Announced that 33 people tested positive for the virus and 8,400 californians are now being monitored. So far there have been 59 confirmed cases in the u. S. , according to the world health organization. Worldwide over 83,000 cases and over 2,800 deaths of the coronavirus have been confirmed. The impact on wall street continues as the dow and s p are on pace for their worst Weekly Performance since 2008. Down more than 10. 5 on the week. Yesterday the dow experienced its single worst day point drop in history plunging nearly 1,200 points while both the zps p 500 closed. And in strong contrast to success earlier this month. The dow closed on a record high february 12th and it only took the s p 500 six days to fall from an alltime high to correction levels marking the fastest drop of that magnitude. This morning the dow futures eae pointing to an opening loss of more than 600 points while the s p and nasdaq also point to lower openings. The effects of coronavirus is already wideranging as Major Business events take significant precautionary measures. So far the Walt Disney Company closed Tokyo Disneyland until midmarch. The kpop boy band bts canceled several concerts and the band green day canceled tours in asia, tech giants, facebook and microsoft along with epic games pulled out of a Game Developers conference in california next month and korean air says is it will not allow passengers with a fever to fly in the u. S. So, willie, a couple things here that a lot to talk about today. Were not just going to key in on a few small things and nitpick. It doesnt seem, though, so concerning how illprepared we are for this. In the early stages especially. You look at the patients, the infected patients that were allowed to fly back to the United States, despite the fact Health Officials didnt want them to. Apparently, and we can ask jonathan about this. Apparently the administration, the president overrode that. Then infected patients with other passengers who were not infected in the same airplane. Put up some plastic, the air circumstance case. All over the place. And travels fast between people. Yeah. A patient, and then, of course, this california patient, who was infected, but the cdc did not allow them to take the test . Now shes in pretty bad shape, by reports. We heard yesterday 8,400 people in california may be infected, but they only have a handful of kits to test for it. I mean, our government is woefully illprepared, it seems. At least at this early stage. Yeah. You had an hhs whistleblower file a report. Saying exactly what youre saying. This isnt being handled the right way. Officials sent to california to meet people, americans coming home from china, werent properly protected, didnt have the gear they needed. So the president has said, jonathan, that this will disappear, to use his word. This clearly isnt disappearing. This is only getting big ger overseas and were beginning to see the effects here at home. Says if will go away when the weather changes. Slated april as that date. We see it spreading rapidly. I was with him in a trip to india earlier in the week. Something even a months pageantry and rolled out the red carpet we has obsessed what was going on with this virus. In terms of the Public Health crisis, yes, also its impact on the economy and the markets. Appears to be from all indications more obsessed with the stock market and the stock markets impact. Whatever inspires him to deal with it, is fine with me. But there have to be people around. By the way, if youre looking at jonathan and willie with that background and wondering what set were on, its a different set. Its the match game 75 set. Gene rayburn coming in, in a few minutes in bright red. You guys look great. Is there somebody in there that actually can tell the president or have they told the president when he says its going to just go away. We understand hes trying to be, you know, do happy talk for wall street, but every time he says Something Like that, the markets go down even more. They are actually the markets are deeply unsettled by him not having a realistic view of just how serious this may be. Again, the operative word, how serious this may be. In a crisis, potential crisis, be consistent and disciplined with your megging. Consistent and disciplined with your messaging has never applied to donald trump. That is a concern here. Youre right. His initial focus looking very much through the economic lens. No president ever tied his fortunes to wall street like he has. Taking credit for every possible market increase. Yesterday we know he inherited the growing economy from president obama and made that central to his reelection bid and is rattled by the drops of the last few days, no question. People in the white house realized, come to recognize how serious this is. Weve seen them form a task force, the Vice President is in charge, although one can question his ability to handle this considering how he handled medical issues including hiv in indiana while governor there. But this is people around the president are mobilizing, recognizing, how important this is. And waited too long. A sense they may have waited too long and also the president himself wanted to be part of that News Conference two days ago and his not only sort of scattershod handling, the presentation, clearly not exactly masterful handling of the facts of the disease has only rattled people further. We saw the impact on the markets and now the administration is trying to course correct and put a more sober face to this. So far it hasnt worked. A reason he wants all messages to go through Vice President mike pences office, because he knows he can control that information as opposed to say hhs or cdc. Down to wall street and bring in dominic chu. Dom, nearly a 1,200 point drop, the worse single day loss in the histories of the Dow Jones Industrial market. Whats it looking like this morning . To add to jonathans point here, the reason we dont want to be alarmists about either the medical impact for the coronavirus or the market impact, but theres no doubt that the issues around the coronavirus are having a significant impact. You mentioned that 1,200 nearly point loss yesterday in the dow. The biggest single day point loss in the history of the dow. More important here from a broader perspective, not just the dow. The s p 500, a broader measure of the u. S. Stock market, has now lost in the last six days some 4 trillion worth of market value. trilli6 trillion lost in glob value, all of that from Dow Jones Industrial indices and a scenario markets for the s p have now fallen by 10 or more in the fastest period or span in market history. That is to say we were just about six, seven trading days ago at record highs and took only six days to fall by 10 or more. As the coronavirus fears start to emerge in the economy, a host of analysts on wall street trying to predict or model out what the Economic Impact will be. A number of big investment banks including those at Goldman Sachs, jpmorgan and citigroup and others have now economist teams and Analysts Team who have taken down their forecasts for broe growth in the economy, not just here in the u. S. But around the world. That translates into fewer corporate profits. In fact, folks at Goldman Sachs citi group predicting no Profit Growth for s p 500 companies in the year 2020. Now, they are still making money, but its hard to justify rising stock prices when companies dont make more money, and folks, thats the reason youre seeing markets react the way they are because of an uncertainty about just how much the World Economy will slow down based upon the latest results from those tests around the world and coronavirus, guys. You know, so much of the markets are going up and down and i know about markets because were y willie and i go to otv. Reading the dogs is about the same as reading blue chip stocks. Have we not been proven time and again . All right. Just get serious. Sorry, dom. You dont have to respond to that. Ive been to the racetrack. Hard to say this, but hard to say anything else with regard we can predict what the markets going to do. Right . So many factor in place. Nonsense. Leading to a question, thats this. I was about to suggest that i actually knew what happened with stock markets. So thats why i did the selfdeprecating dog track joke, all the kids have done i assure you of that. Yeah. Usually when i look at markets i say, this is witch craft. So much goes up and down. We dont really know why evaluation is not tied to the way a particular business is going, but in this case, its not speculation. The drops are connected to very real events that are happening right now. No guesswork. Corporations across america, across the world, are cutting back nonessential travel. Severely cutting back nonessential travel. Conferences are are being canceled. I talked to a diplomat who was going to a very Critical International meeting, and said that he was not going to be going. That the country decided they were going to have to sit it out. Youre looking at huge events that are being canceled across the globe, and our Parent Company here is going to have to make a decision on the olympics in japan right now. The japanese are trying to figure out what theyre going to do with the olympics, and im sure a lot of organizations across the world, the same. This is this is the severity of this on business. As you see a lot of tankers just sitting out, you know, in china, in ports, going nowhere. This is this is an extreme situation. Supply lines have been shattered, and thes going to have its going to have a real extreme impact, and i dont know that weve even seen the beginning of the worst of it, and thats got to just terrify investors. Uhhuh. It does. To all of those points, you speak the truth. I mean, first of all, we saw what happened to the worlds biggest Wireless Technology event. The mobile world congress. Biggest event for Wireless Technology in the world got canceled in barcelona earlier this year. And facebook, a huge conference for all people tied to its application and platforms. They are canceling their Developers Conference later this year. Everybody is now looking at their travel plans saying, yes, this could be an issue. More so perhaps a bit more uncertain about this whole thing is whether or not that becomes a longterm issue. Right . Because if this is just a situation where its the next three or six months, even nine months, you can kind of say, hey, things will bounce back in that tile. The real uncertainty right now is about whether or not it lasts for even longer than that. Thats the reason why a host of Different Companies from the likes of microsoft, to other technology companies, to folks out there linked to industrials are saying, hey, if the economy slows down, our business will take a hit. Our revenues, our topline number, bottomline profits will take a hit and why youre seeing think revaluation. To your point about Certain Companies impacted by this. Its not all negative. Right . I just looked earlier this morning. Shares of clorox of all companies. Not the sexiest name in the world at record highs now because in part people are looking at bleach and sanitizing products. By the way, for the videoconferencing thing you were talking about. Zoom individual jo video, the w. H. O. Uses up to its record highs. If i cant travel im grog to teleconference more. Keep an eye on those type of stories that will play out in the next few weeks. Dom, thank you so much. Alex tells us, you keep an eye on santas little helper in the third race. Hes going to win it. Okay, so this is serious. This is so as far as, again, the supply chain. So often the markets will go in one direction or the other and sometimes it doesnt seem to be connected to something thats real. Its based just again, just on animal spirits. This is so connected to a bad situation, to broken supply chains, to things that corporations are doing every day and youre just getting the sense that the snowball is just starting to go down the hill. The thing to know is that these companies do not do these things lightly. They dont stop travel. Disney does not close disneyland. That he dont cancel events for companies that have been planned now not even coming to california now and these are based on data and being preventative. Obviously, the market the oldest saying in investing, uncertainty is bad for the markets. They dont like uncertain and theres nothing more uncertain than a possible global pandemic. Feels like the white house could take a real hit on that, the United States did not lead on this. This may have began elsewhere. All the signs werent out there. Maybe china wasnt completely honest. We know of that problem, but there was enough information out there and this virus flies between people. Its very hard to contain, and only now, this week, did the white house get itself together and try and put something together to look like they are addressing it. Im sorry. It seems like the toothpaste is out of the tube. Can i just say really quickly, though. It is interesting that china, president xi, is facing criticism globally because he wasnt transparent from the very beginning and this is going to impact his legacy. You would think that would be a message to this add min station. Enough to see. And this white house. Again, i disagree that the toothpaste is aurout of the tubf the white house scrambling. The number of infections are fairly low, but theyre going to have to move quickly and the president is going to have to assure the markets i suggest by bringing in people who may not be political allies to help with this process. President xi jinping is the key figure here. Its his relationship with President Trump that influenced why this white house was sort of slow to publicly talk about this. Because the president is, the u. S. Is currently working 0en a trade deal with china. President trump has repeatedly talked about his close relationship with xi jinping and very reluctant to publicly criticize chinas response on this and that led to the white house and the administration moving a little slowly. What do you sense now . Since the meeting yesterday, since the conference yesterday, what do you sense, or was that two days ago . The day before yesterday. Do you sense a different attitude inside the white house . Is this Task Force Led by the Vice President , are they able to move aggressively . Well, they want to. Theyre still sorting out some leadership issues. Secretary azar believed even after walking off the stage wednesday thought he was still in charge of the task force and reiterated yesterday, oh, no. This is Vice President pences job now and he brought up an expert from the state department who has more experience handling these issues running the daytoday while the president take as broader look at things atop this task force. There is alarm there and not just the president right now talking about the economy. A real sense this is spiraling. Inside the white house. Inside the white house. Say to people critical of, willie, people critical of all the information going through mike pence. When youre talking about a pandemic, certainly any Management Structure would do that. If you have a lot of people dealing with Something Like this, you dont want one cabinet secretary saying something, causing a panic and the other contradicting them. I think its very normal if this were a normal management team. I would say this is the right way to do it. But if any of us were running Something Like this, any leader returning Something Like this, thee would say, hey, we have a person in charge of the task force. All the informations going through that task force. By the way, if mike pence isnt telling the truth, if mike pence is trying to be overly sunny, you know . Optimistic . There will be leaks to the New York Times, to the Associated Press or the washington post. Well find out. Yeah. In a conventional white house or conventional company that would be the right Management Structure. The problem is weve learned over three and a half years that mike pence is so loyal and so differential to the president. As the point person is he obviously just saying what the president says. The president says aeays its to disappear. One day like a miracle it will disappear. Again, mr. President if youre watching, talk like that will just make the markets collapse even faster, and will make us even less prepared for the virus. So it really is, jonathan who is a person inside the white house that can go to him and deliver that message . Mr. President , youre only hurting, youre only hurting us . At our efforts to prepare for this. Youre also causing panic in the markets across the globe when you speak that way. Whos inside the white house who can tell him that . In this Current Administration . Dan scanvino. There isnt somebody. This is the President Trump weve talked for months now nobody can go into the white house and say its all going to disappear magically youre causing panic in the markets . Its going to collapse. A few voices of course he still listening to. Can kudlow tell him that . To a degree. Secretary pompeo, jared kushner. The Vice President on certain issue, but theres never been those guardrails dont exist anymore. This is the story of the trump administration. For months now, the erosion, the disappearance of the voices in the administration who could get in his, could get in