stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize lehman brothers. we even looked at it as a company. david: at one point, the ceo of bank of america was leaving and they needed a new ceo. how did they pick you? you were the general counsel. brian: at that time i wasn't. i was general counsel for a short time. after that, i had the commercial banking business and investment banking business. i couldn't keep a job, let's just say that. i had five jobs in one year. largely, we were doing deals and things were shifting around and it was interesting. the late summer, early fall of 2009, the ceo told the board he wanted to leave at year end. they went through a search process.

lockdown what about the economic impact there are economists today talking about this being a lehman brothers moment. the economy is going to take a major hit in the 1st quarter services is a major chunk and transportation 80 percent down will tell us how close restaurants are closed and the movies and everything so there's not much activity if at all. many factoring is partly coming back car industry is chemicals and so forth but the 1st quarter is basically gone now we have to see how they open up because even if you produce you have so many logistics nightmare signaled to get this products from a to b. you're running short on supply on packaging material and so forth the economy starters so it takes much longer than in 2003 to have a comeback story so powerful comeback but what about long term do you see companies deciding against china pulling out deciding to take their production elsewhere well 1st of all the biggest risk is not to be in china because the biggest growth story there's no 2nd china available and so for companies they always have to keep in mind and this is the pla

this is during lehman time. we are almost there on a percentage basis. we were at a low race when we came off this. report, i get the idea that we came from mass complacency, but we are at a percentage change of vix that approximates the failure of lehman brothers. what are we waiting for? rupert: the problem is that the policy was once in response to lehman brothers desk lucy -- the policy response in response to lehman brothers was addressing the crisis at the time. governments have limited ability to deal with this kind of fundamental health emergency. it is about containment and management. the real focus of governments will be, how we got enough hospital beds? can we push it too late in the year, spring and summer, one hospitals are not so full? that will be the nuts and bolts in focus. when it comes to the economics, this is going to be very dependent on the length of time the disruption lasts. for every extra week, the higher the risk that you get, the irreversible damage to the economy either through small businesses going bust and the knock on i

with businesses learn now is how fragile the whole production system really is it reminds me of the lehman brothers call ups in 2008 where all of a sudden you know many people became aware that the financial system is very fresh out and since then we have seen a reorganization of businesses how they run their financial structures for example so that if they have to rely much less on back credit for example as a consequence of that and i think something similar could materialize also out of the corona crisis. sorry we're having a few technical difficulties difficulties but 1st of all a quick look at some of the other effects the outbreak is having. impacts on the airline industry brutal its dutch carry a k l m is making budget cuts a slowdown in business it's cutting back on hiring new staff and external consultants filling new projects and office for focus from plans and significantly reducing travel expenses. the german airline is also feeling the pinch announcing a recruitment freeze its cutting costs of the flights to mainland china and hong kong were put on hold due to the upright fans

will businesses learn now is how fragile the gold production system really is it reminds me of the lehman brothers call ups into the garden 8 where all of a sudden you know many people became aware that the financial system is very fragile and since then we've seen a reorganization of businesses how they run their financial structures for example so that if they have to rely much less on bank credit for example as a consequence of that and the thing something similar could materialize also out of the corona crisis. in 2012 a couple of entrepreneurs turned an abandoned army post in germany into a business center for chinese firms it's now one of europe's biggest chinese trade hubs in the coronavirus it. business developer michel is proud of what. the u.s. army used to be stationed here but for several years chinese business people have been living working and doing business from the so-called world factory but these days it's quieter than usual deets notices when walking through the office building some business people have postponed their return to germany after the chinese new year all b

business is learned now is how fresh out of the coal production system really is it reminds me of the lehman brothers call ups in 2008 where all of a sudden you know many people became aware that the financial system is very fresh and since then we have seen a reorganization of businesses how they run their financial structures for example so that if they have to rely much less on bank credit for example as a consequence of that and they think something similar could materialize ols of out of the corona crisis. president of the kill institute for the world economy thank you for your insight thank you chris it started with a wild idea and turned into one of the biggest chinese trade hubs here in europe in 2012 a couple of entrepreneurs turned an abandoned army post in the south west of germany into a business center for chinese companies and the plan worked over the years more than $250.00 offices opened there but with the cover 1000 outbreak in china turning into an international crisis things have become much more quiet. business developer michelle dietz is proud of what. the u.s. army used

emily: that was mark lehman.ticking with apple they are considering giving rival apps more prominence on devices after criticism that offers a unfair advantage to its products. >> being a default app is very key. these are the services you are going to use. they are very hard to replace. being default means you send me a text message with a web link and it will always take me to safari. installed,ad chrome it would not change. it give safari an edge over the competition. that is what apple is considering changing. it will be called i was 14 to be 14 to be able to switch to google or safari. this is something the u.s. government was asking apple about. seen what happened to android in the eu. it is also a bad user experience. say i'm a google chrome user and i'm not able to use it to its full potential. maybe i will switch to android. apple wants to avoid that. >> how many apps are we talking about the could be affected? >> apple has 38 apps that are preinstalled on the phone. it is more complicated than you think

nmily: that was mark lehman of jmp securities. givings considering rival apps more prominence after criticisms it provides an unfair advantage to its own product. here is bloomberg's mark gurman with joe weisenthal. >> one of the preinstalled apps is very key. these are the services you will use and like you said, they are hard to replace. withend me a text message a web link, it will always take me to safari. there is no way, even if i have chrome installed, to change that given apples on safari edge over the competition. that is what apple is considering changing. giving an option ios 14 to switch from safari to chrome in that example. >> is this to get ahead of potential antitrust concerns over the use of its own platform? >> i think that is a big part of it. this is something the house, the u.s. government, was asking questions to apple about. to had a story in october detailing this issue. apple, seeing what is happening search and android in the eu. but it is also a bad user experience. let's say i'm a google chrome user and

stabilize lehman and even looked at it as a company.id: the ceo of bank of america was leaving and they needed to get a new ceo. how did they pick you? you are the general counsel. >> at that time is not. after that, i ended up running the commercial banking business and the investment banking business. i could not keep a job for a while. i had five jobs in a year. we were doing deals and things were shifted around. early fall ofd 2009, the ceo told the board he wanted to leave at your end and they went through a search process -- your end and they end.througear i told my people i would never do that to them. it was a relatively difficult process for all involved. mid-december they finally concluded i would be ceeo and i have been so since january. david: you've been running from us 10 years and it is up 54%, dock up 76%, what did you that made these events happened and make bank of america the largest consumer bank in the united states? >> it was a fairly straightforward thing and there were additive things that made it interesting. it

on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed because that in. a phenomena speculative surfin must begin to. present itself so that your couscous a pricey i've honestly didn't so give you the presumptive don't. continue to look good if if you're more on. the debt good with the presumption the currency get on play. is good clearly for it could have done it. and you can sisters keep up the it is a process that in a while the reason. you don't is all going to have it the coming every other time is developed but on. ok probably also on our ration the sequel is commercial could show took up so i did a fade to distribute the go on to just what is on it would suggest that the other element was. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. not on and off a separate issue one suture that are keeping no bond to god you have to prove the devil up it is act

on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed elected in. a phenomenal speculative surfin mess because the. present so that your couscous a posse of honestly didn't so give you the presumptive don't let. them continue to effect you more on. debt good with the presumptive the currency get on play. hockey live for they could have done it. because it is good with puppy it is surprise to us that in a while the reason. they don't is all they want to have in the coming every other time is developed for. us ok probably also on our ration the sequel is commercial i took up so i did a fade to distribute he got on tissues with his own it would suggest that the other element was. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. no one in office secretaries you want to switch on that are keeping your bank to god you have to prove the devil rip it is actually ta

stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize lehmanthers. point, the ceo of bank of america was leaving and they needed a new ceo. how did they take you? you are the general counsel. brian: at that time i wasn't. after that, i had the commercial banking business and investment banking business. i couldn't keep a job, let's just say that. i had five jobs in one year. we were doing deals and things were shifting around. of late summer, early fall 2009, the ceo told the board he wanted to leave at year end. they went through a search process. it was something i told our board i will never leave you in a position to do. i him a successor at all times, now, at some time in the future. it was a difficult process for all involved. they finally concluded i would be ceo and i have been ceo since. david: since you have been running it for 10 years, market capitalization is up 54%, stock prices up 74%. what did you do to make these events happen and make bank of america largest consumer bank in the u.s.? brian: it was straightforward and there wa

on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed. and filaments because it is certain must begin to. present itself so that your couscous a posse of honesty didn't want was there so give you the presumptive don't let. them continue. if if you're on to. lead it good with the presumptive the currency get on play. good hockey live for they could have done it the nickel sisters keep up the the surprise the us did in a while the reason. they don't is all they want to have it all the time is develop for. us it ok about the also aura russian the sequel is commercial good i took up so i did a fade to distribute the go on to choose what is on it would suggest that the other animals. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. not on and off a separate issue one that are keeping on no bond to god you have to prove the devil up it is actually take you on to the proof. if your proof dog

and last night i really felt a change of heart that i hadn't felt since september 2008 when lehman faileda person who likes to come in early on corrections. we've been buyers of the s&p of the emerging markets all week. but once i started looking at the information from the cdc we're out here in new mexico and i have clients that work in the labs in risk assessment, and what i'm hearing on that side is that we're going to get some more information from the cdc but the bottom line is in order for this administration to get elected again if that's their intention, they're going to have to control behavior. when i hear that, i'm not concerned about death tolls. i'm not concerned about this going past summer. what i'm concerned about is that we're going to have school closures here. and if that starts to mute consumer spending, let's be honest the u.s. consumer is what's keeping this global thing going. and even if hours get cut, it's going to be a problem. so i am not usually buying -- i'm usually buy. i'm not today. >> even if we play out that worst case scenario, take it to the logical con

use a little bit after lehman, when people thought the world had ended. something to consume went on a break. sars in hongh kong. some bade raised for data. lines willk supply be another hot area. orl this be deflationary inflationary? if weially inflationary start to get a disruption of supply lines. scarlet: and when it comes to food prices. michael: i think the market right now is inclined to ignore something that is too complicated. scarlet: closing pretty much with the dow flat. the s&p, nasdaq, and russell gaining. romaine: s&p, record high. selloff ont facebook. verizon as well off the sprint deal of the other tech names. spotify moving significantly lower. a little bit of sentiment change. sonali: not every sector was up. a lot of those peeler tech sectors were down. seemed like we broke out of this trend but for now we have resumed it. let's dive deeper into the market action without reporters. i would like to keep it simple and keep checking in on this across asset chart. tragedys of what this could mean. aude oil down 14%, getting little bit of

reaction it was one fund on one bank's balance sheet was downgraded and it started a chain reaction of lehman brothers and bastards and elsewhere and a crazed trade the global financial crisis which requires 17 trillion dollars worth of or more in balance money and the response of wall street and washington and other banks around the world was to increase the size of the pipes that carry the money right so they didn't they didn't bother examining well is the currency self worth anything or is the system unstable or are we floating this enormous global ponzi scheme they set the ponzi scheme we're going to keep that intact but we're just going to widen the pipe so that we can float and flow more fraud remember it wasn't so in insolvency crisis auser it was an illiquid a crisis right it wasn't that they were committing fraud it was that they weren't getting enough free money from the central banks so they made the pipes bigger they deregulated they really architected they change laws they stole from other poor slobs and then that they have this bigger pipes for the bigger global ponzi scheme but

the raid which we'll be talking about since the lehman crisis that is now coming to an end i think the whole situation is actually very very serious blow lots to talk about the gold market for a 2nd so now we've got the official gold reserves on the nation state level are now just 10 percent below their all time high of 38491 tons was day chiva 1966 for the last 20 years now they've been aggressively buying gold principally china and russia and other countries have been buying lots and lots of gold south in a world of this fiame where they're just printing by the trillions and. hoping to solve virtual cars in cyberspace for $50000.00 a pop on the block chain are these central banks missing the point i mean what are they going to do with all this heavy worthless nobody likes a gold alister the gold is not held in the same hands as it was. you know we were last time it sort of between 30 and 40000 tons of money tree gold in the central banks in those days it was basically. the u.s. treasury that held it. fed had its in on its balance sheet under a note now it's so it's of course it's all

stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize, lehman- we even looked at it as a company. david: at one point, the ceo of bank of america was leaving, and they needed a new ceo. how did they pick you? you were the general counsel. brian: at that time, i wasn't. so i was general counsel for a short period of time. after that, i had a run in the commercial banking business and investment banking business. but i couldn't keep a job, let's just say that. i had probably five jobs in one year. largely, we were doing deals and things were shifting around and it was a little interesting. the late summer, early fall of 2009, the ceo told the board he wanted to leave at year end. they went through a search process. it was something i told our board i will never leave you in the position to have to do. so i owe them a successor at all times, not only now but sometime in the future. it was a relatively difficult process for all involved. in mid-december, they finally concluded i would be ceo, and i have been ceo since. david: since you have been run

and that's what we're doing. [ applause ] >> david lehman in the department of economic development, they brought together more than 400 investors a few months ago, developers representing tens of billions of dollars, municipal leaders to launch ct opportunity zones.com. ct opportunity zones.com. thousands of people, thousands of investors have taken a look at areas of the state that have been left behind too long, ready to invest in our state again. where's katie dice? katie dice, the department of energy and environmental protection. there you are. thank you. [ applause ] >> you are making it easier to take a brownfield site and transform it into a new business. and 95% of those complex decisions are now taking place in less than 90 days. less than 90 days. and all the while maintaining the very highest environmental standards. and there's vanessa durantes, the commissioner of the department of children and families. vanessa, where's vanessa? [ applause ] >> she rose through the rank, start the out in waterbury, and has dedicated her entire career to our state's children, and thank

the navy secretary at the time john lehman told us he would resign in protest if we cleared these forndia. she explained to us the deal went through for india and 10 other countries. ge explained to president reagan just how hard it would be to reverse engineer the turbine blades because of the way the little holes were drilled. everyone had to learn new details about it. they never were reverse engineered. lou: the chinese have the same difficulty with these ge engines. let's turn to the coronavirus. as ken cuccinelli and i were just discussing it as a low threat as he put it in this country because we only have 15 confirmed cases. but we have others under observation. the government has done an amazing job i think in constraining the spread of the virus into this country. so here we are and we have china saying we are not welcome to help them and is easy to start suspecting them of having a reason to deny us entry into their country to help them. >> i hope you will permit me to disagree with ken cuccinelli. i think there's a bigger risk than he is talking about. i think it's to the

. >> it was a monday morning like no other, in the 158-year history of financial giant lehman brotherskrupt. >> this is a global catastrophe and markets selling off 800 points a day. it's a head-spinning -- you felt like you were in a crashing airplane. >> john said, i have to do what's right for the country. i'm going to suspend our presidential campaign. i'm going to capitol hill to make sure they do the right thing on the bailout. >> and i'm not going to be campaigning because of this crisis. i think we should cancel the next presidential debate. >> then obama comes out and says, guess what? >> it is going to be part of the president's job to deal with more than one thing at once. >> and kept on campaigning. >> john mccain asks to have a summit meeting at the white house that he will attend, obama will attend, and senate leaders and congressional leaders will attend as well as the incumbent president george bush. >> the breaking news happening right now. president bush and the men running to replace him together at the white house talking about the nation's financial crisis. >> and

if you don't remember, that's when the market bubble first and lehman brothers went bankrupt. this week alone, you saw the percentage loss for the dow and its value. mcdonald's got torched, coca-cola which lost 11% on the week. that's the stuff that doesn't really make a lot of sense. people are still going to drink coca-cola, but oil prices were decimated down 16% from monday to friday on the belief that demand will be dented if economies from china to europe too, yes, the united states begin to shrink. bret, we know the virus has already disrupted supply strains to get parts and materials from other countries. that fear ramped up to a new level with the victims popping up in italy over the weekend and john roberts reporting the connection in california of a second community spread victim. >> bret: you had larry kudlow saying, what i would look for, the buy in the market, there are buys to be had, coronavirus is the trigger but what connections are investors making between the virus and their money? >> he's right. so many things on sale, but the virus spreading come of that s