i. and markets have slightly bounced back from their worst day in more than 30 years this is a boom bust the one business show you can't afford to miss i'm going to bore in washington coming up markets see a slight rebound on hopes of a possible stimulus but will the surge go on will break down with expert analysis plus as the virus continues its spread across the globe so as misinformation about the outbreak and tech giants are teaming up to take it on and later the global aviation industry has been battered by the virus could help for the sector be just over the horizon we have a packed show today so let's dive right in. and after the worst day for the u.s. market since 1987 we're seeing a bit of a rebound following an early rate cut from the u.s. federal reserve as the central bank tries to mitigate the economic impact of the coronavirus markets tumbled to yearly lows losing more than 10 percent and on

tuesday things are back in the green but the question is for how long we're going to get to that shortly with some expert analysis but that's what's going on on wall street what about what's happening on main street please pardon the political cliche there an increasing number of businesses have been forced to close in major cities throughout the united states as of tuesday the united auto workers have called for a 2 week shutdown of plants operated by ford general motors and chrysler to safeguard their members from a crow virus outbreak movie theaters movie theater operators amc and regal will close for up to 12 weeks department store nordstrom will close for 2 weeks apple stores have closed and the list keeps growing on tuesday at the white house u.s. treasury secretary stephen moore nugent spoke about what the administration has planned to stimulate the economy and help those working americans. although the president likes the idea of the payroll tax holiday i will tell you what we've heard from many people and the president said we can consider this the payroll tax

holiday we get people money over the next 6 to 8 months we're looking at sending checks to americans immediately and what we've heard from hardworking americans many companies have now shut down whether it's bars or restaurants american state cash now and the president wants to get cash now and i mean now in the next few weeks and for more on all of this and the state of the markets we bring in t.j. watkins chief market analyst at simpler trading and todd horowitz chief strategist at bubba trading thank you so much for joining us now baba here in the u.s. the trump administration is pitching this roughly $850000000000.00 stimulus package which would ease some of this economic pain we're talking about payroll tax cuts there's a possibility of a $1000.00 paychecks going out to americans that's what mitt romney wants really is this going to work and is it going to actually prop up the economy but. you know it's not going to work i mean it may be propping up for a minute but people are running out to go to the store now people are talking and

covering and looking so they don't get sick ok so again will that will it help i mean it certainly will help people that are very tight on rent and things like that but everybody's kind of being understanding and understand that you know maybe people just can't pay right now i don't think anybody's going to go after the consumer and pressure them if they're going to be late on the round or whatever so i think this is another temporary measure that can be taken in but again all work we just we just like we had more debt let's see if we can get this the 30 trillion so i mean it just it just another you know 850000000000 what the heck it just let's pass it on and it really does seem odd because if you're talking about putting money in the hands of americans yes could it help with rent and bills that need to be paid while these people are out of work but but in reality a stimulus measures are supposed to be there to support your small businesses to prop up the economy that. way and if all these businesses are closed it's very hard to do that now t.g. when we look at these stimulus measures what are they going to do to actually help

the u.s. markets when we look at that. going to be really tough to see what's going on i think a lot of people are waiting to see when the market actually stops going down and turns around a little bit i know that the government basically is trying to fire a bazooka at the market and say hey we're here we're going to try and put liquidity and what we're seeing on wall street or main street is that just people aren't doing anything and if we continue to see that events and concerts and airlines and just everybody stops doing everything i think it's going to make investors a little bit nervous to continue to put money back into the market if we just see that everything is on hold and on posit now. i've been waiting for this one for you know all day you know you said from the beginning the fed was doing no good to help this problem and the day after an early rate cut of one percent markets had their worst day since 1970 now the fed has injected $500000000000.00 just tuesday afternoon into markets and things are looking a little bit better but what do you make of the situation with the fed injecting

all these funds. the fed is cool as usual i mean look if they were going to cut which everybody kind of knew it was kind of telegraphed why did they have their meeting like they were going to have and have it tomorrow and tomorrow you knew the minute they cut on sunday that it was a panic move to the fed choked out and couldn't take the pressure of trying to facilitate the markets which again if you let markets trade if you let everything trade free then you don't have these issues what you could do to try to manipulate i mean the whole entire move has backfired on them just take a look at the u.s. dollar i mean they're trying to keep the dollar under pressure here the dollar is once again trying to push up against par so they've shown that they have a lack of knowledge of how the market works and how a free market works and sort of letting prices happen and work because the markets will flying. level whether it's you know whatever price level went to 2 percent rates one percent 03 percent we know that the markets can handle and the system can

handle higher rates because you have you have all these peer to peer lenders and cyber crime but you know lesser lenders that are lending like crazy and what are they doing they're turning around and signed those loans back to the banks so the banks didn't want to get over leverage and of course that will eventually come out and say we're over leveraged and there's a problem and this is what they do all the time but again you keep giving that free money given free access to the repo window don't make them pay and all the sudden you end up in a problem because all the people who are selling these subprime loans are these lesser loans are selling them and picking up 203 to 4 basis points just for facilitating alone with no risk i mean what kind of business is it absolutely and i want to talk about some other market metrics that we're looking at the volatility index top to where it was during our last financial crisis in $22009.00 that the vix more than doubled so far just in the month of march you you were a trader do traders have actually any confidence in markets and what can we expect

in the coming weeks and months. well yes us as traders we would like to see what's happening as far as confidence of the market we know that eventually it will come back but you know i've gotten a lot of phone calls recently from people who know what i do and they're saying hey is now the time to buy because everything's so cheap and i always tell them to think about don't you don't want to try and catch a falling knife right now we're still going down we're still under major moving averages you know if we talk about the fed coming in and trying to add this liquidity sure i think it might hold the market for a little bit i am looking for a bounce at some point just because the market is so oversold it can continue to keep it get oversold the volatility is so high it's likely to come back down at some point but what i'm concerned about is that any kind of bounce any kind of drift a bet that we get back up is really going to be an overall reversion to the mean and start meeting. it into these downtrend in moving averages and we might roll over again after that most of times what we're looking for is a retest of rose and right now we still haven't even put in the 1st low and that's

what we're looking for is something to come later horowitz at t.g. watkins thank you both so much for your time could spend hours on this. and the european union will close external borders for 30 days german chancellor angela merkel announced tuesday movement of people within the e.u. member states will still be allowed barred restrictions of specific nations and border restrictions are quarantines are starting to take place more and more all over the world specifically in latin america now after peru chill a and argentina announced they would close borders to nonresidents on monday colombia will now close its seal and river borders to non-citizens close to rican ergo i also know its border closures as well el salvador will also suspend flights from mexico amid allegations the country's government allowed passengers who tested positive to board a flight to el salvador ecuador and paraguay are imposing national curfews venezuela has also instituted a nationwide quarantine after cases in the country doubled moving to asia hong kong

has also announced all visitors will be under a 2 week quarantine and medical surveillance starting at midnight on the 19th of march officials in hong kong have also asked residents to avoid nonessential travel around one of the countries hit hardest by the pandemic reported on tuesday more than $100.00 deaths and nearly 1200 new cases of the virus in a 24 hour period meanwhile going back to the e.u. leaders are facing criticism from serbian president alexander bu church over their refusal to export needed medical equipment adding the only option will now be to seek help from china earlier today former u.k. m.p. george galloway joined the news with rick sanchez to discuss the situation. so we've had a succession of sub and governments the e.u. well their friends then they are asked if they could buy wasn't jotted rick if they could buy medical equipment to deal with the go to nevada and i've said no to even

though they are a candidate. mr lover off the foreign minister of russia stepped in and said we will help and support. it's always been president. extended the honduran friendship to china called president being his brother. right on cue is flooded with medical aid and as the number of confirmed cases nears 200000 with more than 7800 deaths the us is preparing to test possible coronavirus vaccines the 1st us trial will be at kaiser permanente washington health research institute in seattle it will be a 6 week study to test safety and dosage of an experimental vaccine developed by the national institutes of health and biotech firm dirda should be noted as always it is early in the process and it will likely be at least a year before a working vaccine is widely available. and the biggest tech companies in the world

have come together they say to combat against fraud and misinformation about covert 19 in a joint statement between facebook and google linked in microsoft reddit twitter and you tube the company's released a joint statement monday evening explaining their efforts that statement in part reads we are working closely together on covert 19 response efforts were helping millions of americans stay connected while also joining jointly combating fraud and misinformation about the virus elevating authoritative content on our platforms and sharing critical updates in coordination with government health care agencies around the world we invite other companies to join us as we work to keep communities healthy and safe so what exactly are these companies cracking down on well. joining us to discuss his boom bust co-host and investigative journalist ben swan ben always a pleasure to have you wish it was always under better circumstances as we keep up with this continue coverage on curb the coronavirus and covert 19 now it makes

sense that these tech companies would be working to prevent misinformation what are some of the biggest issues these companies are trying to crack down on. well there's a couple things here and then we're talking about obviously you have the issue of price gouging and you have you know all kinds of sellers who are online who are trying to put out you know products at ridiculous prices but then you also have just bad information misinformation that's going around about a lot of different issues so for instance you know already this week the white house has had to put down a rumor that president trump was going to call for a national lockdown where everyone was going to be required by law to stay in their homes that was not true the white house had to bunk that their claims online that the new york subway system has been completely shut down that was not true so there's a lot of misinformation that's out there and i think there is a you know a usefulness to tech companies saying hey we're going to do whatever we can to prevent that from happening however when they use the terms like authoritative sources that gives me pause because just because someone's in authority doesn't mean what they're saying is true and so we have to be careful about it also seemed

like a weird choice of words authoritative for some reason this move this move by tech companies was preceded by a call with the white house held account because of its call with many of these companies last week on that call were some companies that did not sign on to the joint statement we know why they didn't joy. yet not really sure about that but the companies that did not i.b.m. amazon i mean these are companies that were on this call but they didn't join in this statement and so you have to wonder why is that obviously you know there's other issues going on with both i.b.m. and amazon right now after that pentagon called contract not saying that's the reason for it but it was interesting that they were not part of that joint statement it's also interesting that you know while a lot of these tech companies said that they are really trying to take on the issue of missin from. ation amazon is the one that really has to take on the price gouging issue because right now at this point they're the ones who are dealing with it more than anyone else with you know having products that are put on their marketplace that are ridiculously priced again you know if you're going to spend

$200.00 on a bottle of purel that's your issue i'm not even sure that it causes the price gouging it seems like incompetence by the buyer well and i think now they've actually kind of changed some of their rules as well and how that works there don has now meanwhile the cyber security and infrastructure security agency the department of homeland security cyber agency is warning that with so many americans at home right now there are concerns that hackers may be stepping efforts up to take advantage of work from home networks and that could be a real problem what's going on there yeah while the asli you have you know a lot of people who are remote commuting telecommuting who are online and so the warning is just to say hey you got to be careful when you're online but part of this is also by the group which is that department homeland security agency asking for more funding and i think what they see is there's a lot of money out there right now and they say we need more funding because hackers could be on the loose and unfortunately in these situations i don't like it hackers take advantage but government agencies who want more money i mean all that is really the same apparently boom bust co-host ben swan thank you so much for your

time today. thanks. and time now for a quick break but hey here because when we return the global aviation industry has been battered by the virus could help for the sector be just over the horizon we'll break it all down and how manufacturers are responding as we go to break here the numbers up close. you are no offense but you no longer

a young woman in fact you are one of the last living survivors of the nazi yeah. i'm aware of it. all you like. you can never forget. was it a need like to be inhaled because you would never believe it was. built to last an operating cost for 3 years and open the cupboard it. seems so logical for you besides. when i get out on the farm saw you don't want to take my son to the next so he can listen and hopefully bless her. the world is driven by a dream shaped by frank person of those great. military

thinks. we dare to ask. blushes and make each of the cheek a total morsel of each he cut a hole close to each seam you'll be set it's not that it seems it's a shame since that only shifting against. the utility bills you said you needed additional you're a little bit over most people are going to have to be skinny to show up for true believers families. given the respect to the search

clears are still some of the come forth from the. mummy approachable british mr bush imo sure but just. welcome back saudi arabia's decision to maximize production and sell crude oil at discounted prices is that. in shock waves through oil markets and now more than a dozen u.s. republican senators are pleading to the crown prince to urge him to take action in the oil market at a time when the economy is already being hit hard by the coronavirus in a letter the senators wrote the united states has been

a strong and reliable partner to the kingdom for decades in the light of this close strategic relationship it was greatly concerning to see guidance from the kingdom's energy ministry to lower crude prices and boost output capacity this has contributed to a disruption in the global oil prices on top of already hard hit financial markets now the letter was signed by senators who represent shale industry states like senator dan sullivan of alaska kevin kramer of north dakota bill cassidy of louisiana tom cotton of arkansas ted cruz of texas and james inhofe of oklahoma among others now the senators are scheduled to meet with saudi and the saudi ambassador to the u.s. later this week to discuss the oil price war in more detail so just how much longer can the kingdom maintain this flow before giving up from the pressure for that we go to our correspondent saya tavenner so this is what we're dealing with at the moment currently non opec members are producing close to $68000000.00 barrels of

oil per day we have. producers producing about $34000000.00 barrels per day so we have a total world of oil consumption at $100000000.00 but the production is at $102.00 so already there is a surplus of 2000000 more feet to do with china as slow growth and then we had to crown a virus and now we have the additional oil and met a price war where saudi arabia is promising about $2600000.00 barrels more into the mix so with the u.a.e. add a 1000000 now iraq has even joined this price war and is adding about 800000 barrels of oil whereas russia is promising at least the minimum $500.00. 1000 barrels so we have all the surplus at the moment and additional surplus is $4900000.00 and then you take in consideration the previous or applause which is out of $1.00 so the total oil soar plus at the moment is

$6870000.00 so we're talking about excess oil right now in the market and or all demand in the next 2 months could actually be down by as much as $10000000.00 barrels per day and you know the last time there was such a global surplus of this magnitude well was never and that's because even tiny cuts in demand for crude price drive price down dramatically and saudi arabia basically drove the price down 30 percent with a production increase of lessen half of percent of current global production and this is the exact reason why the u.s. senators have sent this letter to the saudi crown prince now in the past senior saudi government leaders have repeatedly told american officials that the kingdom is a force for stability and global markets but the way that the saudis are filling the market with cheap oil well that's really calls the roll into question and then amid

the market meltdown we have a shale billionaire harold who basically put us in the shale industry on the map and the founder was the founder of continental resources and now it's that he wants to file a complaint with the u.s. department of commerce against saudi arabia for legal dumping of crude meanwhile other oil companies are pleading to the u.s. government for aid ranging from low interest federal loans to just plain old bailouts but this is not just about the u.s. shale oil industry current prices would slash the oil revenues for wanna roll oil reline developing condom use by. up to 80 percent so we're talking about countries like iran eyes out by nigeria algeria then as well all who rely on oil exports for them and calm. the aviation industry continues to feel the

effects of the coronavirus across the globe no according to reuters united states jet maker boeing among others are seeking billions in federal aid as passengers and investors flee the company's u.s. airlines are also looking for a bailout the wall street journal reports companies like delta and american are asking for as much as $50000000000.00 this would be 3 times the amount airlines were given after the september 11th attacks the aid could come in the form of grants loans or tax relief now united states treasury secretary steven minucci made reference to how the coronaviruses impact on travel compares to what $911.00 did to that industry this is worse than 911 for the airline industry this is almost ground to a halt the president wants to make sure that although we don't want people to travel it's critical we want to maintain for critical travel the right to have to most incredible now in europe the british airline association pilots association says british airways is looking to cut costs with pilot redundancies in russia

airlines are looking at losses of about 1400000000 dollars and possible bankruptcies flights have been drastically slashed to countries affected by the quota virus including china meanwhile in asia singapore airlines says it will cut capacity to as much as 50 percent until the end of april as border controls continue to ramp up across the world now so i actually want to bring you back into the conversation because you're so great as i was pleasure to have you on here could you give us an update on what airlines are actually facing at the moment you know on their any other circumstance the airlines would be ecstatic if that it cried because at the time when oil prices are so low it would be great for the airlines because after all accounts for fuel accounts were 20 percent of that. operating cost for airlines but at a time like this it's actually not because number one travel is down of course due to corner virus we have all these now regulations but there's also another problem a lot of the airlines have actually hedged fuel at a much higher price meaning that they're actually locked into prices in the future

that they have a way with airlines that they're going to agree to pay so a lot of airlines and i'm going to give you some numbers that are really going to tell the stories like for example take europe's largest carrier ryan air they have actually had to 90 percent of their fuel requirements for the year at 70 $7.00 a barrel and then you have airlines like lufthansa out about $63.00 right at the good news is that the u.s. airlines don't actually head and neither do chinese and indian airlines so they are going to be able to benefit about on the lower oil prices average or thank you so much for joining us as always. and while many of us are scrambling to get our hands on basic goods like hand sanitizer clorox 'd wipes toilet paper and other essentials the wealthiest one percent are taking a different approach if you didn't already know about this well there is a booming $4.00 trillion dollar wellness market this includes an urgency go bag

with a james bond like gadgets with a price tag of nearly $5000.00 this bag includes items you made an emergency and then some you may not like night vision goggles at a luxury price tag those who still have the choice of purchasing other goods could afford a necklace that serves as a personal air purifier worth about $149.00 or the sanitized sleeper safe haven for about $100.00 made from packman micro real or micro. microbial fabric that kills nearly 100 percent of bacteria and viruses but no need to go searching for these gadgets now because most of them are either sold or on back order the super wealthy are finding other ways to escape the virus as well by ditching commercial and flying private many planning their escape to their private cabins if things get worse and others opting for isolation at sea on their yachts the rich are also turning to concierge doctors for v.i.p.

care services during these difficult times we know one thing the ultra wealthy may have just a few more options than the rest of us and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. and as always you can check us out on you tube dot com start to see you next time. what would be historically considered one of the greatest financial crises of the 550 years and where does it fall into the category where how do you classify it i think we're going to see a global depression and to your point how quickly do we get out of it activist the

problem there is that their prescriptions thus far have caused the problem so they're actually the problem. instead the central banks need to be removed from the equation because they are the problem. the outbreak of the spread of the coronavirus has become a black swan event for the global economy and it's no longer whether the u.s. and other economies will slip into recession the question. how long the recession will last it's going to get worse. it gets better. a fairly significant portion with a little trite as any news meerkat the song in china to start with the shirts are the cheapest we just like you feel and i'd ministry's for war for your clothing or

now don't i do it is me don't focus but i will push the castle for the sugar i mean kick at us no. good luck mr simmons. if you. please. the world is driven by a dream shaped by phone person. no dares thinks. we dare to ask.

headlining this hour the european union shuts its external borders for a month in a bid to limit the spread of pope at 19. the white house scrambles to shield the us economy from a further stock market battering over the coronavirus pandemic i'm betting a huge stimulus package. 70. this hour australian special forces face a backlash that graphic video images showing a soldier shooting dead an unarmed afghan man a close range. either way if you're watching glad to have you with us on a wednesday march my name calling bright for i am here in moscow and this is your world.