THEM AND KEEP THEM AWAY FROM THEIR PARENTS AND GRANDPARENTS?
IT’S A LOT OF QUESTIONS.
>> A LEGITIMATE QUESTION.
LET’S GIVE YOU A SNAPSHOT OF HOW
MUCH THE RAPIDLY SPREADING
CORONAVIRUS IS DISRUPTING ALMOST
EVERY ASPECT OF PUBLIC LIFE.
MARYLAND, OHIO, MICHIGAN, AND
NOW OREGON HAVE ORDERED SCHOOLS
TO CLOSE STATEWIDE.
KENTUCKY’S GOVERNOR HAS
RECOMMENDED CLOSURES, STOPPING
SHORT OF A MANDATE.
THE CITIES OF SAN FRANCISCO AND
HOUSTON HAVE ALSO CLOSED
SCHOOLS.
SCHOOLS. WEST POINT HAS TOLD CADETS NOT
TO RETURN FROM SPRING BREAK ON
MONDAY.
MONDAY. THERE WILL BE NO SCHOOL OR MASS
FOR THE ARCHDIOCESE OF
WASHINGTON, D.C.
WASHINGTON, D.C. THE MORMON CHURCH CANCELED
SERVICES WORLDWIDE.
SERVICES WORLDWIDE. >> WOW.
>> WOW. >> IN THE SPORTS WORLD, MAJOR
LEAGUE BASEBALL HAS DELAYED
OPENING DAY WHILE SUSPENDING
SPRING TRAINING.
SPRING TRAINING. THE NATIONAL HOCKEY LEAGUE
PAUSED ITS SEASON.
THE NCAA HAS CANCELED MARCH
MADNESS.
MADNESS. NASCAR CASES WILL CONTINUE
WITHOUT SPECTATORS.
WITHOUT SPECTATORS. FORMULA 1 CANCELED ITS SEASON
OPENER.
OPENER. LIVE NATION AND AEG, THE
NATION’S LARGEST CONCERT
PROMOTERS SUSPENDED ALL TOURS.
BROADWAY, CARNEGIE HALL, AND THE
MET OPERA HAVE GONE DARK.
NEW YORK JOINS FIVE OTHER STATES
IN PANBANNING LARGE GATHERINGS.
DISNEYLAND, DISNEY WORLD, DISNEY
CRUISES AND UNIVERSAL SHUT DOWN.
LATE NIGHT SHOWS SUSPENDED
PRODUCTION.
PRODUCTION. JIMMY FALLON AND OTHERS.
HOLLYWOOD SUSPENDED "FAST AND
FURIOUS" AND "MULAN."
IN THE RACE FOR THE WHITE HOUSE,
THE PRESIDENT HAS HALTED HIS
CAMPAIGN RALLIES, WHILE SUNDAY’S
DEBATE BETWEEN JOE BIDEN AND
BERNIE SANDERS HAS BEEN MOVED
FROM ARIZONA TO CNN’S WASHINGTON
STUDIO TO CUT DOWN ON TRAVEL.
WHICH BRINGS US TO THE STOCK
MARKET AND ITS WORST ONE-DAY
DROP SINCE BLACK MONDAY IN 1987.
EXACTLY ONE MONTH AFTER THE DOW
SOARED TO AN ALL-TIME MARKET
HIGH, BY ONE MEASURE, THE TOTAL
STOCK MARKET VALUE GAINED UNDER
PRESIDENT TRUMP IS NOW GONE.
THE DAY STARTED WITH A SECOND
CIRCUIT BREAKER TRIGGERED THIS
WEEK AFTER THE S&P PLUNGED MORE
THAN 7%, JUST MINUTES AFTER THE
OPENING BELL, CAUSING A
15-MINUTE TRADING HALT.
THE FED TRIED TO EASE INVESTORS
AS THE MARKETS BEGAN TO SLIDE BY
PUMPING $1.5 TRILLION INTO
SHORT-TERM FUNDING MARKETS OVER
THE NEXT TWO DAYS.
HOWEVER, THE DAY CONTINUED ON A
DECLINE.
DECLINE. THE DOW PLUNGING OVER 2,300
POINTS, A DROP OF 10%, WHILE THE
S&P AND THE NASDAQ BOTH SANK
OVER 9%.
OVER 9%. LET’S BRING IN SOME OF THE BEST
VOICES ON THIS TOPIC.
FORMER TREASURY OFFICIAL AND
"MORNING JOE" ECONOMIC ANALYST,
STEVE RATTNER.
STEVE RATTNER. NBC NEWS SENIOR BUSINESS
CORRESPONDENT AND MSNBC ANCHOR
STEPHANIE RUHLE.
STEPHANIE RUHLE. >> STEPHANIE, YOU LOOK,
STEPHANIE, AT WHAT THE FED DID
YESTERDAY.
YESTERDAY. PUMPED $1.5 TRILLION IN, THE
MARKET KEPT COLLAPSING.
IT WAS LAST WEEK, I GUESS, THAT
THE FED CUT RATES A HALF POINT
TO AFTER TRY TO STOP THE SLIDE.
THE SLIDE CONTINUED.
INVESTORS, ARE THEY NOT SENDING
THE MESSAGE TO THE WHITE HOUSE
AND THE WORLD, THAT THIS IS NOT
A FINANCIAL CRISIS, THIS IS A
HEALTH CARE CRISIS THAT IS
CAUSING A FINANCIAL CRISIS.
STOP THROWING MONEY AT THE
PROBLEM.
PROBLEM. IT IS NOT GOING TO FIX IT.
YOU’VE GOT TO FIX THE HEALTH
CARE CRISIS FIRST.
ALL THESE MARKETS CRASHING,
THAT’S THE FEVER.
THAT’S THE SYMPTOM OF THE
UNDERLYING DISEASE.
UNDERLYING DISEASE. >> THAT’S ABSOLUTELY RIGHT.
JOE, WHAT THE FED DID YESTERDAY
WAS DIFFERENT FROM A RATE CUT.
THE $1.5 TRILLION IS REALLY TO
KEEP LENDING GOING, TO MAKE SURE
WE DON’T RUN INTO A BANKING OR A
FUNDING ISSUE.
FUNDING ISSUE. SOMETHING TO REMEMBER, WHEN YOU
SEE THE MARKETS TANK LIKE THIS,
IT IS BECAUSE WE’RE FINALLY
ACTUALLY ADDRESSING THIS HEALTH
CRISIS.
CRISIS. IN ORDER TO ADDRESS IT, YOU
BASICALLY HAVE TO PUT THE WHOLE
COUNTRY, WE’RE PUTTING OUR
ECONOMY ON PAUSE.
WE’RE ASKING EVERY AMERICAN TO
SORT OF CHANGE ALMOST EVERY
ASPECT OF THE WAY WE LIVE OUR
LIVES.
LIVES. THE SOONER WE DO THAT, THE
SOONER WE CAN GET TO THE OTHER
SIDE OF THIS.
I MEAN, THERE IS POSITIVE.
IF YOU LOOK TO CHINA THIS
MORNING, ALL 42 OF THE APPLE
STORES ARE REOPENING.
YOU’RE SEEING IN SOUTH KOREA THE
NUMBERS START TO GO DOWN.
THE POSITIVE IS NOW THAT WE’RE
ACTUALLY ASSESSING AND
ADDRESSING THIS RISK, AT LEAST
FROM CORPORATE AMERICA, THEN THE
SOONER WE CAN DO THAT AND SEND
EVERYBODY HOME SICK UNTIL THEY
GET BETTER.
GET BETTER. THEN WE CAN COME BACK.
FUNDAMENTALLY, THE ECONOMY IS IN
MUCH BETTER SHAPE THAN IT WAS IN
’08.
’08. YOU SAID IT EXACTLY RIGHT, THIS
IS A HEALTH CRISIS TURNED INTO A
FINANCIAL CRISIS.
FINANCIAL CRISIS. IT IS DIFFERENT FROM WHERE WE
WERE IN ’08.
>> BUT, YOU KNOW, STEVE RATTNER,
THE PROBLEM IS RIGHT NOW, WE
DON’T HAVE TESTING.
AMERICANS CAN’T GET TESTED
BECAUSE WE HAVE A PRESIDENT AND
A CDC THAT HAS BOTCHED THIS FROM
THE VERY BEGINNING.
UNTIL WE GET THAT TESTING, UNTIL
WE KNOW HOW WIDESPREAD THIS
PANDEMIC IS IN THE UNITED STATES
OF AMERICA, WE CAN’T START
FIGURING OUT WHEN COMPANIES ARE
GOING TO COME BACK ONLINE.
WE CAN’T START FIGURING OUT WHEN
PEOPLE ARE GOING TO START
FILLING INTO STADIUMS AGAIN.
WE CAN’T FIGURE OUT WHEN THEY’RE
GOING TO START SPENDING THEIR
MONEY AGAIN.
MONEY AGAIN. CAN WE?
CAN WE? >> NO.
>> NO. YOU TALKED ABOUT A HEALTH CRISIS
AND FINANCIAL CRISIS.
THERE’S ONE CRISIS IN BETWEEN,
WHICH IS AN ECONOMIC CRISIS.
THE FINANCIAL CRISIS WE’RE
LOOKING AT IS REALLY A
REFLECTION OF WHAT’S GOING ON IN
THE ECONOMY.
THE ECONOMY. THIS IS VERY DIFFERENT THAN IN
’08.
’08. ’08 WAS A FINANCIAL CRISIS.
FUNDAMENTALLY MORE OR LESS
HEALTHY ECONOMY, AND THEN A
FINANCIAL CRISIS.
FINANCIAL CRISIS. HERE, THE ECONOMIC CRISIS IS
THAT PEOPLE HAVE BASICALLY
STARTED TO STOP WORK.
ESSENTIALLY, THE ECONOMIC
ACTIVITY, AS MIKA READ OFF, IS
DROPPING AT A DRAMATIC PACE.
THAT IS GOING TO COME AT A HUGE
COST TO OUR ECONOMY.
WHEN I WAS ON THE SHOW I THINK
THREE OR FOUR DAYS AGO, IT
LOOKED LIKE THERE WAS MAYBE A
65% CHANCE OF A RECESSION.
I THINK TODAY IT IS WELL OVER
90%.
90%. THE BANK ECONOMISTS ARE TAKING
DOWN FORECASTS SUBSTANTIALLY.
JPMORGAN IS PREDICTING NEGATIVE
GROWTH IN THE FIRST QUARTER, THE
SECOND QUARTER.
SECOND QUARTER. YOU CAN’T HAVE THIS MUCH OF A
SUS
SUS SECESSION OF ECONOMIC ACTIVITY
WITHOUT AFFECTING THE FINANCIAL
MARKETS, WHICH SEE RECESSION.
HAVE THE MARKETS OVERREACTED OR
NOT?
NOT? CERTAINLY A PART OF WHAT’S GOING
ON IN THE FINANCIAL MARKETS
REFLECTS A LACK OF LEADERSHIP AT
THE TOP, A LACK OF TESTING KITS,
A PRESIDENT WHO GOES ON
TELEVISION TO REASSURE THE
NATION AND THE STOCK MARKET
IMMEDIATELY ROLLS OVER.
THERE IS NO SENSE IN THE WALL
STREET COMMUNITY THAT I LIVE IN,
THERE IS NO SENSE THERE’S ANY
LEADERSHIP HERE, ANY PLAN FOR
HOW WE’RE GOING TO GET OUT OF
THIS.
THIS. THAT’S WHY YOU SEE THE MARKET IN
THIS PANIC STAGE.
WILL IT STAY THAT WAY?
I DON’T KNOW.
DEPENDS ON WHAT HAPPENS IN
WASHINGTON.
WASHINGTON. THE LAST THING I WOULD SAY IS
THAT WHEN YOU HAVE A RECESSION,
WHICH WE WILL ALMOST CERTAINLY
HAVE, YOU NEED TO REACT TO THAT.
YOU NEED TO PROVIDE -- THIS IS
WHERE WASHINGTON HAS A JOB,
WHICH IS TO PROVIDE SUPPORT TO
THE ECONOMY IN THIS TIME.
TALKING ABOUT A BILL IN
WASHINGTON AT THE MOMENT, WHICH
IS A COMPLETELY INADEQUATE BILL
TO ADDRESS THE BROADER ECONOMIC
QUESTIONS.
QUESTIONS. IT MAY ADDRESS SICK LEAVE, THIS
OR THAT.
OR THAT. IT IS NOT GOING TO STOP THE
RECESSION.
RECESSION. WE NEED A MAJOR PIECE OF
LEGISLATION OUT OF WASHINGTON.
GIVEN THE GRIDLOCK THAT HAS BEEN
DOWN THERE FOR FOUR YEARS, THERE
IS NO SIGN OF THAT HAPPENING.
>> WHAT CONCERNS ME IS THAT
EVERYBODY IS TALKING ABOUT --
AND I WATCHED CNBC YESTERDAY --
AND THERE ARE A LOT OF PEOPLE ON
THERE TALKING ABOUT, OH, WE NEED
THE FEDERAL GOVERNMENT TO
PROVIDE THIS STIMULUS PLAN.
WE NEED THE FEDERAL GOVERNMENT
TO PROVIDE THIS PLAN TO WORKERS,
ET CETERA.
ET CETERA. I MEAN, YES, WE NEED TO FIGURE
OUT HOW TO PROVIDE ECONOMIC
RELIEF.
RELIEF. AGAIN, YOU’RE JUST PUTTING A
BANDAGE ON A BIGGER PROBLEM THAT
IS GOING TO CONTINUE TO FESTER
UNTIL YOU TAKE CARE OF THE
UNDERLYING PROBLEM.
UNDERLYING PROBLEM. WE NEED SOMEBODY TELLING US WHY
WE’RE NOT ABLE TO GET TEST KITS
TO AMERICANS.
TO AMERICANS. WE’RE NOT ABLE TO GET ACCURATE
FIGURES ON HOW WIDESPREAD THIS
PANDEMIC IS.
PANDEMIC IS. WE’RE NOT ABLE TO PREDICT WHERE
THIS PANDEMIC IS GOING TO GO IN
THE COMING MONTHS UNTIL WE BEGIN
THE TESTING CONSISTENTLY.
THAT’S WHAT IS SO FRUSTRATING TO
ME RIGHT NOW.
EVERYBODY IS TALKING ABOUT
PUTTING TOGETHER PACKAGES FOR
ECONOMIC RELIEF.
ECONOMIC RELIEF. THE PROBLEMS ARE GOING TO
CONTINUE UNTIL WE TAKE CARE OF
THE MEDICAL ISSUES UNDERNEATH.
THAT STARTS WITH TESTING.
>> JOE ACTUALLY SOUNDS LIKE THE
BIGGEST INVESTORS IN THE MARKET
RIGHT NOW WHO ARE NOT TALKING
ABOUT ECONOMIC STIMULUS.
THE TWO THINGS THEY ARE ASKING
FOR ARE THE NUMBER -- ARE TESTS,
A VACCINE, AND SIMPLY HOW MANY
PEOPLE HERE HAVE IT?
YOU REMEMBER, DOW FUTURES
PLUMMETED AFTER THE PRESIDENT
SPOKE.
SPOKE. FIRST THING HE WAS TALKINGBETTER
THAN EUROPE.
THAN EUROPE. THERE WERE PEOPLE OVERSEAS
WAKING UP TO THAT GOING, SORRY,
YOU HAVE NO IDEA HOW MANY PEOPLE
HAVE IT.
HAVE IT. YOU HAVEN’T TESTED ZBLERCHEVERYO