. the shop opened earlier those a little bit older, only one generation, one generation. no, no. one generation younger than me, they technically they have to be 62 years old or have breathing issues. but, they're slowly letting in now of regular store hours. they're making sure social distancing. we'll get into the store, so you can just see. the store is beautifully packed. they have eight locations across

the country. they allow people shop in advance, come early, to avoid too much close contact. and, for all those at home, wondering, oh, no, i have no produce, i have nothing. panic hoarding. stores constantly packed. seeing that across city. stores are restocked. not necessarily a time to worry too much because there is abundance of fresh goods. i spoke to joe, jr., who is one of the family members. he is owner and partner. weighed in why this was so important. listen in. >> we want to be proactive. we're part of these communities. we live in these communities. we're constantly trying to help, not only our employees but our customers. we are one big family. we're just doing what we can to help. reporter: reason i bring that up, i continue to speak to joe. they have markers on the floor. they have every second cashier open. alternative cashiers open so that there is at least as much distance as possible. you have just over here there is

a young man, lining people up. the store is moving quite quickly. there are not massive crowds in the front. they're trying to do the best this keep social distancing along with signage across the store. the not just eight locations at chico's. stop and shop is doing that. a lot of locations initiative taken by the family-run organizations or large franchisees as well to help people, to help the elderly, worried about getting sick, this is one example of positive stories coming out. everybody has been so friendly. i would like to throw it back to you, stu. stuart: that is a good example. a fine thing. take responsibility there. kristina, thank you. we're constantly searching for the latest updates on the virus. we've got an interesting item from spain. ashley has got it. ashley: it is interesting. about 47 million spaniards are on lockdown, being told you are going to stay in your house except for emergencies and going

to work and essential errands. one exception, you're allowed to walk your dog which is now, exploited, reports across the country, people are so desperate to get out, that they have stuffed animals on end of leashes trying to pretend to walk a dog, go out to sniff fresh air around meet up with other people in the park. police are upset. they will be punished if they're found, some things on social media showing people dragging along. another interesting case, 50,000 face masks were stolen from a hospital cologne. what is the big deal. they're worth just cents. on the black market face masks are worth a lot of money. indication ever panic and exploitation going on. stuart: fascinating story, ashley. ashley: fascinating. stuart: look at boeing, down to $105 a share. that is 18% down. that is extraordinary sell off. that is costing the dow industrials a lot of points. i don't know exactly how many.

but boeing is a dow stock. 162 points for the dow, costs by boeing because it is sharp decline. boeing has its hand out. it wants an emergency loan from the government. 105 on boeing right now. the dow is down 45. bob is with us, the president of goya. dare i say the bean people. am i allowed to say that? is that accurate, sir? >> stuart, happy st. paddy's day. stuart: and to you, sir. i understand that demand for your products is just astronomical. tell me. >> this, stuart, this is not our first rodeo. we consider ourselves first-responders. in period of time rico with hurricane maria, we were the only company with product on the ground. fema could not make it into the island. in hurricanes like harvey, sandy and new jersey and around the globe, we've always stepped up to the plate. we shine there.

we are proud of that. however, this is something that is unprecedented. i've been in the company 45 years. and this is the first, this is unprecedented. stuart: can you keep up with the demand? because i know for a fact that demand for your product is absolutely astronomical. i've been in a couple of stores recently. they're sold out of goya beans. can you keep up with demand? >> we are working around the clock, distributing, producing. some of our trucks reach, you know, we do direct store delivery. we deliver door-to-door. some of our trucks are arriving at supermarkets. they're taking product off the trucks. but we're working around the clock. we have, you know, we're not, you know, we have no debt. we had comfortable inventories when it started. however, we don't have, you know, bankers looking over our shoulders. so we have comfortable inventories. we have the raw materials. the thing is to produce that and

get it out to the market. stuart: can you just tell me, how much your sales have gone up in the last week? can you tell me that? i imagine they have doubled or tripled? >> more like quadrupled. you know, years ago, eating out sales surpassed grocery sales. now we, you know, people are eating at home, gathering around with family. we always promoted family eating at home, nutritious food. the good news is, also that our, you know, beans have protein fiber, antioxidants, nutrients, if you combine it with rice you get complete protein. it is a good nutritious meal. the other silver lining i see it, in 1981, there was prediction this would happen and it would disappear as it quickly came. i'm hoping this is short-lived. stuart: your family owned, privately-run. you will not go public. that is your family, right?

>> that's our family and we're very proud of the fact again, we consider ourselves first-responders. we don't shut down. we can always deliver like the post office in rain, shine, dark of night. stuart: bob, you're doing a valuable service. we appreciate you being with us today. thank you, sir. good stuff. >> god bless. stuart: you too, sir. dow industrials on the upside. it has been a volatile day. up and down, down and up. remember we were down 3,000 points yesterday. i never seen a day like that, in my life. we were down 3,000. we have no bounce to report for you this morning. normally, frequently, on occasions like this, when you have a gigantic sell-off, get a bounce-back the next day. some people see value in those deeply depressed prices. today, not so. at least not so far. the dow is up 70 points after dropping 3,000 yesterday. important note here. they were going to have this, the virus briefing at 10:30 this

morning. that has been put back to 11:30. waiting to see if there is any new restrictions imposed. i am waiting for new news coming out for example, regeneron, which apparently has break-through in terms of a treatment and a prevention of the virus. i expect some more news on that coming out at 11:30 this morning. you will see that briefing as you see it all. here we got an argument here. governor cuomo says he has no interest at all in quarantining the city. that follows a statement half hour ago from the mayor of new york city, bill de blasio, said they were indeed looking at and considering -- ashley: on the table. stuart: on the table. that was the expression, on the table, looking at the shelter in place as they're saying. essentially a lockdown, stay at home. that is what they're saying. not yet from the mayor of

new york and governor says no. ashley: we get a lot of different messages, don't we? we feel an overall sense things are progressing as as far as restrictions of the international olympic committee says it remains fully committed to the tokyo 2020 olympic games. up until this point woe will make a final decision at the end of may. interesting, they will hang in there for now. but there are a lot of doubts. we'll see. stuart: they start in july i think. ashley: yes, games themselves. they will know by the end of may, which is -- stuart: very tricky situation, because you have athletes coming from 200 countries. ashley: all over the world. stuart: all over the world. how do you screen that? doc siegel is with us? >> yes. stuart: you have got something about dog walking and masks. >> i want to go quickly over three things that ashley just brought up brilliantly. one i don't believe in quarantining new york city. it will spread a lot of panic and fear. i think we can control this without it. i don't like the idea of walking dogs. i love the idea of running by

the way. i told you that previously. the problem with walking dogs, i think dogs can harbor the virus in their fur, even if they don't get sick. they can be carriers of virus. they're licking everything. kissing other dugs. this is a disaster. i'm for banning walking dogs. sorry, guys. stuart: wait a minute, doctor, is it really that bad? a few people go out and walk dogs? >> have i ever seen it, stuart? it is a love-fest. no, i don't want it. it is potential for spreading virus. the dog is grooming itself. the virus is shedding on to park benches. no. public health, no dogs. the third thing that he mentioned i want to mention briefly is masks. i have to tell you health care workers are in huge trouble because of this run on masks. we are the ones who need the n95 respirator masks, not somebody walking down the street f you're taking care of a patient in respiratory isolation with this virus you need that filter to protect yourself. health care workers first. stuart: in interests of

informing all the viewers, some who may be joining us. tell me more about regeneron. excitement about them with a treatment and prevention, tell me more. >> they're partnering with sanofi on this. this is a monoclonal anti-body, it zooms in and attacks virus directly. it is not a cure but can be a very helpful treatment to diminish symptoms greatly. very promising. since it is already out there, not in the experimental stage, i think it can be moved on quickly. they're saying summer. you and i are hoping late spring for think, a little delay. got it. let me go to susan. you have news on tapestry, parent company much several smaller retailers. susan: a lot of high-end luxury brands. we've been talking about a lot of shuttering retail stores. tapestry, the owner of all those brands, they will temporarily close all the stores in north america and europe, at least through march 27th. that is pretty much the date we

got from apple. call all stores outside of china until march 27th. nike doing the same. under armour, lululemon. alta closing all stores temporarily. people are not going out shopping. people are told to stay home anyways. stuart: that was coach, kate spade and. susan: stuart weitzman, mid-tier luxury line. stuart: we're seeing rolling out more and more restrictions on economic act tip of the and personal contact. that is what is happening here. mcdonald's and a couple of other fast-food operations are saying you can't eat in. that is an important development. very important. ashley: yeah. stuart: think how many people would sit down at a mcdonald's every day or -- ashley: or starbucks, sitting around couches and chairs, you can't do that either. stuart: those on the screen discouraging eating in. mcdonald's is saying you can't eat in. all of them are saying please,

come in. susan: still do takeaway. ashley: carry out. stuart: that is important, susan. they're not cutting off the supply of food but they say you can't eat it here. you reported coach, kate spade, stuart weitzman, rubric of tapestry, they're closing stores through march. who else did you say? susan: alta has been a great performer, past 11 years, best performer on the nasdaq, longest bull market run. stuart: okay, what we've got here is a tiny bounce for stocks after yesterday's huge selloff. we have more and more store closings and less and less human contact. it is st. patrick's day. look who is here, christian white man, former state department official -- this tweet president trump sent out. we are powerfully supporting those industries hit by the

chinese virus. our president labeled it the chinese virus. i don't think beijing is happy about this. >> they're not. they have already issued a condemnation but right thing to do. i think the president is getting irritated at chinese political warfare efforts to distract people from the fact that they have foisted this disease on to the world. not only have they done that, and trying to cover that up, at least sort of mask that, their foreign ministry spokesman implied this may have been created by the u.s. army somehow spread to china and somehow spread to the world. secretary pompeo hauled in the chinese ambassador. complained to him. make sure the media saw him leaving the state department after he got his talking to. now i think the president jumping in as well. stuart: i understand that china reported only one new case today. that is the lowest number since the whole crisis began. are they exploiting the fact that they may have come through on the other side, exploiting their advantage over say, europe

and america because we're not yet through on the other side? >> i think so. as with anything that comes from the main land you have to be skeptical. we got numbers from january and february, much, much, much worse even the most pessimistic analysts said about the business on the mainland. japan, especially taiwan, south korea, singapore, they are over the hump on this frankly that out to be an indication maybe we're overreacting here. these economies, health systems less advanced from ours are gotten through this. stuart: i'm hearing a lot, christian. we're overrhee -- overreacting, do you think so. >> absolutely. we have politician induced hysteria, q2 will be off, eight or 10 points on annualized basis? this is now also put the election in question. the democrats will certainly try

to blame this on trump. it is unclear if they do that. if they succeed, that means we'll have a different president next year. i hope that is the not case. yeah, this is a huge overreaction. stuart: isn't there a political -- saying this to our other guests, isn't there a political dynamic here? if the president or leading politicians stands up and says, no, i'm not going to take drastic action on virus, other countries have, i'm not going to, that politician is toast, isn't that true? >> no. it takes courage not to be a lemming, that is what we hope our leaders do. look at taiwan for the example. stuart: hold on a second, sorry to interrupt you, christian. look at brits for a moment. boris johnson until 48 hours ago was suggesting that maybe it is a good idea to have everybody exposed to it so we get immunity on a mass basis? that was up until 48 hours ago. now he has changed his tune. now he is saying, social distancing, please. so there is a politician who stood out, got knocked down and has to retreat.

>> yeah. well, there is hysteria afoot. i think what you could do is calmly point out we have case studies. look five juan where they kept mortality and infections surprisingly low rate. next door to china. there was a lot of commerce. they were aggressive. they stoptravel aggressive with testing. didn't tell all the waiters and retail salesman everyone else in their country good luck, you're not allowed to work for next month. they gotten this under control. if you bring facts to compare, contrast our public health system with italy especially iran or mainland china, we're talking night and day difference. stuart: we can't go backwards, can we? i can't see politicians at this point, now you can mingle again. we went too far. you can mingle, that is not going to happen is it? >> we have 50 states. certainly i think governors of many states, including unfortunately this one, colorado, just told workers good luck, you're taking the month

off, see you later. maybe some states will decide not to do that. maybe some states will say our incidence of wuhan coronavirus are actually limited. we're going to act aggressively when you have outbreaks in certain locations but we're not going to uniformly shut down the state economy, wage war on our own workers. i think they're actually might be some people willing to do that. we'll wait and see. stuart: tell me about the restrictions that is imposed in colorado. >> yeah. 30 days, not 15 days the president is talking about. not limited to just say denver airport or places with a lot of international travel. the whole state, even rural parts, now that every coffee house, every bar, every restaurant, closed for a month, no plan in place to help the waiters, restaurants owners, baristas, retail workers, you name it, nothing like that to help them this is just hysteria that is inducing a recession in our state which has very little

incidents of coronavirus. stuart: just out of interests, christian, what about the pot shops? are they still open? >> that's a great question. i don't actually know. i will look at them. go to the mall after this. i figure there will be excellent deals. i will have to report back to you on that one. stuart: don't worry about it. but you know if you are keeped up in your house, some who would say, send in the liquor and let's have a joint or two. i can see it a mile off. >> it will make binge-watching mack numb -- "magnum p.i.",. stuart: george seay. we were going at it several times last couple weeks, do you see the bottom, is it time to buy. every time you've been on the program you said, i don't see the bottom, won't buy yet, it is going further down. what do you say today?

>> i'm saying people should be very carefully getting in, stuart. i'm not calling a bottom today. i think we have a lot of bad news ahead of us next two, three, four months. we're down 30% f people have dry powder, they need to start looking at it as a gift. that they have something they can put to work in the market. first time we've mad attractive prices in several years. they need to start now. they need not to time the bottom precisely. they need to get to work. if we go down further, get more aggressive. stuart: would you go towards those groups of stocks like airlines for example, or even the, the cruise companies or maybe the drillers? would you go to those really, really beaten down areas. or would you go for a microsoft or amazon? >> i might take 10 or 15% of my portfolio and put it into more aggressive industries that have been severely affected by the china virus but with 80, 85% of

my portfolio i would be putting in best of the best. you're getting to buy apple today at, $80 off where it was a month ago. what a gift. i would be going for best of the best because prices are across the board a lot pour attractive now than they were then. stuart: some people call this a generational buying opportunity. once in a lifetime buying opportunity. without looking for the bottom, would you agree with that? >> i was a history major in college and i really care about history and i think people saying that they're not reading their history because in 2008 we went down 57%. in 2002 we went down 60% on the nasdaq. it is not generational yet but there is a good chance it will get there. i would say the pace of decline is generational, pace of depression declines with economy doing spectacularly until we had the virus come up. i view it as a gift. i have don't think we'll stay down here for years and years like the depression.

i think we'll get a significant bounce after all this happens and i guess eight to 16 weeks. stuart: when do we get to the old highs we saw in february, 29,000 for example. >> i don't like to agree with goldman sachs. they expect us to get back to 3200 on s&p by end. year. i think that is reasonable projection. i'm not going to second that but i would like to see that happen. i think sometime next year, we're likely to get ad or near the highs because, with interest rates where they are right now, we're back to the thing, when the economy starts humming again, you have no alternative to stocks in your public investments. this will turn around. stuart: for somebody in their 20s, 30s, 40s, 50s, even low 60s, qqq is not such a bad deal, it is index, a lot of technology, if you say nasdaq gets back to old highs in about a year, that is a screaming buy for somebody who has that kind of time frame?

>> it is a screaming buy. people are looking, saying look out below!, looking off the cliff, what they should be doing instead looking, if you get back to 3200, 3400, the old highs the projection goldman made, you're making 35% from these levels that is a great return. people should think about that. if it goes lower a bigger opportunity. you want to be more greedy as warren buffett says the lower we go. stuart: got it. george seay thanks for coming by. we'll be after you looking for the bottom. >> thanks, stuart. stuart: appreciate it. earlier today we've been discussing new york city. the mayor was on the table, says, this is on the table, shelter in place for all those people who live in new york city. in other words, don't go out but new york's governor, andrew cuomo had something to say about that. arc? ashley: starting to say that based on the data and what experts the peak is expected around 45 days.

so we're in this for a while. he says the state will need up to 110,000 hospital beds. right now they have only 53,000 ready, which puts it in perspective. as many as 18,000 to 37,000 icu beds are going to be needed. i think there is like 3,000 in the state right now. he says the icu bed is different of course from a regular hospital bed. has all additional equipment. notably vent ventilators. stuart: 45 days to the peak, peak in ha days. ashley: month 1/2. stuart: month 1/2 to the peak. new york city governor, new york state, governor. ashley: yes. stuart: jennifer schoenberger is on the phone. breaking news from, what have you to the here? >> good morning, stuart, the fed is establishing a commercial paper lending facility. this comes with approval from treasury. the commercial paper market has been under considerable stress in recent days. this facility should hopefully

encourage investors to start engaging in the commercial paper market again. fed thinks it will help with businesses maintain workers, jobs investment while dealing with the coronavirus outbreak. now this is the same facility that was in force during the financial crisis. this is really what the market has been waiting for. investors didn't feel that the fed's previous actions on sunday had gone far enough to fix some of the financial plumbing. treasury will provide $10 billion in credit protection under this facility. so this should be pretty helpful for markets. again, short term, commercial paper really short-term bonds issued by companies for financing like things like inventory. stuart: okay, jennifer. we've got the fed setting up a facility to support the flow of credit to households an businesses that should be positive news for the market. jim awad with us. is it? >> it is critically important.

what i suggested needed to be done during our last hit. this, this is critically important to the commercial paper market through the financial plumbing and for the economy. it was expected. it was anticipated. it is eagerly, eagerly received. it is not enough to put a floor under stock prices. it is part of a building block putting a floor under stock prices. now it is up to the scientists. stuart: i don't know the mechanics of this, but if you make a facility like this available, to pump money into households and businesses, regardless who does it. that is pumping money directly to those who need it it of have i got that right? >> giving money to those who need it. now the second question is the velocity of money. when it starts to turn over you guest an uptick in economic activity. absolutely critically necessary, not sufficient in of itself to

get us out of the situation. we wouldn't have gotten out of the situation without this happening. stuart: we had immediate 150 point swing in the day. literally seconds we were up 200 point gain. we're up 144. i guess we have to live with the with the extraordinary volatility. headline from the fed market reacts. up and down all over the place. it is not going to change, jim. >> it it is note going to change in the short term. but bigger picture we'll get out of this. best scientists working on this 24/7. you have the most powerful resilient economy. two or three years now we're talking about this, like we talk about the crisis of 2008. it will be in the rear view mirror. it will leave a scar. we'll go to make new highs in the economy and stocks but not

yet. stuart: the dow is up 200 points. that is a 200 point swing in matter of seconds. we like that. ashley: headlines out of spain which is now really been taking large number of cases and deaths unfortunately. they have approved suspension of mortgage payments for workers affected by coronavirus outbreak. they will be spending a package around 20% of gdp, an economic package to combat what is happening. stuart: good lord, 20% of america's gdp would be five trillion. unfortunately how big it is. >> that's huge. stuart: we've been telling you all day long what is doing well. we have jackie ad the exchange telling me about boston beer. doing well i see? reporter: stuart, up 3 1/2% after analyst upgrade. mkm analyst that covers it taking it from a neutral to a buy. price target is the same, 351. that is well above 317 it is trading right now.

why? if people stay home, hunker down, they will do drinking at home as well. these defensive stocks do well at times like these. i was reading the post. they were talking about the coronavirus. they interviewed somebody in new york city that sells marijuana. he says his sales were up too. back to you. stuart: i do understand these things. jackie, thanks very much indeed. we have the dow now up 130. what we're looking at essentially is extraordinary volatility. it is a headline driven market. headline on new york city, the table they say shelter in place. market reacts. governor cuomo saying we'll not do that in new york city. he is the governor of the state. you have movement backwards and forwards all day long. this will not go away. the latest headline came in as you heard, i will repeat it from the fed. they set up facility to use moneyp for households and

businesses. put the money out there, so the system doesn't seize up. people really need the money can get it very quickly at virtually no interest whatsoever. we're coming up on 10:51. precisely that moment. here it is in three, two, one. joining us live on the radio is brian kilmeade, host of the brian kilmeade radio show. brian, i was watching you on "fox & friends" earlier this morning, you got kind of annoyed at those people on the beach in florida. lots and lots of people on the beach, mingling away. you thought that was highly irresponsible. say it again. >> well, how about this, stuart? we can't get, we can't go across the street to get a beer but they can go out and hang out as if there is no, there is no coronavirus plaguing the country and dare i say the world? and listen, i know in west virginia and someplaces in the midwest they haven't been touched. i get it but on the coast they have been touched.

i saw 157 positive cases. if we could test more, that would probably quadruple. they could do it in naples, but can't test here. a lot are paying attention to what is going on. homeschooling is responsible. what memo are they not getting on the beach? where are the parents? stuart: there is lots of talk on the program and elsewhere that we've gone too far. we created this crash in the economy, for no good reason. but what you're saying is, we should have even more restrictions on people getting together. >> did you see numbers in italy. stuart: you don't need me to tell you. it is st. patrick's day. people are going tote bars in some states. again you think that is responsible? you should stop them doing, it you think? >> did you seep numbers in italy. they ignored, what the people at spring break are doing. they ignored everything. they didn't care, drinking, hanging out, doing three hour lunches. now you have, they have 27,000

cases. the numbers of deaths are staggering. they have lost 360 people on monday. they don't have enough ventilators to go around, so many people are suffering. some are in their 30s by the way. italy lost 21358 people. china is 1000 ahead of them even though we don't believe anything out of chinese days. if they're not going to pay attention, we're wasting our time. as a country we have to get on the same page. now the president gave guide lines but he can't crack down everywhere. one gofer in ohio says i will not put people in peril. no voting. we have the governor of florida, arizona and illinois saying i don't see a problem with it. i mean what are we doing? stuart: do you want, if you could, if the president could do it, would you want president say right, federal crackdown, shelter in place, don't go out of the house, two weeks, do you want that? >> as far as i can tell i looked

through my notes. this is my first pandemic, as far as i can tell we're in unplowed ground. however if you look at south korea, if you look taiwan, what we believe out of china, the way they did it, they clamped down, two or three weeks. got on other side of it. numbers started to decreasing we weren't at it. if you figure we get on the side of this, as well as get better on testing as lab co-and quest get on line. this gradual thing is driving everyone nuts. we're evacuating health clubs, bars, casinos, all these people are out on the street, wonder if washington is writing checks they can't cover. it is all on overdraft. half the country is ignoring. stuart: you have to ask the question, would america and americans, all 325 million of us, would we buckle under, stay at home, don't go out for two weeks? would we? >> i don't know. is it buckling under or do you have a plan b? the other plan b is ignoring it.

then we end up with dozens, hundreds, dying, like in italy. in spain they're locked down in spain. are they not determined people? stuart: what's going on in america at the moment is, that you target hot spot areas and states and say, right, we'll clamp down there. but we're not, it is a different situation in montana, for example. wyoming. you don't want to clamp >> that's a good point and i'll accept it. on the coast it's pretty clear that's where they're targeting. if there was pervasive testing and we really believe there's only 157 positive tests in florida, then maybe, stuart varney, it would be effective pushback but we know there's not effective testing. we know in teaneck, new jersey they gave up on the cdc because they didn't even record one positive test there, yet we know it's the epicenter of new jersey positive tests. in new york, they are doing a

stand in place rule that could go into effect. that means you are only allowed to go out to the pharmacy and to the food store. so what am i missing here? stuart: okay. fair point. this argument is going to rage and rage and rage and we are in the middle of it, actually. >> i have one more point. they say, the virus experts say the other thing to do is what maybe the uk is doing. they are saying build up immunity to it. most of the cases are mild. keep the seniors inside and then we will get that immunity for when it starts reinvigorating itself in the fall. listen, let the experts do it but pick a plan. the halfway plan is not going to work. stuart: all right. we do hear you. the debate rolls on. see you again real soon. thanks very much. joining me is will hershey, round hill investment ceo and co-founder of nerd etf.

welcome to the program, sir. this nerd etf covers what? what kind of companies go into that? >> we are primarily investing in companies that are producing video games as well as video game hardware. we kind of look at the current situation with kind of the stay at home trade playing out, with zoom, with food delivery. we think video game companies are really positioned to benefit here as people practice social distancing. stuart: it's e-sports, that's what's in your etf, isn't it? e-sports kind of companies? >> that's exactly right. we are starting the so see e-sp event which have been filling up arenas and stadiums start to take place online. stuart: look, i don't have a chart available. i don't think i do. about the performance of your etf. i take it it's done well and gradually getting better? >> i mean, i think in markets like this, you have correlations

go, you have indiscriminate selling. we have certainly seen that but all the data points that are starting to come out are pointing to outperformance here. we just saw steam, the new all-time high in terms of users, 20 million people on the platform at once. twitch, a popular platform for watching other people play, hitting new records as well. stuart: i have a chart of your etf on the screen. it's not absolutely great. it's actually come down a bit. you're not gangbusters here. >> no, definitely not gangbusters. like i said, i think it's just a matter of time before the market stops being in panic mode and really starts to figure out where is the value, not only in the short term as we deal with this coronavirus, but over the long term. where can you find spots to maybe enter and find attractive values, companies that maybe won't even be negatively affected but maybe benefit from what's going on. stuart: good luck to you, sir. appreciate you being with us. you certainly seem well placed

for a lockdown. got it. thanks very much. okay. we've got the dow now up 140 points. we have to cokeep going back to this. i guess it's the fed -- they are ramping up lending, to put the money out to households and businesses that need it, making the money available. that was originally taken as a nice positive. the dow went up 200. now we are up just 164. that's the story of the day. whopping great decline yesterday, extremely modest rebound today. i would hardly call it rebound. we are almost settling at the levels we closed at yesterday. look at that dow, 20,360. that means we have lost 9,000 points since mid-february which was the high for the dow. i can't remember the exact high but we are down 9,000 points. at one stage this morning, we actually dropped below the 20,000 level. extraordinary stuff. coming up in the next hour,

we have all kinds of good stuff for you but one program note. we going to keep showing you on the left-hand side of the screen lots and lots of different stock groups. if you can keep in touch with the stocks that you actually own, how far down are they, how much of a bounce have they actually had. it is now 11:00 eastern time. that's new york city for you. it's a very quiet new york city, even though it is st. patrick's day. it is deathly quiet. it's a ghost town, for heaven's sake. it's never been like this before. 30 minutes from now, we are going to get a live update from the coronavirus task force. this will be important because we want to find out if there are any new restrictions or suggestions for new restrictions on our personal movement and social interaction and we are going to get the latest medical news. we understand regeneron has an interesting, they are testing what is a treatment and a prevention item. the stock is way up. it is promising.

senator bill cassidy joins us now, republican from louisiana. we are talking now about major, major stimulus going in front of the senate, $850 billion is the latest package we hear. when are we going to get this through the senate? >> i think it will be soon. obviously we want to think it through, make sure the money's used wisely but i'm all about we need to put americans back to work, create demand, if you will. i would like to see an infrastructure package. this would be the time to put working americans in construction, draw through for manufacturing, stimulating service economy. i think it's the way to go. stuart: what about this bailout money? they are calling it a bailout, money for the airlines. they want $50 billion. should we be doing that? >> i think we have to have an economy that holds in place until this is through. clearly having rapid transportation is an incredible enablement of commerce, of business, of medicine, you name

it. if somebody needs a liver transplant, they are cross the country and have to get to new orleans, they need a flight quickly. we want to preserve this industry, not let it fall into the rubble until this coronavirus is through. i'm agreeing that we need to support those industries that we will need when this is all over. stuart: it looks like we've got a trillion dollar package here and trillion dollar package there. looks like we really are opening up the financial spigots and the money is going to flow by the trillions. but you know, the stock market is not reacting to that. i know you're not a market watcher, i understand that, but why has there been no response on the financial markets to this trillions and trillions of dollars that's going to be hitting the economy pretty soon? >> i'm a gastroenterologist. i will make an observation from a guy with a 401(k). the market hates uncertainty. right now, uncertainty is the currency. as soon as we have certainty, whatever that is, i think the market will begin to build that into their models.

as long as it is uncertain, we will have an uncertain market. stuart: should we be rolling out more restrictions on personal activity and where we meet and congregate? i understand that new orleans has shut down. i don't know that for a fact but i believe that's the case. should we be rolling that out to more and more places cross the country? >> simple answer, yes, because if you are in a place where the number of people are doubling every day, even if you don't know it, by testing, you know it because of epidemiological principles, then yes, you should. it's loike a penny. if you take a penny and have two the next day and four the next, pretty soon you have $11 million. right now we have one case, two, four, six, eight, now pretty soon we will have a million people infected. we are trying to avoid that. the only way so far to avoid social distancing, avoiding crowds. stuart: would you make any distinction between the airlines getting some money and the

casinos getting some money or cruise lines getting some money? >> i think that you could make a distinction in the sense that airlines are essential to commerce, essential to medicine, essential to education, but the tourism industry does employ a lot of people so it's not just about future commerce but also about the people whom they employ. we have to think about the gig economy. i had a telephone taown hall lat night, a woman has an airbnb. she is negatively impacted. we can imagine she took a note to maintain that and now has no visitors. we are going to get through this but when we are on the other side, we want to be in good shape. that's what this is about. stuart: senator bill cassidy, republican, louisiana, thank you. we appreciate you being with us. >> thank you. stuart: sure thing. hillary vaughn at the white house. the president just spoke with restaurant industry executives. tell me more. reporter: that's right, stuart. he just wrapped a call with several restaurant groups including chick-fil-a, dominoes,

subway, mcdonald's, yum brands as well. he said they all agree they are going to encourage customers to i don use other options besides dining in, use takeout, delivery, whatever options are available. the president in the readout of this call said all executives said they are going to do what it takes to make sure they flatten this curve of the coronavirus, not only on the call with president trump but also secretary steve mnuchin, larry kudlow, also talking to these executives that represent hundreds of thousands of employees and restaurant workers around the country, and i think the key here and the message is not just keeping customers safe but also keeping those restaurant workers safe, too. stuart: i take it the message was also we are going to get money to those people who are adversely affected in the restaurant industry, give them some money? reporter: stuart, yes. that's certainly part of the conversation here and we are expecting a white house briefing about half an hour from now.

that's something that's going to come up because we heard about the airline money but what other industry is the president considering helping out. wl we will ask that today. stuart: thank you very much indeed. we have been running restaurant stocks on the left-hand side of the screen. they are absolutely taking a beating as restaurants close, there is no demand, no revenue coming in. they have all these costs to meet. they are making a loss and the stock price reflects that. the dow is up 229 points. it's a volatile market. jason katz is with us, ubs managing director. what are you telling your clients? you manage the money of wealthy people. what are you telling them to do? >> well, a little less wealthy, unfortunately, in light of what's happened in the last month or so. what i'm telling them to do is take a deep breath, take a step back here. going into the financial crisis, it was a very different setup than we have today. banks are in considerably better shape from a capitalization

perspective. all that the fed is doing, the fiscal stimulus that's coming down the pike, that's not intended to boost the stock market. that's to sort of make sure the pipes are working. so what i'm telling investors to do, if they are appropriately allocated in equities, to go to the varsity team, upgrade the quality of your portfolio within the context of equities you have. if you are underweight equities and you are liquid and have the fortitude, the success of you stepping in now is not going to be measured in days or weeks, maybe not months, but in a few years from now i think people who leg in now are going to be rewarded. stuart: some possibly haeople h described this as a once in a lifetime buying opportunity. would you go that far? >> well, we won't know. the end of the world only happens once and when that happens, none of this really matters. i do think that we have to look at other periods and i have the battle scars as you do in terms

of 9/11 or the tech wreck or financial crisis. the financial system is in much better shape and the bazooka that the fed and that our regulators and that our policy makers are learning from the past and implementing now, i do think for those that have runway, those that have time, those that are properly allocated, those who can step in either hold or buy, if you are fortunate to do so, will be rewarded. stuart: would you be willing to say you can see the bottom from where you look now? >> i do math and i looked at historic perspective and average bear markets decline around 34.5%, 35% which would bring us to around 2200 which is another .8% downside from where we are here. or let's look forward, what if earnings drop to $147 on the s&p. you apply a 16 times multiple. why not 15? because in a zero rate

environment, earnings are worth more. that gets us to a target that's perhaps 5% or so, 7% where we are today. i don't see this becoming the next financial crisis. it's a health crisis, perhaps it's a solvency crisis but i think our policy makers are getting ahead of that. stuart: can i sum it up like this. you do the math and you think we are maybe 5% away from a bottom? would you say that? >> i think we are groping for a bottom. if you think they will see a 10% decline in earnings year over year, yes. i will sum it up this way. a $500 billion hit to the economy, perhaps it's a little bit worse than that, does that equate to a $10 trillion drop in equity prices? it simply doesn't compute. doesn't mean it can't get worse. it just means when there's hysteria and blood in the streets, if you keep your head about you, you either don't lose a lot or if you are fortunate enough, you can make a lot of money. stuart: i wouldn't have your job

for $100 billion a year. i don't know how you do it. facing all those wealthy people who are a third less wealthy. that's tough. good luck. >> this is the life i have chosen or it's chosen me, one or the other. stuart: it's a calling. that's what it is. got it. jason katz, thanks for joining us. appreciate it. joining us on the phone, scott gerber, the gerber group ceo. scott, you own restaurants and bars in new york city. how are you coping with this? you've got to close down. how you getting money to your employees? >> good morning, stuart. thanks for having me on. yeah, it's been a really really tough few days. we laid off 400 people over the past few days. there's no end in sight as to when we will be able to reopen. our corporate office is working voluntarily. but we will get through it. there will be an end and we will get through it. we are holding on to our cash, working with our vendors, larger

vendors that can wait on payments. obviously our smaller vendors that need the payment, we are making sure they get paid. we will survive this. it will just be a very painful time. stuart: what about the workers you have laid off? are they eligible for unemployment pay or any other kind of benefits? have you heard anything from the administration, because there was a meeting this morning, the president did a teleconference call with restaurant owners and i understand that there is a plan to get some money to you guys. have you heard about that? >> we haven't heard about getting any money to us. what i have heard is they have waived the seven-day waiting period for our employees to get unemployment. that will help a little bit. but i have also heard rumors about maybe some small business loans with no interest but we haven't heard anything specifically about that. fortunately we have been prudent in how we managed our money. like i said, we will get through this as opposed to some of our friends that really just live month to month and they may not be able to survive. a lot will be dependent upon how

cooperative our landlords are in being reasonable and letting us delay rents and things like that. but it's definitely a very tough time. stuart: you just couldn't see this coming, could you? who could see this coming? nobody could. >> no, you know, in our business we always say in good times, people drink and in bad times, sometimes people drink more. we have never really been affected by swings in the economy. yes, a little here and there, but no. nobody could have ever imagined this. i never in a gazillion years could have imagined closing all our places. stuart: do you do take-away, anything like that? >> no. it really doesn't make sense. our businesses are really not about people coming and picking up. most of our places are bar-focused and just the costs, if we thought the community would benefit from this, we would do it, but we started doing pickup and to go two weeks ago and it just seems like people are going to more of the quick service outlets to be able to get that more so than a full service restaurant. stuart: it's st. patrick's day.

because it looks and feels nothing like st. patrick's day. you must have lost a ton of money. >> yeah, we have lost a ton of money. st. patrick's day is one thing but you know, we saw our business drop 80% starting at the beginning of last week and you can't make sense of that. it's an unthinkable situation. stuart: the thing is, it's gone. it's not like you were selling a pair of shoes, they didn't buy the pair of shoes but you will sell them again in three or four months' time. that meal that you did not sell does not come back. >> no, that's true. but we are really confident that there is going to be an end to this, people will want to go back out, they will want to celebrate life, they will want to have social interaction after being cooped up so much, and i'm confident we are going to come back stronger than ever and our staff is going to stick with us and hopefully, we will be in position to make up whatever they have had to give up for the sake of our company. stuart: we really wish you well. thanks very much for coming on

the show. you are in dire straits, we understand that, but there will be life at the end of the tunnel. we will see you again, when you see the light, come back and see us again. appreciate you being here. lauren simonetti joins us with news on tesla? lauren: good news, but the stock is down. okay. so the model y, the crossover delivery, the first one has been delivered. get this, stuart. six months ahead of schedule. tesla delivering a car ahead of schedule. separately, their san francisco factory will remain open. san francisco is shut down, shelter in place, yet that factory is open. if you feel sick, you don't have to go to work. elon musk tweeted this. he said danger of the panic, the coronavirus panic, so far exceeds the danger of the coronavirus in his opinion. that's how he feels about it. stock down 2.5%. stuart: tesla at $433.

literally a couple weeks ago, wasn't it $1,000 a share? it topped $1,000. extraordinary. lauren: up until february 19th it was up 119% from the beginning of the year until mid-february. now this with everything else is precipitous. stuart: who could see this coming. it is extraordinary. lauren: this is a market looking for cash and looking for a cure. we are searching for cash everywhere we can. fed's helping out there. the cure, we are working on it. stuart: two items real fast. the dow is really doing nicely now, up nearly 500 points. it's a really choppy market, believe me. you are up nearly 500 at this point. ash? ashley: i want to talk about france. we look to europe to see what we may be facing and what lessons can we learn. the french say they have learned closing schools, cafes and nonessential shops have proved insufficient. now the country is essentially on lockdown. macron, president macron addressed the nation last night

and says nonessential travel, we are going to enforce this. in order to travel in france you have to have a form that's filled out and properly validated. otherwise you will be fined $150, u.s. dollars. in other words, they are trying to shut it down. the land borders have been shut in france. if you are a citizen, you can get in. if you have family, et cetera, but no one from the outside can get into france. stuart: that is the most draconian crackdown we have heard, maybe like italy but i think it's even more, actually. ashley: it is. stuart: extraordinary. okay. now the dow is still up about 448 points. do we have doc siegel with us? dr. siegel, tell us, for those viewers who are just joining us, we have what i think is positive news on regeneron. tell me what we've got. >> there's a couple of stocks to watch today from a biotech point of view.

regeneron being one of them because they are starting to do some push to get regeneron's treatment, a monoclonal antibody that targets the virus directly. it's exciting and potentially a very good treatment. we are also looking at remdesivir which is getting farther along in clinical trials. also of note is quest diagnostics and labcorp, both finally starting to roll out their plan to test hundreds of thousands of samples. thermofisher and roche make the two tests we are talking about. i would watch both of those. the other thing i wanted to bring up here is brian kilmeade talked about how in great britain, this wouldn't surprise me given the national health service, they are talking about a theory where if younger people get infected and have milder

symptoms, that will build a herd immunity that will slow the virus. that is actually true from a medical point of view but extremely dangerous because as you might imagine, you can't predict who is going to get sick from this and you can't predict what young person is then going to spread it to an older person or somebody at high risk. i'm concerned about that. of course, i'm also concerned about our hospitals and the surge capacity issues, whether we have the ventilators we need. finally, i want to issue an apology to all dog walkers out there. in the last hour, i said don't walk your dog. i should have qualified that and said stick to your quarantine area. just don't go out in the park. that's all. stuart: just confirm this for me. at 11:30 we get the coronavirus update, the briefing, the latest one. i expect to hear more about regeneron, remdesivir and the ventilators and hospital beds. am i right? is that what we are going to hear? >> he's going to probably talk about how the testing is rolling

out and i bet he will make the point about the vaccine, moderna vaccine tony fauci is so excited about starting clinical trials. hopefully he has some good news, maybe premature, but these restrictions are because of a study out of great britain that claimed that over two million people could die. the problem with that is it's pure mathematics, not based on reality and not based on the fact that there are probably mild cases out there that are going to slow this. the vaccine is an exciting piece of news. stuart: sure is. all right. it's exciting for the stock, which has gone straight up. just a few moments ago, lauren brought us the story of tesla delivering its first model y. now she's got news on ford. what's that? lauren: so ford is temporarily suspending all their european production effective on thursday in response to the coronavirus outbreak in europe. the stock is down four cents at the moment. interesting, as we are looking to medical supplies and ventilators, it's been reported

some auto makers including ford were asked by the british government to actually use their capacity and manufacturing to make ventilators to help with the coronavirus. thought that was an interesting request. nonetheless, ford is temporarily suspending their european car production in response to the virus. stuart: what i found fascinating was the stock at $4 a share. lauren: i know. stuart: it's been cut in half the last four weeks. extraordinary. let me bring in jason katz again. jason, you look at markets all over the world. your clients, they invest all over the world. what do you make about europe? we just got news from france, there's a total clampdown there. what about the markets in europe? do they offer any opportunities, you think? >> well, i would say you should have a home bias right now. there are extraordinary dislocations in the european market and valuations are just eye-poppingly low, but this is a

time to sort of rely on the resill senr resiliency of the american people. we surveyed our clients and remarkably, this was last week, we surveyed our business owners and 69% of them even in spite of wa what's going on with the virus, are still optimistic about the economy and their business in the course of the next year or so. i would rather that here first than abroad. stuart: jason, thank you very much. let me move to the market which i notice is nicely higher now. we've got a gain of 500, 600 points for the dow industrials, nearly 600. that's nearly a 3% gain. again, you've got to point out that yesterday we were down 3,000 points. a gain of 575 right now is not much of a bounce. that's the way it is. on the phone with us, george santos, new york congressional candidate who tested positive for the virus.

tell me how you feel now and where are you? >> how are you? thanks for having me. i have been in quarantine since monday. my symptoms started arising on monday and they progressed rather quickly. b by wednesday i was spiking a fever. first course of action was go get tested. i called into the hotline in new york and they suggested calling 911 for an ambulance to avoid further exposure. by the time i got to the hospital i was promptly isolated and swabbed. it was a pretty seamless process. saturday morning i received the news i was positive. and i'm here, recovering, doing fine. i just think it's an opportunity to let everybody at home know that this isn't a political issue. this will infect republicans and democrats alike. it's time for unity and to heed the warnings to avoid further exposure so that we can all stay healthy. stuart: fair point, george. definitely a fair point.

but i think what i would like to hear is how you are coping because there are literally millions of americans who are right now confined to their homes. maybe not the strict quarantine that you are under but certainly confined the their homes, don't go out, you stay home. how does it feel? you have been doing this for about five, six days now. how you holding up? not medically but just psychologically. how's it going? >> well, it's actually been eight days as of today. it hasn't been very interesting. this is the feeling of cabin fever but i understand a lot of people might be feeling a little cooped up at home, as am i. there's so much entertainment at our hands now with our cell phones and ipads and everything, the internet, tv. just try to stay relaxed and spend some family time. don't take that for granted. our lives are so busy, this is a great time to catch up on

conversation. stuart: are you allowed to have close contact with family members if you've got the virus? >> i am not. i am in a different situation. i'm in complete isolation. even my dogs were taken away from me, just for precaution of them, you know, me coughing or anything and them becoming rabid terriers. i'm alone. stuart: 17% of new york cases, 17% have been hospitalized. how did they decide that you were not to be hospitalized, but you would go home to quarantine instead? >> although i do have an underlying -- bronchitis, i made them aware, they took x-rays and some precautions to make sure i have no issues with my bronchial sufficiency and they sent me home. i did end up becoming hospitalized again briefly on sunday.

i felt very short of breath and went back to the hospital and they prescribed an inhaler because finally, my bronchitis decided to kick in and say, you have bronchitis. stuart: how long do you expect to be in this quarantine situation? >> i have been advised i have another ten days ahead of me before i take my test. if i come back negative, i wait another 24 hours and i have to be retested. by then, i'm essentially a free man but i don't think there's a lot of things to do right now as we try to eradicate the virus. stuart: the election is november. you are a candidate for a constituency on long island. is this going to interfere with your candidacy, with your -- may i say your electability? >> so that's a valid point. governor cuomo issued an executive order to halt petitioning but he also went ahead and reduced the number of petition signatures to qualify for the ballot. fortunately, i have a very large

organized committee in nassau and suffolk and queens county respectively, with the reduction we have already qualified with the full amount of signatures required regardless. so we were ahead of the game. we are an organized group. i believe strongly that this does not affect my candidacy nor electability. it's a hump in the road but it's something we will overcome. we are americans and resilient. we will bounce back from this. as i believe the market will bounce right back from this. stuart: that's interesting. you are a market watcher as well. we hope you are right on both counts. george santos, republican candidate for a constituency on long island, congressional wanna-be, i hate to put it like that, candidate for congress, sorry, george, you are in quarantine and i'm having a go at you. that's a terrible thing. thank you for joining us. good stuff. dr. marc siegel with us.

you were listening to all of that. the gentleman in quarantine has been deprived of his dogs. we have been on this all morning. >> i feel so badly after i said don't walk dogs. now we are doubling down on the problem. he seems very cheery. i think that's the main thing. he seems to understand that it's very important from the public health point of view and that it's limited in time. that's the whole key here. people have to understand what are we trying to do here. we are trying to decrease the spread of this virus so that it's exponential. once it starts to spread here, it spreads here. if we can just get the curve to be flatter, we can loosen some of these. the problem is there's some inconsistencies to it. younger people are violating this policy, especially on the coasts. i would ask parents to show your courage, show your caring and listen to why possibly your kids are afraid or what they are anxious about. deal with it directly. stuart: okay. all right. stay there for a second. i've got ryan akai on the phone,

co-ceo of quip and executive vice president of salesforce joining us now. you make office software that allows anybody to work from anywhere. i've got to believe that's a very popular product right now. very popular company. >> thanks for having me on today. really appreciate it. first, i just want to say our hearts go out to everyone globally that's impacted by the coronavirus. at a very high level, yes, we have quip which we are talking about but ultimately this is about everyone's responsibility about flattening the curve. that's what we are focused on here. stuart: am i right in saying that's what you do? i don't know what the format is, whether it's teleconferencing or whatever it is, but essentially, you allow people to work from anywhere. that's what you do. >> correct. correct. that's what we do with quip. it's an employee productivity toll many global customers use.

we are offering that for free to everyone today. stuart: can you give me an idea of the increase in your business in the last two, three weeks? >> it's obviously not -- it's early to tell but this is really more about helping our community and helping our customers and partners and really getting that tool out there for people to have access to so we can ultimately all help flatten the curve. that's what our goal is now. stuart: you have done well, i take it. you are a good guy and helping the community. i got it. i got that. but you have done very well in business, haven't you? >> salesforce has had an incredible year last year. we reported that in february. ultimately right now we have been focused on trying -- really the focus is on business as a platform for change. we are focused on really trying to drive and help with tools and technology and resourcing and that's why, for example, we are paying our hourly service folks as well to make sure there's no financial hardships they endure as part of this process. so again, it's technology,

resourcing, also things like donating to causes like cdc and other things. stuart: will you tell me yes or no that your business has improved significantly in the last three weeks, or has it not improved? tell me. >> our business continues to grow and that's why we have this great opportunity -- stuart: has it grown exponentially in the last two or three weeks? come on, man. i'm giving you opportunity here. >> i would say the opportunity here is really continuing to grow. we are continuing to grow as we talked about here. stuart: why are you so reluctant to tell me you are on to a wonderful thing and your business is booming? >> i'm just honestly telling you this is about helping the community and about helping partners. it's not about just driving more business for us. it's really about ultimately helping flatten to curve. that is our goal. that's our number one priority, the trust of our employees, our customers, our partners. we are going to continue to focus on that because we think

that's the right thing to do at this time. it's not just about business. stuart: okay. you want to make a profit? >> we all want to make a profit. that's not the only thing. stuart: you want to maximize your profit? >> we want to maximize our business so we can help our customers and employees in our communities and be better. this is about the opportunity -- stuart: i've got a problem with this. look, i believe in capitalism. i believe the pursuit of profit produces the best product at the best price for the most people. why are you reluctant to turn capitalism into some kind of welfare system? >> because i believe at salesforce again in general that business is a platform for change and really, we have the opportunity and all need to come together to help, not just about business, it's about having the ability to coverall stake holders and shareholders across the board. it's not just shareholders. it's ultimately about all business function. stuart: i think you explained that very well. i kind of agree with you.

kind of. what about when we have gone through this? i'm wondering how many people will return to the old ways of doing things. i suspect that a lot will go with the new way of doing things which is you. >> yeah, i think we are learning a lot. it's very early but ultimately many companies, it's a huge shift when you go through this process of working from home and being remote. that raises a culture shift, i always tell a lot of my team don't change the things you are doing in general but also focus on your family, take a break. in the future, we are going to learn, we will become more productive, we are reducing obviously congestion on highways and freeways, et cetera. there's less pollution but of course, with that, you have this issue where there's not that sort of face-to-face, person-to-person contact. i think we are in the early stages of learning but ultimately it's about trying to keep people moving and keep things going. i tcontinue to consider this concept around we all need to be

focused on stay calm, staying connected. that's what we are talking about with technology, as well as staying focused and really focusing on staying home. that's going to allow you to ultimately stay healthy. that's what we think about here, how do we bring everything together. we are going to learn a lot and get through this, like we get through everything in this country. stuart: thank you very much for joining us. we do appreciate it. i'm sorry if i gave you a hard time about capitalism. you've got a great company and we are all on board with that. ryan aytay, thank you. appreciate it. by the way, the market is doing a bit better. we are up 600 points now at 20,763. not too long ago, maybe an hour ago, we were below 20,000. come back in again, lauren simonetti. all kinds of news on car companies. what have you got? lauren: the world's biggest automaker, vw, are closing production in europe for two weeks. what the cfo just said really parallels the spread of the coronavirus.

he said look, we are talking about visibility for earnings, what we know so far, he said look pretax in the first quarter we will see less than half of what we saw last year. the issue in the first quarter was the coronavirus in china stopping supply. the issue going forward, the second quarter, the current issue is the europe story because of coronavirus. so coronavirus starting in asia, spreading to europe and the u.s. companies are reacting. those are pretty strong words and guidance from the cfo of volkswagen. stuart: that is extraordinary. they are shutting europe down. thank you very much indeed. dr. siegel is with us. on this theme of distance and telemedicine, tell me more about that. >> well, you know, it's changed the way i think about it. previously i was one of the doubters in the group that said wait a minute, i need the hands-on, i need to see, look into the patient's eyes. we are old-fashioned about that. but in this situation, telemedicine has been a huge

advantage because we say i don't want to see that patient because i don't want to catch and health care workers are at big risk, coronavirus. i can actually guide the patient via telemedicine and i'm doing a lot more visits from people who are just afraid to go out or are told not to, can't go to the office. i'm finding it's already advanced theo a really good pla. there are several companies, teledoc, roman, doctor on demand, there's a whole sector of emerging, burgeoning telemedicine companies and i think they will benefit from this. stuart: okay, there's a lot to be said for this. there are huge benefits, i understand that. but you can't quite replace the face-to-face conversation with your doctor who can get to grips with what's really wrong with you. you can't replace that, can you? >> no. video makes it two-dimensional and it's the three-dimensional that's the art of medicine, when you really see how somebody is looking in the chair, looking at you, discomfort they might not reveal until the very end of the

visit. it will never fully replace it. i see it now as a better tool than i saw it before. stuart: okay. doctor, say thetay there. we are expecting to hear any moment from -- the latest from the virus task force. we showed you a moment ago, you can see the podium. they are about to speak from that podium. when they start to speak we will take you right there. that's a promise. we expect to hear from the vice president and maybe dr. fauci again. that's the duo that have continually updated us on the policy of restriction and the medicine of restriction. that's what we will hear about. on your screens, we have had the oil stocks. deeply depressed. look at exxon for a second. that's because the price of oil is way, way down, $28 a barrel. exxon is at $36 a share. not that long ago, exxon, king of the oil hill, was at $78, $80 a share.

not that long ago. cut right down to $36. by the way, the average price for gasoline is now $2.25 a gallon, i think it is. or $2.23. falling rapidly. you are dropping two cents every day. earlier we had on one oil analyst in particular who was telling us he could see the price of gasoline going down to a national average of $1.70. $1.70. and the price of crude oil going down to $24, $25 per barrel. ashley: good for us. terrible for the oil patch and all those companies that cannot exist at that level. stuart: i guarantee the oil drillers will go to the government and say what about us. we are down through no fault of our own. it's the saudis and russians that are doing this to us. we are going out of business left, right and center. ashley: wipe out the shale producers. stuart: you have to protect the energy independence of the

united states. which the frackers have given to us. got to protect them. they will get some money there. we will get dirt cheap gas. what that does to the electric car business, i really don't know. am i going to go out and buy a tesla, $40,000, $50,000? ashley: probably not. unless you really want to. stuart: if i can drive my ford edge $35,000, $40,000 and pay $1.70 for gasoline? how about that. i want to show you the podium. they are coming out now for the briefing on the virus. i see dr. fauci is there. i see treasury secretary is there. i see hhs alex azar is there. i see all the people who are briefing us now on a daily basis, what's going on with the medicine of the virus and with the policy of it. ashley: probably waiting for vice president pence. he's heading up the task force. stuart: i don't know who is coming out, whether it's the vice president or president himself. the president was there

yesterday. i don't know who will appear today. doc siegel, give me 20 seconds on what you want to hear from this meeting. >> -- i have heard it will probably be tomorrow but i want to know numbers and where it's going to be, what hot spots, including new york, washington state and california. then i want to see more about the vaccine which we were talking about, the antiviral drugs. i want to hear where we are going with this in terms of the overall clampdown. is it getting more consistent, does the president and his task force feel the public is going to comply? stuart: thank you very much. we'll listen. >> progress is being made and i appreciate your all joining us. last night the fda announced groundbreaking new policies to further increase testing, very substantially so. all states can now authorize tests developed and used within their borders in addition to the

fda so the states are very much involved. they have been involved from the beginning. but we are stepping it up as much as we can. the testing procedures are going well and within a short period of time all of the private labs will kick in. this has never been done before and it's going to be something very -- i think it's going to be incredible if it's done properly and these are great companies, these are among the greatest companies in the world, actually. so the states are going to be dealing through themselves and with local government, local physicians, local everybody. they are also dealing with us. but we have a tremendous testing capacity. today we are also announcing a dramatic expansion of our medicare telehealth services. medicare patients can now visit any doctor by phone or video conference at no additional cost, including with commonly used services like facetime and skype. a historic breakthrough.

this has not been done before either. in addition, states have the authority to cover telehealth services for their medical patients and by doing this, the patient is not seeing the doctor per se but they are seeing the doctor so there's no getting close. during this time we will not enforce applicable hipaa penalties so that doctors can greatly expand care for their patients using telehealth, so the penalties won't be enforced. we encourage everyone to maximize use of telehealth to limit exposure to the virus. it's been a very successful method of communication but never used on a scale like we're going to use it, telehealth. you will be able to also better maintain hospital capacity by doing this. earlier this morning i spoke with executives from america's fast food industry, wendy's, mcdonald's, all of the big ones,

burger king, and they were great. we were talking about the pickups in light of yesterday's guidance you heard to avoid eating or drinking at bars, restaurants or public food courts. we discussed the important role that the drive-through pickup and delivery service can play in the weeks ahead. so that's happening and they have been fantastic. they have been absolutely fantastic. they have been doing it already but they are keeping it open and smaller staffs. they're very capable people and very capable companies and they're doing it, pickups. our guidance yesterday urges americans to take action for 15 days to help stem the outbreak so it's a 15-day period. i guess now i would say it's a 14-day period. 15 days from yesterday. we are asking everyone to work at home if possible, postpone unnecessary travel and limit social gatherings to no more than ten people. by making shared sacrifices and

temporary changes, we can protect the health of our people and we can protect our economy because i think our economy will come back very rapidly. so it's 15 days from yesterday. we will see what happens after that. if we do this right, our country and the world, frankly, but our country can be rolling again pretty quickly. pretty quickly. we have to fight that invisible ene enemy, i guess unknown but we are getting to know it a lot better. today the senate has taken up coronavirus legislation that includes free testing for those who need it as well as paid sick leave and family medical leave for workers affected by the virus. we are also committed to getting small business the support they need. in fact, one of the things we talked about with the fast food operations, we spoke to the chairman and ceos of all the companies but one of the things we discussed is exactly that, getting small businesses support and flexibility that they need

for themselves and for their workers and that's being worked on right now. at my direction, secretary mnuchin is meeting today with senators on additional stimulus packages. i can tell you he was meeting with them late into the night last night and for a big part of the day yesterday, and tremendous things are happening. there's great spirit, tremendous spirit, and i can say that for republicans and democrats. i can say that with respect to governor cuomo, we had a great talk this morning. we are both doing a really good job and we're coordinating it and we agree, different states need different things and we agree on that 100% but we had a very if tagood talk and we are down the same track. it's going to be very successful. new york has a pretty big problem. i guess it would be the number one hot spot. it's no fault of anybody's. it's just the way it is. we are working very closely together. we are also getting fema very

much involved. they have been involved but now we are getting them to a different level. we will have everything ready. we are dealing with the army corps of engineers should that be necessary. we have them working in some cases on standby, in other cases but my conversation with andrew cuomo was very very productive one and a very good one. i appreciate that. we are giving row leelief to afd industries and assuring we emerge from this challenge with the prosperous and growing economy because that's what's going to happen. it's going to pop. one day we will be standing possibly up here, we will say well, we won and we are going to say that, sure as you're sitting there, we're going to say that. we're going to win and i think we're going to win faster than people think, i hope. later today i will meet with leaders from the tourism industry as well as industrial supply retailers and wholesalers to discuss their critical roles. as you know, i met with the department store people, all of

the retailers, the big ones including walmart and others, and it was a great meeting. they are stocking up their stores like they've never stocked them before, trying to get people to actually buy less, if that's possible, buy less. don't take everything. just buy what you need for awhile. they're going to stay open all hours of the day and they have been fantastic. we are taking aggressive action now as one nation and one family so that america can rebound stronger. frankly stronger than ever before. and we recognize that while many american workers can work from home, many others cannot. many of our health care providers, first responders and men and women in the food service and manufacturing are showing up and standing up to provide us with the goods and services we need. so we want people to stay home where they can, but many cases when you talk about food service and manufacturing certain items in particular, they are going in

and they are practicing all of the safety rules and regulations that we talk about. so with that, i would like to just introduce our great vice president, mike pence. he will say a few words. then i will make some other introductions. thank you very much. >> thank you, mr. president. good morning. we should be very clear to the american people, president trump has initiated not only a whole of government approach but a whole of america approach and the president's interaction even today and through the course of this day with leaders of industry around the country reflects that. we are not only bringing the full weight of the federal government to bear but the full weight of the american economy. i know i speak on behalf of the president when i say how inspired we are at the way the american people have stepped up and the way that american businesses large and small have stepped up. it's truly been inspiring. our task force met this morning and we continue to focus on president trump's priorities of testing, prevention and

supplies. in that category, i'm pleased to report that while testing is available in all 50 states, as the president just indicated, through the swift action of the fda at the encouragement of governors around the country, now state health authorities can authorize labs in their state and expand existing testing capabilities. but also in connection with the fda's action which you will hear more about in a moment, we now have continued to expand the public and private partnership that the president forged with vast commercial laboratories around the country, increasing access to the high volume, high throughput coronavirus testing that is greatly expanding access even as we speak. also, our task force received a report this morning on the progress that the u.s. public health service and fema are making, working closely with state governments, and also partners in the private sector like cvs, target, walgreen and

walmart, to expand remote testing sites around the country and we'll have a full report later this week as those come online. it's important the american people understand that testing is happening all over the country but all of our health experts wanted me to tell the american people, you don't need the results of testing to know what you should do. president trump's 15-day coronavirus guidelines are advice for every american in every community. they are the result of the best guidance of cdc and our health experts and as the president said, we continue to urge every american over the next 15 days to put into practice the principles in the president's coronavirus guidelines. by every american practicing these principles, we believe that we can slow the spread of the coronavirus. in fact, our experts have told our task force that if every

american acts on the president's coronavirus guidelines we could see a substantial reduction in the spread of the coronavirus but as the president said, it will take all of us to do it. so if you feel sick, stay home. if someone in your house tests positive, keep the entire household home. especially if you are a person with an underlying health condition, we urge you to stay home and practice social distancing from people. no social gatherings of more than ten people. use drive-through as the president discussed with leaders in the industry today and every american especially practicing common sense and good hygiene. for the american people, as a whole, the risk of serious illness remains low but we are asking every american to partner with us in this effort to slow the spread of the virus and especially to be mindful of seniors or others with serious underlying health conditions for whom the threat of the coronavirus can be very

significant and very real. as i said, the president has continued to push our task force to bring a whole of government, a whole of america approach and we continue to be inspired the way our nation's governors, the nation's businesses, are responding. we spoke just yesterday with the leaders of every broadcast network in america that will soon be unveiling a public service campaign using cdc guidelines, and specifically, as we work on the issue of supplies, meetings yesterday with department of defense officials about excess supplies. the president and i will be meeting today to speak about the supply chain for hospitals. we would make one specific request and that is we would urge construction companies to donate their inventory of n95 masks to your local hospital and forego additional orders of those industrial masks, because of what the president asked to be included in legislation moving through the congress today, those industrial masks

that they i donuse on construct sites are perfectly acceptable for health care workers to be protected from a respiratory disease. we are asking construction companies that our president knows very well from his background, we are asking them to donate their n95 masks to their local hospitals and also forego making additional orders. at the president's direction, we will continue to do whatever it takes. we will continue to marshal the best of the american people, the best of all the people behind me, the people behind them, our state and local officials and we will get through this and we will get through this together. thank you, mr. president. >> i want to thank chad wolf and homeland security, the job they did at the airports was really incredible. they screened thousands and thousands of people. o'hare got backed up a little bit but got them out but everybody was screened and screened very carefully. they didn't want to rush it.

i think it was 13 airports and it was an incredible thing. they had a big surge also from the uk and ireland and that went very smoothly. but they did a fantastic job. they work long hours and they did a fantastic job. i would like to introduce steve mnuchin. then i will ask steve because he's going to the hill. he's been working very hard with the senate and actually with the house on a very big, bold package. it's going to be big and it's going to be bold. the level again of enthusiasm to get something done, i don't think i have ever seen anything quite like it. steve mnuchin, please. >> thank you, mr. president. i would like to announce some very significant actions that the president has approved today. the first i would say is earlier today, i sent a letter to fed chairman powell approving his request to use 13.3 and the fed will be setting up a special

purpose vehicle which the treasury will invest $10 billion in from one of our funds. that will enable the fed to guarantee the purchase of a1p1 commercial paper going forward. that is a $1 trillion market and it is critical to american workers, it's critical to american business, and it's critical to american savers who have a lot of that money in money market funds. so we heard loud and clear there were liquidity issues. this is very significant and will create, i don't think we will need to use it all but we have the ability to have the fed purchase up to $1 trillion of commercial paper as needed. that has already created significant stability in the market today. the second thing i would say is you know we previously talked about deferring irs payments. the president earlier this morning authorized me to announce this program. i have previously announced we

would defer $200 billion. the president suggested we increase that to $300 billion which we will be doing. let me just be clear on the specifics. we encourage those americans who can file their taxes to continue to file their taxes on april 15th, because for many americans, you will get tax refunds. we don't want you the loo lose n those tax reforms. we want to make sure you get them. many people do this electronically which is easy for them and for the irs. if you owe a payment to the irs, you can defer up to $1 million as an individual and the reason why we are doing $1 million is it covers lots of pass-throughs and small businesses and $10 million to corporations interest-free and penalty-free for 90 days. all you have to do is file your taxes, you will now of course any american has the right to extend their taxes. we're not taking that right but

president asked us to go up to $300 billion. that is also an enormous amount of liquidity in the system. the third thing is, the president and i worked on a very significant economic stimulus plan. thank you for being available last night and throughout this morning. i will be presenting that to the republicans in the senate this morning. and, also discussing that with the house. we look forward to having bipartisan support. we're now working with the senate to pass this legislation, very quickly. and these will be payments to small businesses. we've talked about loan guaranties to critical industries such as airlines and hotels, and we have also talked about a stimulus package to the american worker. you can think of this as something like business interruption payments for the american workers. thank you. >> do you have any questions for the secretary of the treasury? reporter: when you say a

stimulus package for american workers, do you mean direct payments for americans or a payroll tax holiday? >> although the president likes the idea of a payroll tax holiday, i tell you what we heard from many people, the president said we consider this, the payroll tax holiday would get people money over the next six to eight months. we're looking to sending checks to americans immediately. what we heard from hard-working americans, many companies have shut down, whether bars or restaurants. americans need cash now and president wants to get cash now. i mean now, in the next two weeks. reporter: how much? >> will be previewing that with the republicans. there are some numbers out there. they may be a little bigger than what is in the process. >> please, wait. reporter: what help will you give to airlines? >> i have had discussions with all the airlines, ceos this week. the airline ceos have had conversations with the senate and the house as the president said. i was up with a subset of the republican senators last night.

i have discussed that with them. i think as you know, this is worse than 9/11. for the airline industry they are already almost ground to a halt. the president wants to make sure although we don't want people to travel unless it is critical, to maintain the right of critical travel for domestic travelport port how many billions -- >> we'll not comment on specifics. there are a lot of workers this is strategically important to us, and we'll work with congress. >> airline industry will be in good shape. go ahead please. reporter: there are talks about 1000-dollar checks to every american, increasing support among republicans and some democrats for that. would you support that going to everyone or would you support some sort of income restriction on who get as check? >> i think it is clear. we don't need to send people who make a million dollars a year checks, okay? we like, that is one of the ideas we like. we're going to preview that today. we'll be talking about details

afterwards. >> i think we're going to do something that gets money to them as quickly as possible. that may not be accurate way of doing it. obviously some people shouldn't get checks for $1000. we'll have a pretty good idea by the end of the day what we're going to be doing. reporter: how was the mechanics of this work? we've been talking about a payroll tax holiday. some $500 billion worth was floated to me today. how would this idea of sending people a check work? would you, would that be sort of advance on what they would pay in payroll taxes? how would it work? >> again we want to make sure americans get money in their pockets quickly. we want to make sure small business owners have access to funds. we want to make sure that hotels, airlines, we have an entire package. we'll be laying out those details later today. >> i have to say this, there are four different ways you can do it. you can hear me well enough i can imagine. sorry. okay. people at home, those are very important people, come to think of it.

especially your people. look, we have four or five ways we can do it. four ways in particular. there's a fifth possibility, but there are very good ways of getting the money out and getting it out quickly. payroll tax is one way but it does come over a period of months, many months. we want to do something much faster than that. we have ways getting money out pretty quickly and very accurately. okay? reporter: talk about the timeline, please, how quickly do you think you can get this done? >> the president has instructed me we have to do this now. so this is now. reporter: by end of the week? >> we'll work with the senate. it is in session right now actively. we will continue to have conversations with the house. i have already spoken to speaker pelosi once today. this is stuff that needs to be done now. the president has instructed me this is no fault to american workers. for medical reasons we are shutting down parts of this economy. we'll use all the tools we have, as i said, what tools we don't