markets are down another 1000 points in what has been a roller coaster week this is the one business show you can't afford to miss i've been sworn in washington coming up another crazy day on wall street as markets have fallen again how much of this is connected to travel stocks and the coronavirus we're going to explain it plus the state of california has declared a state of emergency related to the crowbars we'll have a live report and coke in mongolia is about to get its own competitive league we've got the details so much to get to on this very busy day so let's get started. and we begin with another manic day on wall street as thursday the dow dropped over 1000 points again essentially erasing almost all of the 1200 point gain from

wednesday it has been nothing short of a wild week on wall street with the dow swinging a 1000 points or higher twice in just the past 3 days monday markets posted their largest single day again wednesday the dow posted its 2nd biggest gain as the healthcare sector shot up thanks to that super tuesday win for joe biden investors almost seem to be cheering signs of a global response to the corona virus which includes more than $8000000000.00 in emergency funding coming from congress but that optimism didn't last for very long as california declared a state of emergency after a coronavirus related death and 53 confirmed cases in the state well meanwhile the airline industry has been hit hard over the past few weeks we told you about that it's all thanks to the good and the decline in air travel it's so bad in fact that fly the europe's largest regional airline has collapsed into administration on thursday morning as the economic damage caused by the ongoing virus escalated the airline cease trading. in the early hours thursday more on all of that coming up in

the pool report for now let's stay focused on the markets right because we want to bring in chief strategist for global trading todd but let's talk about todd this insane week that we've been having so let's start here what's going on with this because we saw the dow as you mentioned up almost 1300 points on monday down 76 on tuesday up almost 1200 when this day down almost well down over 1000 again today do you ever remember a time when you've seen this kind of yo yo effect with the markets to this extreme . well again you have to look at it percentage wise and we've seen this kind of movement but obviously we weren't at 28000 at the da when it started i think what you're seeing here is just a market that is showing you that the top is probably yes you know we've talked about on the show for a couple of months that i thought we were in the early stages of a recession investors were looking for an excuse to sell and i think that's what you're seeing here i think this is very good topping action to a market that's probably going significantly lower from here and i think you'll see

a lot of these days but again remember when you look at percentage wise it's feels bigger but it's true the same if you go back and look back in history you can see that we had these monster swing days back and forth and probably similar percentage then we have now and now but we've also i mean everybody was calling for this federal reserve not everybody but there were people calling for the federal reserve intervention earlier this week and they were hoping it would stable the eyes the economy bring us up but that's not what's happening i mean we saw a good day but then we've seen a terrible day so what else could the fed do to bring stability or or is the answer really stay the heck out of it. what the fed should do is close its doors and close for business forever i mean they have no business involved in this and there is no reason to make interest rate cut for ages rate cut for a virus ok if you're great you're worried about the virus and injury because not going to solve it it's like giving a chocolate bar or something for the cold i mean doesn't help so they should have stayed away because all they're doing is they created. their own panic because when

they did it you saw it happen the market spiked up and then broke hard they caused this because they're signaling that there's more trouble ahead and it's not the trouble with the coronavirus it's more trouble ahead in the economy and manufacturing and all those other areas so at the end of the day all the fed do if fed did was cause more sphere in this market than they did good you know let's talk about some specific industries here obviously bad news for the airline industry because while the cost of fuel is down the number of people traveling that has dropped significantly the latest reports indicate the airline industry could stand to lose in total $113000000000.00 as we just reported that british airline flight b they just went under so is this the start of a trend in the airline industry and other thing keeping the planes clean what can be done to encourage more air travel. well i think what you're seeing here is your there's more panic by everybody who's not traveling and saying wow i'm not going to go you know i'm going to across the street because i'm going to stay in my house

i'm afraid to go outside i think when this subsides it'll be fine other airlines can adjust when it comes down to it i mean certainly they've already started cut back the number of flights so it will cut down the number of losses that they're taking here but really what it may mean we really need is more of an all clear or some type of vaccination that says everything is safe i mean basically this is really no more more than a bad flu but again the every the media interview is creating tons of panic about this you know we're showing things down we're not we're canceling trips were canceling business events so stay home all these things come into a little bit more of panic and fear for the average person on the street and i mean we haven't just seen that this afternoon and to what you're talking about there regarding the cancellation of events i mean the st petersburg economic forum schedule for the summer in st petersburg russia that happens every single year business leaders and dignitaries from around the world usually go and they've actually canceled it just this afternoon so so you are seeing that and i think. but

the issue that we have with this though is that when you're talking about travel and not just business travel but when you're talking about personal and family travel so they're saying there's going to be vaccination tests they're going to start in april so by the time we figure that one out whether this eradicates itself or not we may be into june before we're we get that all clear to travel and then it's too late it's too late for the families that you see traveling around the world so is there anything to that. well i mean there's a lot i mean this is disney's talking about shutting their parks in the united states so i guess there's certainly fear right now and you're seeing the reaction from everybody that they're willing to close things down so hopefully we will get some kind of resolve here and they will say hey it really is just no more than the flu ok and we will get back to normal routines but you add this on top of an already slowing economy you have this on top of problems that were already creeping underneath the surface and that's going to create a pretty much of

a mass panic and markets and you can see the mass panic we're seeing within the streets of america that people are not willing to go anywhere and businesses are trying to stay home so basically every sort of like yourselves are also not going anywhere and now speaking of just where we are with the state of the economy right now the weekly weekly jobless claims here in the u.s. was released thursday understand it dunder scored the labor market strength despite what is happening either on wall street or with the coronavirus now claims for unemployment benefits slipped 232-221-6004 the week of february 29th now shouldn't those numbers give the market some confidence. well you get that we get jobs numbers is worthless ok i'm part of the tomorrow is the big number but even tomorrow's number you had a time the government reports a number they're always adjusted later so is it real now we know that jobs are still fairly strong because there's a demand for jobs because a lot of jobs cannot get filled so it shows a big demand worst. being you know people working which is great but again the jobs

are the last thing to start to slow down as will start to see 1st it starts with the manufacturing the shipping i mean we are the shipping slowdown long before the coronavirus so as it seems back into the country here you're going to see that these jobs are going to start to disappear again i don't see i don't foresee 2008 again we get a lot of percent unemployment but i do see a significant slowing here and i can see some issues building a long as the year goes by so i totally agree with what you said earlier about the fed needing to get out of everything and stop basically circling chalking it as he said on everything. totally great but one thing that the fed rate cut did accomplish was a did push mortgage rates to their lowest level for the everyday person do we expect to see some positive response to that in terms of maybe an uptick in home buying home purchases refinance and does that make a difference. well they're expecting that but again i go back to the same problem i always have with these banks is that they're not going to lend it why would they

let why are they going to take that kind of a risk to lend it's going to the to the average guy is going to have to go to the same usury type of lender that they go to now they go to one of these peer to peer joints because banks are loaning the average guy on the street a mortgage at under 3 percent i mean i could i would bet on that ok so at the end of the day the these low rates benefit who they benefit the very wealthy who can take advantage of who can who can borrow it and mortgage things and then reinvest their money and make more they're paying the banks so i don't see the banks taking any more exposure risk they're already over a large to begin with and i don't think i don't see them starting to go under 3 percent to start lending money to guys with a $640.00 or $680.00 credit score double or once great insight there thanks so much for your time. thank you. and globally we are continuing to see more cases of the coronavirus reported outside of china rather than inside the country the world and detailed the spread during their daily briefing on the virus. outside china. and

502055 ks this would be posted to. countries that around 80 percent of those cases going to come from just countries. we seeing cottaging signs from the republic of korea. the number of newly floated to be declining. and the data being reported out of being identified primarily known plasters hold a few countries. large numbers of cases 115 countries have not supported any cases now in south korea mass testing has found more than 6000 cases as the death toll is now above 40 in the country talian officials are reporting the number of cases in the country now tops 3800 with nearly 150 deaths and iran is reporting more than 3500 cases with at least 100 deaths on thursday

germany also reported a spike of more than $100.00 cases in just one day and south africa reported its 1st case a 38 year old man who had recently traveled to italy now the total number of reported cases worldwide exceeds 95000 with more than 3300 deaths as always we note that at least 54000 people who have contracted the virus have recovered. meanwhile here in the united states at least 18 states are affected by the virus with 2 more people being hospitalized in new york city raising the state's total to 13 cases and in the state of california which if it were its own nation would boast the world's 5th largest economy a state of emergency has been declared due to the coronavirus r.t. correspondent atocha sweet as the story. california governor gavin newsome declares a state of emergency hours after the state announced its 1st coronavirus related death the virus has claimed 11 lives in the u.s.

sending in financial markets it's been named the 1st death in california from the krona virus involved a person from placer county who got sick on a cursed ship well before the virus only struck northern california the virus has now infected people throughout the states in 12 different counties we've had a number of incidences throughout the state of california no longer north now in southern california and now health officials are working to uncover exactly who else became ill or from the cruise ship that traveled from san francisco to mexico and back more than half of the $2500.00 passengers who returned aboard the grand princess on february 21st were from california according to new some the state has delayed another ship's arrival from a trip to hawaii as several passengers and crew members showed signs of coronavirus symptoms secretary of health and human services in california says while many infected won't have severe symptoms they are preparing for the worst but we recognize that in certain regions and in certain populations they do experience

more severe symptoms and require our hospitals and our clinical delivery system to be prepared for that another cruise ship the grand princess is at the sea off mexico and will return to san francisco the centers for disease control and prevention will soon determine the course of action washington state and florida have also declared a state of emergency house lawmakers have struck a deal setting aside roughly 8000000000 dollars to help fight. the virus within the u.s. one party and los angeles not just sweets. and federal prosecutors here in the u.s. have charged former united auto workers president gary jones with conspiracy to embezzle union funds now according to documents filed in a federal court in michigan jones is allegedly one of several u.a.w. leaders who stole more than $1000000.00 from union coffers to fund private villas

liquor golf and other high dollar items now jones is the highest ranking ex official to be caught up in the federal probe which became public in 2017 the ex union head is the 14th person charged in the investigation which led to the conviction of several officials including 2 former u.a.w. vice presidents jones resigned as president of the union late last year after serving just 16 months in the position as the union's governing board attempted to remove him over the allegations now the current president of the union rory gamble who are placed jones has promised to find and remove any bad actors inside the organization and now ben and this is a very frustrating situation if you're an advocate for labor as i generally have been i worked with ed schultz who covered this for many many years and was a supporter as well as my father was a huge w. member himself so i've always had an affinity for for labor but when you see these types of scandals and allegations it just fits right into the narrative that the people who are anti labor have which is that these are all who are going to steal

your union dues yeah i think there's there's some truth to that i in terms of the people at the very top so the problem is and this is true of every kind of organization right the people of the top can either help to build an organization to make it useful and make it something that works for people or they can take advantage of it to be predatory and it seems like at least from the information that's coming out here that certainly in the u.a.w. and with this guy in particular there was that predatory aspect of it no one else is. the strange that was when you look at some of the things he's accused of there are always these weird kind of you know i want to live the high life golf and private villas and liquor is like going to steal a $1000000.00 why not put it into something that has a return rather than just blown it on junk well and this is a working man who had come from a glass factory and i believe missouri if i remember correctly so i mean he was a u.a.w. employ so i mean not to say that he's not doesn't have a great investment mind but it very possibly could be that in this situation you know he doesn't is not thinking right out and also feels entitled entitled to this

stuff time now for a quick break but they're going to come back they go she asians between the european union and the united kingdom they are going smoothly one of the issues we'll take a look at as we go to the break here the sad said numbers of the close. join me every thursday on the all excitement and i'll be speaking to us of the world of politics or business i'm sure. i'll see you there.

thousands of american men and women choose to serve in the country's military and the decision. every song came to a complete. the day that i was right. you know what they kill me and i see how it destroyed my life any screamed at me and he made me come in and you can my arm and he write me. if you take into account that women don't report because of the extreme retaliation and it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happen but i've never seen trauma like i've seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished in the offender and almost 10 year career which i was very invested in and i gave the sex offender who was not even going to

justice or put on the registry this is simply an issue in violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. welcome back the news chief trade negotiator is warning that talks with the u.k. are not going well and that there are big divergence between the 2 sides after the conclusion of the 1st round of talks speaking at a press conference and brussels highlighted 4 main air. areas of disagreement so-called level playing field judicial co-operation governance and fisheries says that while disagreements over these issues are expected some of these issues are

quote very very difficult the teams are expected to meet every 2 to 3 weeks alternating between brussels and london half a dozen or so rounds of negotiations expected to take place between now and the end of june so joining us now to write such a story which board member with the british american business association hilary good to have you here a pleasure so are you actually predict a lot of this on the show as. you talk about a lot of these issues and one of the things you said is that number one it will be difficult to get these deals that us and you have specifically brought up in the past this issue of fisheries where there was one of the 4 that was brought up talk to us a little bit about that why is this such a contentious issue actually i would say it's a red line a real red line and that is because if you look back to 973 when the u.k. actually was getting into the e.u. a lot of concessions were made in terms of over fishing rights and terms of the e.u. fishing communities in france belgium the netherlands in germany going around to the west island fishing communities actually depend the whole

livelihood on basically what the british consider invading the british waters coastal waters so when that when the u.k. believes the e.u. there will be a zone this free sort of zone of 200 nautical miles right now the the fishing vessels from the e.u. can go into about 6 miles off the u.k. coast in fact there's been a fisherman quoted off the coast of rye and he says you know you can see them on monday mornings that you know you can see them at 6 miles off the coastline you can still be easy and this is a contentious issue i mean you imagine that the dutch would be like without their whoring you know so the staple diet of the european community it's fish from the u.k. and that's why it's such a contentious issue now johnson has actually said we are going to maintain control of our maritime wealth our huge maritime wealth so it's a leverage point for the u.k. meanwhile you. michel barnier he has actually said that without agreement on a fishing deal there are going to be trade negotiations so bottom line is what the u.k. wants is something like

a norway deal but norway deal is that each year there are renegotiations in terms of status and quota of the amount of fish that could be caught and right now the e.u. takes more from the u.k. waters even than the u.k. fishing boats to the u.k. it's about something like 32 percent is more than 48 percent and some estimates have a much as 8 times from the e.u. what the u.k. actually fishes so the u.k. wants a norway deal and the e.u. is pushing back mighty hard because what they wanted stability as i started out by saying for those maritime communities just. so right now there are a lot of the 6 miles off that you said they may get pushed back a buffer of 200 yes but it's also the good of it is only 32 miles between the u.k. and wrong because your fellow not a clue there is going to be nautical miles yeah but there's going to be actually there's going to be a border a median border that will still be pushed back so those french vessels will be able to cross that median line and some of that is catastrophic to some of the coastal fishing communities still with the fisheries for a 2nd i thought i would spend the whole time on this but we actually said that they are going to go is this the number one bargaining chip. in this trade negotiator

not the number one but it's the one it's probably the greatest one with the greatest amount of disparity yes brant and actually i want you to the u.k. i mean it's 180000 jobs i mean it's important to those communities and i was in the u.k. and it's important but i mean it's not the lifeblood of the of the u.k. so that's why it's so powerful for the u.k. because it is so dependent for the e.u. i would say it's the greatest point of leverage. to go back to some of these other situations there was judicial corporate cooperation as well as governance and yes really all just comes down to leaving the u.k. . and basically what you're having is you're having this issue of what the u.k. wants is to robot rules and regulations of what they're trying to do with the e.u. is they're trying to reimpose it right is the whole reason for leaving that the u.k. wants independence and control and these the waters of really what it is is it sort of like a i would say it's a. example of the principle and it's a little example for the u.k. huge for the e.u. that's why the u.k. is in a better negotiating stance yeah i mean when you look at everything else aside from

the fisheries and everything else list you know the governance of the judicial situation and then the so-called level playing field the concern that britain my diverge as you said from the rules in the regulations and this is the e.u. the whole point you gave the competitive advantage why wouldn't they want to get well that's why you and i raised it yes i'll say something that i said once that before actually and that is that this is like a cult or a club where you cannot let people leave and have a better deal because there are people want to leave the germans i remember german manufacturers i've said this before one out of 7 german cars goes into the u.k. so the german manufacturers all of them are putting pressure on uncle markel because she has to do a great deal because what are they going to stop trading they want to trade with the u.k. absolutely the e.u. also known as hotel california. we're going with the british american business association thank you pleasure pleasure.

computer maker h.p. on thursday once again rejected a takeover offer from xerox worth roughly $35000000000.00 claiming that the bid undervalues its business in february xerox upped its offer by $2.00 per to 24 dollars per share it's a big jump after previous attempts were declined for the same reasons h.p. on thursday requested shareholders reject the offer saying that it would benefit xerox shareholders more than those invested in h.p. following xeroxes latest bid h.p. said they would institute a plan to stop investors from collecting more than 20 percent stake in the company and an effort to avoid a hostile takeover xerox stock plunged more than 6 percent on the news meanwhile h.p. stock dropped by just over one percent but well below the declines that we're seeing overall in the market on thursday. and finally in ny antic the developer behind the wildly popular mobile game pokémon go has officially announced the launch of season one of the go battle league now for those not familiar with pokémon go players

traverse the real world with their phones in hopes of catching mythical creatures called pokémon i just want to let you know that's a surface level explanation the go battle league will allow players known as trainers to pair up against similarly ranked opponents from around the world to battle it out players will work their way through the ranks and as they reach higher points on the leaderboard they earn greater rewards now the game was released in 2016 but is still a mentally popular recent estimates say that it has nearly $150000000.00 monthly active users worldwide and the company rakes in more than $100000000.00 a month off the free to play game the go battle league will officially launch on the 13th of march $100000000.00 a month for a game that allows you to walk on other people's lawns. and it's really all that $100000000.00 is allowing players to do is play the game or is that it's just buying. pools to be able to play more love how you prefaced that this was a very surface level description of the intensity and the depth of pokémon well as

a gamer sometimes i get criticized because they're a guy who doesn't know anything and i'm like no i only have so much time to explain . so i bet you're just letting people know you know more about pokémon go than this then you yes. that we can agree that's it for this that you can catch a bus on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching not with your pokémon go searching on your device portable t.v. you also stream us to your t.v. by downloading the portable t.v. app on apple t.v. and online at portable t.v. you can also find our coronavirus tracker on the portable t.v. app where you can get the latest information about the spread of the virus that as always checks out on you tube you tube dot com slash boom bust archie see you next time.

time after time corporations repeat the same mantra sustainability it's very important to accelerate transitions to sustainable transport sustainability stay in her manner more equitable and sustainable well. they claim their production is completely hama's. because. companies want us to feel good about products while the damage is being done far away this is something else this let's keep going to anyone and i mean look. this is the move in unison we didn't. seem to be based on disputes with who to clinton.

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a world transformed. what will make you feel safe. heis a nation full community. are you going the right way or are you being. direct . what is true what is faith. in the world corrupted you need to descend. to join us in the depths. of the shallowness.

i called for calm as shoppers stripped the shelves and things stored in several countries in preparation for potential self isolation from coronavirus. turkey and greece fine i guess they should count each other as the situation worsens at their shared border with anchor and allowing tens of thousands of refugees to attempt to get into the e.u. . and whistleblowers confront the world's chemical weapons watchdog to demand a fair hearing after being branded rogue following their investigation of alleged inferior. why would a pair of the top inspection team leaders both with impeccable records.