Is david asman. Joining me on the panel gary, zachary liz. Attended christine on the Stock Exchange. Was it the Oil Price Crash that set this all . Reporter several factors, one has to revolve not necessarily the virus itself but the panic around the virus as well as oil, it is so difficult to price and the Economic Impact and what the virus is going to do to companies acrosstheboard which is why you sell the selloff today and we have a Circuit Breaker halt all markets when we saw it fall down 7 . That helped liquidity but using acrosstheboard everything over 7 lower for the day. Oil hitting a low we have not seen since 1991 and that really did hurt shale producers across the country across the globe and it shifted investors to move their money into safer bet like ten year treasury bond and thirtyyear treasury bonds. We saw the ten year drop to 31 basis points, that is 0. 319. Not even percentages anymore. And the same thing for the 30 year yield, it fell below 1 . These are numbers we have not seen ever for the thirtyyear. We should see more refinancing going on we have all this economist and analyst wayne and in Morgan Stanley put out a note talking about a potential recession and the next two or three months enlisted the panic from consumers, lower oil, businesses from investing and jeff said they were going to do a hiring freeze and layoffs within the energy sector. And then goldman sachs, the economist said they believe the Federal Reserve will be cutting Interest Rates at the next meeting in march 18. Retailers suffering from shortages right now, target today says they will be limiting the sales of disinfectant at the store because their little available, its completely sold out at walgreen, costco, even walmart, empty shelves across the country. But to bring a full circle and bring about two guys in the panel, a lot of this does involve how companies are being proactive, you have people saying im going to work from home or my company told me i cannot come in today. You have schools closing in the United States, more universities and trips getting canceled. That is adding to it. So typical to the Economic Impact right now. David i remember 1987, its extraordinary how quickly we can come back with even a worse point loss percentage than we have today and work in extraordinarily resilient economy right now. Were in a good shape to weather the storm. Nancy pelosi is blaming the stock market plunge on the president s handling of the outbreak. Take a listen. It is very sad but i believe what we know about the dow is uncertainty, they want confidence that there is a plan and i think what is happening is a reflection of the lack of confidence. David gary, is that white traders sold off today . Not in the least. There is a combination its murphys law going on, the market in 14 months was up 38 on the dow, 58 on the nasdaq, we were gonna correct anyhow but the virus hit, thats a catalyst. May i state this, business after business after business, industry after industry after industry are pulling in the rains, when that happens we go from a Virtuous Cycle to a vicious cycle and is weighing on Economic Growth. You throw in what happen with oil and what saudi arabia did and is an attack on our oil industry and worry about the leverage that the Oil Companies have and you end up with what youre seeing. If you blame this on the president and give them the blame on the 15000 points for the upside, guess what its an election year. Unfortunately this will be expected, i wish all parties would get into a room and get a kumbaya because this is affecting all the citizenry around the country. David you better roll out the liquor cart for that. We need time and hard feelings and broken hearts. I like how you said it, virtuous but guess what happens after vicious, virtuous again and thats what i believe as you alluded to about the economy and about businesses in the mobile work, it can happen. It can be done incense business today, technology and the iphones, laptops, things can work and on the Stock Exchange of the company that facilitates businesstobusiness work. This can happen. David liz, we still have victories in this country, and we still have Office Buildings in which people need to be there for various reasons, what happens if they become quarantine, wont that lead to a temporary shock to the economy . I think that is unnecessary. I think the Health Issues here have been exaggerated but i want to go back to 1987. [laughter] and also 2008, there was really serious underlying in the economy, we all knew that and people puttered along and kept driving the market higher in spite of that, there is no kernel of instability in this economy and i think really what we need, nancy pelosi is obviously trying to score political points but we need the private sector to come forward and say here are the risks and the realistic risks, not what someone will tell you on msnbc and hear what were doing, our economy is going to be just fine. I find this overreaction is ridiculous. David you came in here steaming today. Ive never seen her like that before. One more thing to say, in russia, lets talk about russia, they said. David we have a whole segment coming up. Hold your fire on that one. A lot of people are saying dont panic, dont panic, you have a great piece in Time Magazine where you said panic but dont act on the panic. Plan out the scenario. Think in your mind the worst panicky situation and then do what. There is a tendency in the Financial Media and for people to say its not a big deal. It is a big deal and you shall offer that human reaction whether it is justified or whether completely unjustified. Were in the grip of something globally. Best case scenario, everything in china, its been four weeks and to some degree whats going on, its like a sucker punch. It wouldve been reasonable for weeks ago at 2 Economic Growth in the United States, modest profit, we can argue if it was going to be over or under but it was within a range that made sense and realistic. It has to be reset and it may be wrong that has to be reset the globe has taken a big timeout right now. And we are not used to the. We do not know what the outcome of those viruses just yet. We want to believe the best but we just dont know. We will not know a few months from now. I have to make the statement that the fact if a cruise ship does not go out, all the people that were going to get to the cruise ship on ubers are not going to take the troopers and not get on the cruise ship, not take the tours, not take the airline to get to the cruise ship and thats what i mean by a vicious cycle, the more and more we hear of that, the more and more companies adhere of that, the worst it can get. Let me add in the other part of the equation. The country is 23 trillion of debt, massive leverage, you say we dont have anything that is really working, there is a lot of leverage and i must tell you the words of love and hate are very close together and you are seeing the outcome of how close together they are. Im always hoping but i do worry about all of this and Central Banks are culpable. David go ahead. We talk about the federal deficit all the time on this program, the federal deficit can be fixed, i dont feel that all we have to do is have discipline in congress in the white house, its farfetched i know. The liquor cart i was talking about. I dont think that is exponential threat to this economy. The one reason that debt has been so prevalent and to use the word fun to have because its darn cheap. And thats a scary thing, to your point, when debt is cheap and you can get it, you go and get it. But to your point about all the things about the troopers and flights in cruises, to 1 degree that weve seen a massive selloff on the s p, its already price. David sometimes when it falls often comes back fast. By the way you dont need a microphone. [laughter] david we have an excited crowd, we hope you are enjoying. Democrats are attacking the president for the response of the growing number of coronavirus cases in the u. S. Theyre putting forward their own proposals, we will ask member of House Financial Services and the bar, what he thinks of the democrat plans. He is next. We can test them in the house, question is will the senate take up the legislation that relates to the wellbeing of america to work with. Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . If you have postmenopausal osteoporosis and a high risk for fracture, now might not be the best time to ask yourself, are my bones strong . life is full of make or break moments. Thats why its so important to help reduce your risk of fracture with prolia®. 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David politicians are jumping over each other with different plant to deal with that virus as a president has a closeddoor meeting about the issue, nancy pelosi and Senate Minority leader Chuck Schumer laid out a list of demands that they say should be in any economic package it includes paid sick leave, bolstering an appointment insurance and widespread and free testing for the coronavirus. Joining is now a member of the House Committee congressman andy barr. Great to see you. We are in an election year, i dont have to tell you, people are already promising everything in the moon to voters. Now with this, i am just thinking, there is no way anybody will say no, does anybody have the gumption to say when some democrats are offering packages that request hundreds of billions of dollars, will anybody in the Republican Party say no . I think so and we need to take action and take the right action. But we do not need to politicize the situation. Obviously we had a bad day. 7. 8 decline in the dow, the largest decline since the financial crisis and look, the collapse of oil prices have a lot to do with it in addition to fears about the coronavirus. But we should not politicize this issue. This is not something that President Trump created, this is something that was created in the communist china and obviously spread to other countries and i would just complement and applaud this a administration for taking very decisive, aggressive action. This is the whole of government approach, the Vice President and his team and doctor county have been on top of the sensor beginning in the president took bold action right away to impose a travel ban from china and around in the beginning and issue a level four travel advisory and very impressive work with the fda to lift the restrictions on the availability of testing and now we see not only the state in academic labs testing but also the commercial labs coming on board and that is a credit to this a administration. This is a whole government approach. You laid out the work we have to do with respect to Health Insurance companies, vaccines, we talked about working with some of the recovered folks which there are many by the way and you might get antibodies from them and working up a serum. What is the timeframe on getting all of the stuff lined up with aligning everything in Insurance Companies to make sure with testing and eventually the vaccinations that spokes will have this covered on their insurance policies. Its a whole government approach and we had everything including secretary azar and they are working on that right now and what i would say is the timetable is very, very impressive in terms of the expedited pace we are seeing, its a collaboration between the private sector and cms and cdc and hhs and all of these Healthcare Agencies at the federal level in the trump administration. But what they are saying is the private sector is already has therapies in active Clinical Trials both in china and the United States. Were only about a month 6 weeks away they say from a vaccine in active clinical trial. What a contrast to the speakers proposal of more government. And criticism of the lifesaving life improving Innovative Companies in the private sector that will be our saving grace. Excuse me for interrupting, to your point about what nancy pelosi is talking about, is she requesting additional funds in addition to the money that is already been agreed to and signed off by the president for things like expanding an appointment insurance . It sounds like it, only in washington were politicians like the speaker asked to spend more money when we literally just appropriated over a billion dollars last week. I voted for the package but we certainly dont need to spend more money before we exhaust the money just appropriated. You begin your comments saying we should not politicize it and from the perspective of the other side of the aisle, you spent a considerable apportion on the air criticizing it. Defending demonstration which is fine but neither here nor there what people want to know, what you will do and what we are collectively going to do. And i find it flabbergasted that you begin that way and then go on to a partisan perspective, you can criticize nancy pelosi all that you want, legitimately but we are looking to you because we are collective in the society for collective answers about what is currently a panic, it may be unjustified panic and may not be legitimate but its happening. We need to know what youre going to do, not just amen course. It was a bipartisan bill that we passed and we did take a bipartisan approach to the emergency supplemental legislation, i am merely pointing out that we dont need a partisan approach to this, we need credit where credit is due and certainly the congressman of bipartisan weight deserves credit for appropriating the funds to expedite the therapies in the vaccines and bringing them to market and the administration deserves credit for taking the ministry of action to allow the fda to expedite these therapies in the Vaccine Development that is happening and getting an expediting the kits. I am not politicizing the issue but what i would say, we dont need to have a situation where the speaker of the house is asking for more spending when we literally just appropriated over 8 billion in response to the. David we have to go but i have to ask quickly, some people think Congress Might shut down, we have doug collins, senator rubio or cruise cruise, he is self courtinself quarantine. What happens if more of your colleagues are exposed to it. It may be the case that Congress Takes a break and if several of our members cannot be here that we step away, we are hearing that that might be the case but the risk remains relatively low for the American People to contract the virus, that does not mean we should not take all the precautions we need to including in the Financial Sector and your see the regulators take pretty decisive action. David andy barr, i have gone over time but it was a pleasure. Thank you for being here. Six states are set to vote for a mini super tuesday in joe biden and Bernie Sanders picking up highprofile endorsements, we will look at who can move the needle next. People love Bernie Sanders can win. Will win. Must win. Bernie can win. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. 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David joe biden and Bernie Sanders gearing up to go headtohead tomorrow and the six state prim