Prone to gaffes. In congress, no agreement on how to respond to the virus. The latest proposals, a payroll tax holiday for the rest of the year. In other words, your Social Security contribution, suspended. Another one, extend the april 15th tax deadline. However, congress had better get on with it. A oneweek recess starts friday. The market, not happy with any of this. Stocks will be down at the opening bell. You kind of get seasick watching it all. Down 2,000 monday, up 1100 tuesday, this morning we will open about 800 points to the downside. Similar losses for the s p and nasdaq. The virus, there are now just over 1,000 cases in the United States. Draconian action in new rochelle, new york, where the National Guard has been called out to help with a cluster of cases in that town. Seattle has restrictions on large gatherings. The first lawsuits have appeared, a cruise line sued. And just look at this. Students at the university of dayton rioted last night after the authorities announced no more facetoface classes. They will go 100 online. The students didnt like it. Wednesday, march 11th, Varney Company is about to begin. Just over a week ago, many of the pundits declared that this candidacy was dead. Now were very much alive. Stuart low key for having a couple of sweeping victors for joe biden yesterday. Brad blakeman is with us, republican strategist. That seemed really low key to me. Didnt seem like he was a big winner, but he did say a few things with code words in there. Lets welcome Bernie Sanders supporters, which was a veiled slap at bernie, maybe its time to get out. The bad news is for joe biden, he aint going anywhere. Sanders didnt spend all this time and capital with his base to just walk away. Hes going to demand a pound of flesh. That will come at the convention. That will be at the platform and that will be a noose around joe bidens neck as the general nominee. Stuart joe biden is the man, i think. Oh, yeah, absolutely. Stuart i dont think theres much question about that. There will be some damage to him by bernie and his supporters. But his handlers, joes handlers, have to energize the guy. They have to stop him making gaffes. Thats not going to be easy. You cant stop joe biden from making gaffes. He is who he is. The key for joe biden will be the public is really going to take a close look at him in the next debate. Its mantoman with bernie. The longer bernie stays in, the more relevant he becomes because hes forcing joe biden to debate in a primary. Stuart one quick point. What was that trending expression . Liz bidens cognitive decline trended all day yesterday. Stuart my goodness me. Thats harsh stuff. Directed at a candidate in the election. Hold on a second. Lets get the results from the primaries yesterday. Big win in michigan, weve got that. What about the others . Ashley biden took idaho, mississippi, missouri, and washington state, too close to call, but theres no doubt, you said this at the top of the show, biden appealing to africanamericans for sure and working class voters, suburb suburbanites backing him and young voters didnt come out in numbers to get him victory. Stuart lets get back to liz peek on this. Bernie appears to be look, hes not out of the race but i think his challenge is flat out over. What do you think . His socialist challenge is almost over. I agree with you. But the socialist challenge to this country is just beginning. Just think about this. 82 of voters under the age of 29 voted for Bernie Sanders in michigan. Thats a stunning number. Over half of millenials think more of socialism than they do of capitalism, and its interesting because they dont even know about socialism and im not making this up. Surveys show they really dont know what it means but they do know they dont like the way things are going under capitalism. That is a very big problem. There are more millenials than boomers now. This is a big change as of last year. Think about that. The biggest voting bloc in this country now applauds socialism. Bernies done but he has created a movement, i would say it really is at least an awareness movement, and in the next election and the one that follows, we are going to be seeing more Bernie Sanders kind of candidates. Stuart great to have you on the show. I know. Thank you. Cheer up. We need a Big Education of these people. I think hopefully that will start to happen when they get a paycheck and see how much goes to the federal government. Stuart as a market watcher, thats your background, what do you make of what Goldman Sachs said this morning, specifically the s p 500 is going 15 lower than where it is now. Thats a bear market. I would say they know about as much as you and i know. They are looking at the possibility of recession. Thats what more and more economists are banking in now, second and Third Quarter looking pretty bad. Then some recovery. We dont know what the next two months, two quarters looks like. I think trying to call the bottom here is foolish. What makes sense is saying okay, now weve had a tremendous compression in values and pe multiples, markets down 15 , almost, its time to decide which stocks you want to own for the long term and start judiciously putting money in. If you have money on the sidelines, begin very carefully to put some money to work. I said that for the last week and i think its the right thing to be doing. Stuart we are dealing with politics, the market and i really want to deal with this payroll tax holiday. Grover no, there you are. Sorry about that. Grover, i know you are there right behind that camera. I know you are. Look, a lot of people dont really know what a payroll tax holiday is. Its just a suspension of Social Security or medicare payments, isnt it . Its a suspension of the taxes that you pay, your fica taxes. So you keep more of your paycheck and the federal government would wrack it up as debt. It would leave more money in peoples hands but what happened when we did the 800 billion obama stimulus, which was just putting more money into different peoples hands . It gave us the lousiest recovery since world war ii. So how much this would help, im not certain. There is a desire to do something. I think at least they should give people another two weeks or even a month to pay their taxes for last year for anyone whos schedules are being mixed up by the virus. Stuart hold on for a second. This is a fastmoving market and fastmoving situation here. I will bring you back in just a second. I want another update on the virus, ash. Seattle. Ashley seattle, moving very quickly. They have five levels they look at. They are at level 2 which means they are doing everything they can to stop the spread of the virus. They are considering level 3 which would mean involuntary isolation, forcing people to stay indoors and away from people. If you refuse, they would get court orders. Stuart on a mass basis . Ashley just in the seattle area. They would have to determine the area that would include. They havent gotten there yet but they are considering it. They are one step below. Stuart what are they doing in new rochelle, new york . Ashley they are creating a onemile containment zone. The National Guard going into the city north of manhattan, new york city, about 79,000. They will be closing schools which means 10,500 students will be sent home. Cuomo, the governor, has said the idea is to stop large scale gatherings. What will the National Guard do . They will be doing a very deep cleanse of all public facilities. Stuart Major League Baseball . Ashley Major League Baseball does not want to begin the season with empty stadiums and are doing everything they can to avoid it. They are thinking maybe teams that play in cities that had bigger outbreaks could play in cities that havent had many reported cases, or they could stay in their spring Training Facilities and play their games there. All of this could be superseded by the local governments who wont allow them to play anyway. Stuart that could be so. Ash, hold on. Lets go overseas now, to italy. Whats the situation there . Susan 10,000 confirmed cases, 631 deaths from the virus, up from 168 on monday. Thats almost a sixfold increase in just a few days time, right. So we have 45 of those that have died actually in the ages of 8089, not surprisingly, elderly individuals, and its virtually in lockdown, a country of 16 million. Stuart germanys angela merkel, whats she saying about the german situation . Ashley 70 she believes will be infected in germany. Stuart 70 . Ashley 70 . Stuart infected with it . Ashley likely be infected. Susan and no cure. They are looking for some sort of vaccine as the disease continues to spread. Stuart still overseas, beijing . Susan 24 new cases which is actually small compared to 2,000 new daily cases we have heard reported. Ten of those being imported. China, actually yesterday, reported 19 new cases. That shows the other side of the coronavirus. But because of the cases going up here in the u. S. Past 1,000, the irs now says we should extend the tax deadline past april 15th. Stuart they are thinking about it. Okay. Check futures. Lets wrap this up. Big picture, we are going into the market, open in about 20 minutes time. We are going to be down all across the board. Im looking at drops of 2. 8 , 2. 9 again across the board. Now, as you just heard, the Administration May push back the april 15th tax deadline. Grover norquist will deal with that one in just a second. Fox News Voter Analysis shows twice as many seniors turned out as younger voters. That was not good yesterday for bernie. Joe biden lashing out at an auto worker in detroit over the Second Amendment. Watch this, please. Roll tape. [ inaudible ]. Stuart theres a lot more where that came from. We will show you the whole thing. Senator schumer criticizing President Trump over his handling of the virus. You will hear what he had to say after this. 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. Can you help keep these whiiguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. I doni kept putting it off. Screened a long time ago. What was i thinking . Ok, mr. Jones. Were all done. I told you it was easy. At life line screening, we use Ultrasound Technology to help check your risk for stroke and heart disease. After all, 4 out of 5 stroke victims receive no warning. Right now, a package of five painless screenings. Is just 149. So, call today. Life line screening. The power of prevention. We are very worried about the president s incompetence and lack of focus on fighting the spread of coronavirus. We believe that his lack of focus is hamstringing efforts to address this public crisis and inflicting pain on the stock market. One word could describe thus far the administrations response, incompetence. Stuart okay. That was senator schumer. Thats what he had to say about that was what she had to s he had to say yesterday. Now listen to what he had to say about the spread of the virus in new york state, his state. Watch this. [ inaudible ]. Again, i dont know the medical details. Im sure he relied on a lot of medical people. I would defer to them. Stuart he will call the president incompetent but knows nothing about the outbreak of the virus in his own town not his own town, but a town in new york state. Thats blatant politicization. Absolutely. In a time of crisis, this is a global crisis, not isolated to the United States. Nows the time for republicans and democrats to come together. This disease doesnt target a partisan victim. Everyone is at risk. As you correctly pointed out, he is a United States senator from new york state and he doesnt know the information about what the governor plans to do . Hes not concerned about it . No, Chuck Schumer is politicizing an event that should never been politicized. He should be coming together with the president and quite frankly, the president is leading on this. He put the Vice President in charge, there are briefings every day. Even democrats in california have applauded the president because the president said anything you need, you let our team know, you are going to get it. Guess what, they are getting it. Stuart democrats in california applauding governor newsom. Stuart goodness me. Ashley a revelation. Stuart let me move on. Bring back grover norquist, please. Whats this about the push to extend the april 15th tax deadline . How would that work and what does it mean . First of all, we need to do something. This is a nondestructive thing to do which is not congresss or the governments usual first lunge into anything. It would simply give people a breathing period. A lot of plans get disrupted, its not as easy to get to if somebody is helping you with your taxes, how do you get there. Lets give it a couple weeks or even a month. Lot of people have paid more than their taxes so delaying getting them back doesnt cost the government anything, getting that free loan from citizens. I think it would make people feel a little better about scheduling over the next month or so. I think its a very good idea and they should as soon as possible announce how much time theyll have. Treasury can do it. They dont need a law change. Stuart thats what i was asking. Treasury can snap the fingers and you extend the april 15th deadline. You dont have to have a vote in congress or anything like that. You can just do this, right . Anything that requires a vote in congress, you just saw schumer, he wants to play politics, he wants to win an election in november. He could care less about who gets what virus, where. Its all about attacking trump and the republicans. Its what hes been doing the last 20 years of his life. Why do you think he would change now. So find some things you can do by executive order where the grownups can get things done and not count on nancy pelosi to pass something useful. Its not happening. Stuart okay. Grover, thank you very much indeed. Short, sharp, to the point. I will step aside from the virus and the markets and politics for a second and look at a couple individual companies. They are in the news. Pepsi are about to close a deal to buy Rockstar Energy beverages. Amazingly enough, they will shell out almost 4 billion for that company. Pepsi is down about 3 , in line with everybody else. Modest gain today for the drug compa company, up a fraction for mallinckrodt. Netflix, the cocooning stock, this is what you watch when you are quarantine d. Susan . Susan representatives from google, microsoft, apple, twitter, expected at the white house today, joined by officials from Government Agencies and that includes health and Human Services department, nih, u. S. Labor department and its interesting that most of these Tech Companies are the ones that are advising their select employees to stay home and work from home instead. They are working to discuss coordination efforts and information sharing between their industry and the u. S. Government involving containing the coronavirus. Being tech executives arent the only ones at the white house today. Very busy meeting schedule including the 3 00 p. M. Meeting with bankers and the heads of wall street banks with President Trump and thats to talk about hopefully not facing a credit crunch once again, to i guess maintain orderly conduct with these type of wild swings in the stock market. Stuart the credit crunch is an underlying story on the market. We think of the virus and think of politics but underlying it all, the possibility of a credit crunch, especially in the oil patch. You cant service your debt. Thats a credit crunch. Thats what theyre discussing. Susan 300 million. Stuart any minute now, dr. Anthony fauci will testify in congress. This is about the administrations response to the virus. Any headlines, you hwill get thm fast. We are going to be down 660 points for the dow industrial average. The opening bell, next. Before nexium 24hr, anna could only imagine a comfortable nights sleep without frequent heartburn waking her up. Now, that dream. Is her reality. Nexium 24hr stops acid before it starts, for allday, allnight protection. Can you imagine 24 hours without heartburn . I need all the breaks, that i can get. For allday, allnight protection. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart maybe the brits are leading the way in terms of draconian action to deal with the effects of the virus, not the medical effects but the economic effects. This morning, they announced a huge rate cut by the bank of england. They are pumping a great deal of money into the economy there. How are they doing that . Ashley for one, for many businesses, they have eliminated or abolished property taxes saying they are trying to target these particular d you kn you retailers, restaurants, trying to give them a break by abolishing at least for now the property tax. This package in the uk is about 40 billion u. S. But also the government says it will fully refund the sick pay for anyone in the uk that takes 14 days out to selfisolate because of the potential for coronavirus which is a huge amount of money. They will throw everything the nhs needs, whatever money, whatever resources they need, and its estimated the uk government says up to 20 of the work force could be absent at any time over the coming weeks and months. Stuart thats draconian action they have taken. Ashley in coordination with