Out front tonight the coronavirus sending shockwaves through the the markets. The dow closing down nearly 1,200 points. 1,200 points, that continues what has been market slaughter deep red over fears the virus culd threaten the entire global economy. The past four days, the dow has shed nearly 11 , the worst decline since 2008. Trillions of dollars are gone and President Trump is upset because he thought he had been the voice of calm. It was a very good press conference. It was a calming conference, a conference to say were doing well. Doing well or not, it certainly wasnt calming. Maybe because what he said is not what the medical experts are saying. We have it so well under control, i mean we really have done a very good job. It has become clear over the past few days that a pandemic is inevitable. Its that kind of contradiction which is not calming. Kaitlan collins is out front live outside the white house. Kaitlan, how upset is President Trump over this market decline. He watches almost nothing more closely than the market. Reporter it seems to be the primary reason youve seen the president put on a face for the coronavirus. He was watching all the coverage of this and growing frustrated we were being told by sources feeling like his administration was being blamed for not doing enough and not being prepared enough and a lot of it had to do as the president was keeping an eye on these numbers. He hadnt been overly concerned about coronavirus until you saw the dow close over 1,000 points down on monday, something the president tried to dismiss as a one off. But youve seen this period continue for several days now and the president has tried to blame it on a factor of things, not just the coronavirus. He believed part of it may have had to do with the latest democratic debate though of course that debate happened on tuesday after the markets had already closed monday and tuesday. But it certainly is the primary factor and what you are seeing is the president s response to this. Its really what drove him to replace alex azar, the health and Human Services secretary and put Vice President pence in charge. In addition to him growing frustrated with him on other fronts. That is primarily because the president knows the key to his reelection in november is going to be a strong economy. That is something he touts time and time again at rallies like the one tomorrow in South Carolina is at thtalking to the voters about the economy. You can see more of that messaging as this is something they are trying to keep their eye on. Out front now scott miner, dionne robwin, and jim bianco. Scott, we talked when it was down nearly a thousand points. Now were down significantly from there. Will this get worse . I think ultimately it will. I think for the moment we may have found near term support to give us some relief. But, you know, as the virus continues to spread, as it appears that pandemic is inevitable, weve got significant more down side risk for stocks. Thats not what the people want to hear, scott. But, i mean part of the problem is theyve been hearing different things, right . One thing from the cdc, another from the president. What do you think, jim, where we go from here . Yeah, i kind of agree with scott. I think if we start to see that this becomes a wider spread pandemic, and it certainly looks that way, its going to cause and has been a revaluation in the markets, a revaluation of how businesses work, whether or not were going to see deglobalization, whether or not were going to see borders closed, flights cancelled, whether or not were going to see widespread School Closings here like we just saw today in japan. These are very destabilizing things for an economy. And the fear is that we cant stop this from coming here. Fortunately it hasnt yes, maam. We can hope, but we dont know for sure. Deen i dont, look, you have the president saying hes calming the markets, almost seemingly confounded by the fact his words alone do not seem to be calming, but saying its under control, its fine. Then of course you have the cdc saying pandemic is inevitable. That contradiction in and of itself, how troubling is that for markets . Well, look, the markets and folks at home, regular folks at home, wanted the president to come out and Say Something reassuring, wanted him to come out and Say Something thats going to calm everyones fears. Because whats holding the economy up is consumer spending, feeling good about the economy, the job market, spending money in restaurants, bars, the like. When you have a situation like this, what you need is the president to come out and deliver a message of strength but also one that people can believe in, one that can get people excited about going out. Thats not what we got. We just heard from the cdc from the president spoke. We heard of a new case in california after he spoke. People had to look at that press conference and say i dont believe whats going on here. Thats part of the problem. There has been contradiction between the president and the medical experts. Heres just one example. This is last night on vaccines. Heres the president. The vaccine is coming along well, and speaking to the doctors we think this is something that we can develop fairly rapidly. Now, its not the full inaccuracy of that. Its the implication that that gives to people that theres going to be a vaccine. That means imminent when he says that way to most people. Thats not what it means. Heres head of Infectious Diseases from the cdc on the same topic of a vaccine. At the earliest, an efficacy trial would take an additional six to eight months. So, although this is the fastest we have ever gone from a sequence of a virus to a trial, it still would not be any applicable to the epidemic unless we really wait about a year to a year and a half. So, when the president says rapidly and a vaccine, most people hearing it dont think a year to a year and a half away. Right. I think the president is trying to comfort people as much as he can. But, you know, it comes off like some of the comments Herbert Hoover made that the stock market was fine, that the economy was basically sound when we were on the brink of the depression. So, theres sort of this credibility gap i think the president has in this area. And the more other experts come out and talk and the president says things that dont acknowledge how severe the problem is, the bigger the credibility gap gets. So, jim, at least 2,800 people we understand have died globally from the coronavirus and obviously those numbers could be a bit different. Theres all kinds of questions now. But thats the number we have. In the swine flu outbreak in 2009 there was a study from the cdc that said up to 575,000 people could die from that. 575,000 people. Right now were looking at 2,800. That was just a few years ago. When that happened, markets did fall officiainitially, but then, six months later, up 40 . That was coming off a huge low for the market. Could we see a similar bounce back this time . Only, i think, if we see that this disease is brought under control and somewhat contained or eradicated. I dont just mean in the United States. I mean everywhere else. I think whats bothering markets is every day we get more stories out of italy, south korea, iran, now the rest of europe as well too, in japan that their numbers are growing exponentially in terms of the disease. The entire planets got to get ahold of this disease, not just the United States in order for their to be comfort. We have put together a Global Supply chain with just in time inventory spread out all over the world. What we did not anticipate was Something Like this that was going to stop it in its tracks like it has in china. And this is why its become more of an economic story than it did with swine flu or sars or anything before it. It wasnt amazon prime then. I dont say that lightly. Peoples stability which is getting exactly what you want exactly when you order it. Dionne, trump likes to take credit for the market. He views it as a lynchpin as his success. He says thats why he should be reelected because hes the guy that brings the market up. Here he is. One of the reasons the stock market has gone up the last few days is people think were doing so well. After i win the election, i think the stock market is going to boom like it never did before just like it did, by the way, after i won the last election. This is how he defines himself. Look, and that is the risk you run, the risk you take when you start putting everything on the stock market. The stock market giveth, and the stock market taketh away. Weve seen what i think looks like the fastest 10 correction in the history of the market over just the past six sessions. So, this is not something thats a small thing, the market clearly having a very major reaction. And it doesnt seem like the president is helping things. Now youve got the democrats, Bernie Sanders and all, starting to pile on here pointing out the flaws in what trumps doing and that cant help things either. Scott, before we go, i know youre on an Advisory Board for the new york fed. Usually they dont call you about things. Its linked to meetings. Have they called you about this . They called today. Theyre gathering information. Chairman powell, a lot of people dont realize, is hosting a conference this weekend with other central bankers from around the world in europe. Theres going to be a discussion or statement regarding some sort of monetary coordination. Thats not something the feds telling me. Thats just my intuition. Thats your intuition based on what they were asking you. Right. Which obviously would be very significant for a lot of things. Last time we had Something Like that was the great recession. And erin one thing i would say here is in some ways this is actually worse than the great recession. So, if the pandemic actually takes hold and we reach numbers that people are talking about perhaps a billion people infected, its going to disrupt the economy everywhere in the bor world. Thank you all very much. Next a woman mysteriously contracting the coronavirus. Now the drrksc is on the ground in california and trying to locate anybody who may have had contact with her. Her situation is a huge question mark as to whether this is a turning point in the United States. And a harvard ep deem yolgs predicts up to 70 of the worlds adults could be infected with coronavirus is out front. He explains how he comes up with that number. He doesnt hold back, sharl main weighs in on who he says has the best message for black voters. And any other uncertainties. Because when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. [ dishave you ever wonderedre [ distant band playing ] what the motorcade driver drives when theyre not in a motorcade . [ upbeat music starts ] [ engine revving ] this one drives a volkswagen passat. I have moderate to severe pnow, theres skyrizi. Things are getting clearer, yeah i feel free to bare my skin yeah thats all me. Nothing and me go hand in hand nothing on my skin thats my new plan. Nothing is everything. Keep your skin clearer with skyrizi. 3 out of 4 people achieved 90 clearer skin at 4 months. Of those, nearly 9 out of 10 sustained it through 1 year. 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Thats what theyre about to have a press conference about shortly in a few minutes to discuss. What that means is theyre going to be working harder to identify anyone who may have come in contact with this person, identifying them and then screening them, and then from there following up to make sure that they know who may have been exposed to this woman. We also know that this person first sought care here in Solano County. She was there for three days and when her symptoms got worse, thats when they asked for further treatment to be moved to u. C. Davis in sacramento, about 20 miles away or so. And then the testing that was done because of her worsening condition led them to figure that out. Here is where things stand in Solano County. Anyone who is working or may have come in contact with this woman as she was transferred by ambulance, theyre now looking at anyone who may have come in contact and take them and have themselves treating and selfmonitoring at home. The other thing thats notable about this as well erin is that this is the home of Travis Air Force base where we know of those big flights were brought here from china. Theyre saying that this woman, they have noreasonto believe that she came in contact with any of those people who were quarantined there, erin. Thank you very much, stephanie. This california patient is in democratic congressmans district. I know you just spoke to someone administering care to the patient. What did you learn . First of all this patient is in serious condition and our prayers go out to her and to her family. Beyond that, there is a very serious probability that this virus is in the community and the steps that are being taken by Solano County to try to identify, to try to do the normal Public Health track down of people that may have been exposed absolutely essential. But theres a critical element that is missing in this, and this lays it directly on the cdc, and that is the testing. This lady was denied testing for at least three days and quite possibly longer than that. And the cdcs protocol prohibited her from being tested because she did not fit their protocol of having travelled or interacted with someone who had . Exactly. Now, today testing is not rapidly available in california even though california does have two laboratories that can do very Rapid Testing. The cdc has refused to certify those laboratories so that they could be used for this process. Beyond that, we do know that testing kits are not readily available. Theyre very, very limited in supply, and there are questions as to their efficacy. We know we know that korea has developed a Rapid Testing program. Theyre able to test thousands of people a day. Theres a company that could produce 100,000 test kits a day. Those test kits could be in california tomorrow if the cdc would allow it. It is a major question. All of this work thats being done by the Public Health folks ultimately will require testing of those people that might have been affected. So, this i know youre pointing out one as an issue of the willingness to get the supply but two because of the willingness to test to fit the profile. This is the county where the flights came in. But from everything that they understand and have traced from this particular individual, she had no contact with anyone related to any of those flights. So, do you have any information on how this disease was transmitted, how she may have contracted coronavirus . Well, the answer is no. That is what the county is doing now. The Public Health resources are going around doing the tracking down of individuals that may have come in contact with this person. Whether this person can actually talk or not is a question. Shes been incubated. And so may not be in a position to discuss it. Even if theyre able to follow who she was with, where they were, the test is essential to understand who whether those individuals are infected. Theres no way, no quick, easy, available way today because of the cdc protocols and the unwillingness of cdc to allow the state of california that does have laboratories that can do this quickly and rapidly to do those laboratory tests. And beyond that, we really ought to be bringing from korea test kits that are proven to be working in south korea. I hear this and its like when you talk about the Global Nature of this crisis, 100,000 a day is a lot and i hear you. But theres going to be a need possibly for more than that. Just in california alone, your governor today said 8,400 people just in california are now being monitored for the virus. Im just asking you how in the world can you monitor 8,400 people, never mind getting to the point of testing. And what does that mean for how broad this could be in the United States right now . I might stick with the testing for a while. If we had the Te