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we will talk to marc thiessen and austan goolsbee about the plans that are out there, also dr. ben carson will join us on another new treatment that is beginning trials and this one uses plasma from recovered covid-19 patients, a very old way of treating viruses that is getting a second look. also tonight the california police chief who played with officials to put an end to testing to nba players and start testing first responders. we begin tonight at the white house, we heard from the president, he talked about the deal that is coming together on the hill, the kennedy center at one point -- they wanted $35 million, we took $10 million off of that. can you characterize for us how involved the president is in the ongoing negotiation? >> he's been involved from the beginning, remember, this is the third package in quick succession. he briefed us before he briefed the country on the packaged components, also the incoming chief of staff mark meadows is up there along with our legislative director, why is this important? we didn't take the first deal that was there, extraordinary t

let's get perspective from austin austan goolsbee. good to see you. >> great to see you again. >> how long? it's hard to answer the question other than the suggest it ain't going to open up in two week. >> the number one rule of virus economics is the best thing pour the economics is to slow the spread of the virus. until we get a slowdown of the new cases, we can do things like this relief bill, which we need to do. but this is just temporary, you know. we're just -- we're burning money to keep warm because the heat is out. but we have to slow the spread of the virus before we good get out of lockdown, or we got to do testing or got to have other means. but it's the virus is the boss. and that's -- we just have to recognize that. >> i want to go into the bill, but first, first, first, first, i want to get your take on this. why -- what is the good argument for the president not pulling the string on his manufacturing power and just you know it all, of course. but the war-time power of him saying to the factories, as they did in world

that is austan goolsbee, the former chairman of the economic council under obama. strong jobs report not enough to calm investors' fears. markets are plunging. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power." i'm david westin. talks stumble all treasury yields plunge to new record lows over concerns of the coronavirus and what effect it may have on the global economic recovery. we now have more. >> we are heading towards the lows of the session. i would say that is a dramatic move. we moved by 2.5% every day this week. we started the week with a big move to the upside and wiped out gains. the stock market is starting to reflect the fears you are seeing in the bond market. anywhere you look, you are seeing yields absolutely tumble. the 10 year is at 72 basis points. the farther you go out on the curve, 30-year down by 27 basis points, the biggest one-day drop since 2011. serious reflection on how concerned the market is on the economic growth dori. david: that should be enough, but it is not. we have oil and look at

the only question i would ask my friend austan goolsbee is how many trillions of dollars of losses areling to accept before we start saying wait a minute? >> bill: fair question, we need a quick answer. >> look, my answer is you solve the virus, that's how we turn the economy to growth. not cutting taxes for business and high income people. it doesn't make sense. protect individuals and address the virus. that so we should do. >> bill: austan goolsbee, thank you, stephen moore, thank you as well, gentlemen, we are now looking at the dow, down about 3% on th the day for trad. so, we are heading toward the weekend, we will be well above 20,000 for the dow, we haven't seen numbers like that since late 2016, early 2017, we are watching that for you now. meanwhile, all levels of government responding in the outbreak and a moment, the role of our nation's governors, big job for all of them, how they are working for the feds, tennessee governor bill lee is live in a moment next. >> president trump: we are doing things that a lot of people wouldn't be able to do. but the relationship with gove

. >> what happens to the economy with all of this social distance something austan goolsbee, council of economic advisers under president obama wrote this in the "new york times" this week. advanced economies like the united states are hardly immune to these effects. to the contrary, a broad outbreak of the disease in them could be even worse for their economies than china. that is because face-to-face service industries, the kind of businesses that go into a stale spin when fearful people withdraw from each other. if people stay home from school, stop traveling and don't go to sporting events, the economic consequence would be worse. you were not advising people to go out but making an assessment as between the difference between the chinese economy and the american economy. true? >> true. and the thing is, that was written now it seems like forever ago. that was written at a time when people were just trying to factor in how big an impact will this have. if you look at china, it was a very big negative impact in china. and i was just trying to caution people, hey, get ready. becaus

austan goolsbee and david moore senior advisor for the trump team in 2016. gentlemen, i said outstanding. i would elm if a sides that word. now, austan, for you, are we half way down? are we not quite half way there? have we hit the bottom? where do you think we are right now? >> on the stock market? i don't know. on the economy, i wrote a piece in the "new york times" today that made the observation that if you look at the u.s. economy we are far more driven by the service sector type businesses tourism and airlines and that stuff in the service sector than, for example, is china. so if we got a dose of the coronavirus, if the outbreak here were of the magnitude that it is there, it would actually be worse for our economy. so, i think all efforts should be on trying to slow the spread of this virus and the public health of the virus because once it gets here, if it's of that kind of magnitude the downside is really really -- >> bill: let me come back. i think you made an interesting point in the "times" piece today. where are we? are we at the bottom? halfwa

charlie gasparino and austan goolsbee are here next to explore potential outcomes. this is all in the hands of congress now. we talked about the economy, that is a big part of the story, too, when we come back. ♪ do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for 24 hours, with flonase. it's an honor to tell you that [ applause ] which mthank you.don't. liberty mutual customizes your car insurance so you only pay for what you need. i love you! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ that sofa on tv is iexactly what they need. and now, they know it too. that's the power of targeted tv advertising. it's smart. it grabs people's attention. then they come to my store. buy that sofa. and leave happy it's easy, an

joining us from chicago, austan goolsbee. he was the cir of president obama's council of economic advisers and is now an economics professor at the universitof chicago. here with me is michelle singletary, a personal finance columnist for the "washington post." thanks to both of you for being. i want to jump into the questions because people are wrried. austan, i want you to meet lnda elkin, a 70-year-old retiree fr st. louis, missouri. here's her first question. >> i'm retired and my pension is sinking like the titanic right now. ishere anything the government can do toelp retirees? >> reporter: austin, what about that? help coming for people like linda? >> well, yes and no. look, as we go through a perio like this and the stock market is down and then up a little and down some more, the government is now talking about short-run relief that they're going to send checks out to potentially every american or a lot ofl americans or americans below a certain income level, it will than a payroll tax cut would not paying payroll ta

i want to go to austan goolsbee, former economic chair, professor at university of chicago. we get more and more examples of every day worried officials, ceos scaling back corporate travel, even coming to travel within this country, domestic travel, amazon, james bond movie released next fall, instead of this month. march madness, have games but without people in the stands, doesn't this feed on an economic paralysis that gets worse? >> yeah, you know, if the fear spreads, the social distancing which is kind of the euphemism system that they have for hadding to other people that has an economic impact and it is a negative one. look at china. and in wuhan and places where the virus had such an outbreak, you see big drops in gdp growth. you see a 90% drop in people going and buying cars. everyday things, going to the movies, going to the dentist, you see negatives. why on the economic side, people are just as nervous as on the health side, if not more so. neil: whatever is happening here and the precautionary steps that many are taking, i was thinking, when i chatted with you t

austan goolsbee and david moore senior advisor for

and according to former chair of the council of economic advisers, austan goolsbee, behaving with too much caution could be affecting our economy. advanced economies like the united states are hardly immune to these effects, to the contrary, a broad outbreak of the disease in them could even be worse for their complete than in china. that's because when people withdraw from one another tend to dominate economies in high-end countries more than they do in kleichina. if people stay home from school don't travel, don't go to sporting events, the gym or converts, the economic consequences would be worse. i want to know what you think. go to my websit website @smerconish.com, have you undertaken any coronavirus preparations? i'll give you the results at the end of the hour. joining me now is dr. jeremy samuel fouse, dr. fouse is an emergency physician at brigham and women's hospital. and also an instructor at the harvard school. he wrote this piece, covid-19 isn't as deadly as we think. doctor, thank you for being here, you say you think the "diamond princess" is an odd lab of some sorts m

bring in politico chief economic correspondent, msnbc contributor, and our friend, ben white, austan goolsbee, and "financial times" economic editor, brendan greeley. austan, president trump says he wants to open the country back up by easter. watch this. >> we never did a thing like this before, but i had to do it. it's been very painful for our country. and very destabilizing for our country. and we have to go back to work, much sooner than people thought. i would love to have it open by easter, okay? >> oh, wow. okay. >> i would love to have it open by easter. i will tell you that right now. i would love to have that -- it's such an important day for other reasons, but i'll make it an important day for this, too. i would love to have the country opened up and just raring to go by easter. >> austan, what do you think? >> i mean, if you want to have it open by easter, you better have tests all across america so that we know who has the disease and those people can isolate themselves, and who doesn't. if you don't have that kind of test, it's going to be hard to see how you would be able to r

"outfront" now, austan goolsbee, former chairman of the white house council of economic advisers underants to do something big. we know he wants a payroll tax cut. is that big? i know he thinks that would obviously be possibly popular, but is that big right now? >> well, it depends what you're trying to do. personal personally, i think that in a business cycle driven by a virus, the greatest economic stimulus you can have is anything that slows the spread of that virus, so public health is where they should be putting their focus. i don't really see how giving a payroll tax cut when people are too afraid to go out and spend money and especially when the great risk is people losing their jobs and retirees getting hit and those people don't pay any payroll tax whatsoever. if that's what he called for, i'm going to. be a littledisapointed, you know, we got to get on it. >> according to the "washington post" the president went on a tirade, urging treasury secretary mnuchin, treasury secretary, to try to strongarm the fed to lower interest rates which, of course, the president tries to stro

austan goolsbee and michelle singletary. d thank you. anks to all of you for your questions. confronting coronavirus means not just examining where america is now but how countries around the world are facing this glal pandemic. and that is where jpicks up things next. judy? >> woodruff: what began in china has now spread around the globe. now infects more than 170countrh more confirmed cases and deaths every day. outside of china, among the first-hit was south korea, which has managed to slow the virus' spread through national effort. the same cannot be said forch italy, wow has the most cases outside of china. for a look at how each of these countries is responding to this crisis, we turn to special correspondents in those countries: patrick fok in beijing; bruce harrison innd seoul;ermione kitson in italy. we welcome all of you t our special. let me start with you, patrick fok. tell me how china has dealt with this from the begndinnings there a sense they're beginning to get it under control? >> well i think, judy, the best way of describing the situation right now is it's

bush, here with me on set and austan goolsbee, as well. goody verse if good diversification of opinion if i can say that. tony, this is a big deal now you could argue in the early days we were all watching china, other countries, should have done more quicker here in the u.s. arguably. what about now >> part of what the administration is doing trying to reach out to people is a good idea they have a lot of information to share they look at the global economy. they can talk about what their small businesses and customers are doing, dipping into savings? is there credit impaired so they have that kind of information and they could just impress upon the administration the importance of quick action right now which i think things have been slow and the markets are hoping that they get coordinated and do things quickly. >> no reason why it's not multifaceted larry kudlow suggested the emergency loans without necessarily needing to move that through congress i don't know exactly the mechanics of this but there are ways you could at least take so

"outfront" now, austan goolsbee. this is a huge admission for the president.ere is a recession. it's how long and how deep it will be. >> i agree with that. i thought -- i actually took some heart from the president's press conference today because for the first time he did not seem to be trying to minimize, downplay, or otherwise convey some information that you didn't have to pay any attention to this. we still have to deal with this fact that we've undermined our credibility. but i think this is a right place to start. now you see the fed has thrown everything it has. we have the interest rate down to zero. we have gone back to the world of qe, and the market doesn't think that's going to be enough, and they're right, was when you're in a panic, stimulus does not yet work. as they say in financial crisis, you can't do anything until the bank runs stop. and right now, we're having a health run instead of a bank run, and we've got to tone that down. >> so on that front, and you talk about the fed did everything it could do, and qe, quantitative easing, they'r

austan goolsbee was right. you need to keep people home right now and they need the money and security knowing they'll not go bankrupt. the other outcome of this, if we do this, every single restaurant can open up and feed their communities for free because we're already getting income replacement. so now we're paying our employees, we're paying our vendors and paying our rent and can start purchasing additional food to keep the economy going and actually serve it for free since the income has already been replaced. you can do this across the country and millions of restaurants, hundreds of thousands of restaurants could actually provide food to the communities, and we can do it with a small amount of money. i wouldn't bring all my team back. i'd have them work through in shifts of 14 days. so again, because the restaurant industry employs so many people, it is the number one employer aside from the federal government. we can reach a ton of people. this will cost about $400 billion. and that will give us six mo

joining me is austan goolsbee, an economist and professor of economics at the university of chicago andomic adviser to president obama and you and i, when we talk, we typically talk about the economy, and we will do that today. but i have to say, you're a guy who worked in the white house. and i think there are a lot of americans who are just stunned, day after day, by the fact that this is a white house in crisis. you worked at a white house in crisis when we had the economic crisis, and the fact that people like yamish and the rest of us have to constantly fact check and prove and disprove what's being said, to the congressman's point, when you paint a happy face on things, a lot of people don't take it seriously. this thing is moving across the country. including to where you are in chicago. >> 100%. we're having a real outbreak. and there's a fear that chicago, new orleans, detroit, a number of other large cities, are going to be experiencing exactly what new york city is experiencing now, and you'll remember, when we talked in the financial crisis, paul volker, may he rest in peace

. >> all about that confidence for sure thank you so much we will check in again austan goolsbee joiningew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arm

austan goolsbee, economics professor at the university of chicago booth school of business.eed an economist to look at the situation. thanks for being here. look at what the american people see before them, the concerns -- growing concerns about the coronavirus and so many other uncertainties out there. they see the stock market sell-off. what do we need to know about assessing risk in this situation considering so much is not known at this time? >> yeah, look. that's the key. so much is not known. let's not -- let's hope we don't have more weeks like we had last week, one of the worst week in decades. i think the thing to remember about the stock market -- two things to remember about the stock market. one, everything in the stock market they're trying to make predictions. it is all about relative to what their expectations were. much of the big drop of last week was in anticipation that the news on the coronavirus would get worse. so it is all a question of does it get even more worse than they predicted last week? >> sandra: is that fair considering we've seen supply chai

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now with a look at the lessons that he took away from previous plans, austan goolsbee.nversation that i planned to have with you became moot because you have been an advocate of this tax deal but now it is cash first, infuse with cash and then worry with stimulus later. so is everybody on the same page now? >> feels like that, but who knows. one day is forever in this business. so we got at least two forevers to figure out whether that is going to stick. i think some of this has given me hot flashes back, you know, to our time with the great recession and the financial delay sis. and i think that there is two lessons maybe to remember from that. there are many lesson, but two that i think is that they will find out are relevance. number one is if you are going to go specific -- bailout specific industries which it sounds like $50 billion just to the airlines and some to casinos and something like that, if you don't have a framework to explain why these guys get money and these ones do not, and if you don't pay close attention to what is going to be demanded and what wil

let's bring in some of the obama folks, robert wolf and austan goolsbee and furman and these guys whog the obama aid registration. that would be such a show of support in how can we all come together. a payroll tax deduction when people are losing their jobs and not even working? that's a non-starter. we have to bring this country together. the president is the person who can do that. i hope he does. i'm working closely with governor dewine in ohio, republican governor. i've been on the phone with him almost every day for a week to ten days, texting, working with his public officials, figuring out how to expand old hospitals. we're working like hand in glove, democrats and republicans in ohio. that's what we need to do at the national level. that will relieve a lot of people's anxiety and fear. >> a tremendous amount of anxiety and fear would go away if they saw what you just said. thank you for saying it. congressman tim ryan, good luck. my family is all in ohio. i offer you an extra hug there. thank you for coming on the program. take good care of yourself. >>> up next, any minute n

austan, thank you. you talked about antibody testing. we're going to have that next, goolsbee. groundbreaking new coronavirus testing could soon provide the first wave of workers who can return to their jobs. this is not a test for whether you've got coronavirus. it's whether you've had it. according to stat news, which delivers updates for the world of sibs and medicine, this antibody test will, quote,. it people who are immune and reveal the full scope of the pandemic. the test could properly identify which individuals may have already battled coronavirus. the people who couldn't get a test, people who were sick but got better on their own, or people who couldn't experience any symptoms at all. the test could signal who could be prioritized to return to work or serve as a front-line health worker. joining me now is stan bergman. he's the ceo of henry schein, a major distributor of health care products in the united states and abroad. henry schein has just announced the availability of a covid-19 point of care antibody rapid test. stanley, thanks f henry, thanks for joining me