As I said last Friday, it's going to be okay. As long as we do what we have to do, and that mainly means stay at home, make sure that your family is taken care of, and here's what I'm going to try and do today anyway. Here's a few things for you to do today: Call 5 friends, find out how they're doing. Call a local store and buy a gift card. Give gift cards to your friends if you've got the expendable cash to do so, and just make clear to those businesses that you're going to keep patronizing the business and give them the temporary float of basically paying them up front for later use. And finally, go for a walk. Like, seriously, turn off the news. Turn off the social media, off social media. Don't hang out with people who are walking with you. But get outside. Look at the sky. It still exists. And there's something inherently optimistic about going outside. Here are a few tips for today: 1. Some useful information about coronavirus. 2. Some advice on allergies. 3. What are allergies? 4. What's the difference between allergies and Coronavirus? 5. How common are they are? 6. What do they have in common? 7. What should we do in times of crisis? 8. What can we do to prepare? 9. How can we be prepared? 10. What s going to help? 11. Is it possible to get through a crisis like this? 12. 13. How do we can we know what to do? 14. What to do about it? 15. Do we really have a normal cold? 16. Can we really be prepared for something like this in a time of crisis like that? 17. Is there a cure for this in the middle of February? 18. Do we have a cold right now? 19. What is a cold like that already? 21. What kind of cold I'm not going to get better than a cold in March? And so on and so on? 22. Do you have allergies like that yet? Do you want to go to the doctor in March or not? If you're feeling a little paranoid about it, let me know what you're looking for? Listen in and learn more about allergies and what you should be looking for
00:00:25.000As I said last Friday, it's going to be okay.
00:00:27.000We just have to do what we have to do, and that mainly means stay at home, make sure that your family is taken care of.
00:00:33.000Here's a few things for you to do today.
00:00:35.000Here's what I'm going to try and do today anyway, if I'm a good person.
00:00:38.000What I'm going to try and do today, a few things.
00:00:39.000First, call five friends, find out how they're doing.
00:00:41.000Social distancing means that we are not allowed as human beings to do all the things that we actually Usually do in times of crisis.
00:00:48.000Usually when there's a time of crisis you get together with friends.
00:00:50.000Usually get together with your religious community.
00:00:52.000Now we have this very odd circumstance where we're being encouraged to stay away from all of our friends and family and from our local community.
00:01:44.000I personally know people who run small businesses and they are seeing their business basically be destroyed by coronavirus because they're operating on slim margins.
00:01:58.000Give gift cards to your friends if you've got the expendable cash to do so.
00:02:02.000And just make clear to those businesses that you are going to keep patronizing the business and give them the temporary float of basically paying them up front.
00:02:08.000Buy a gift card from a local store for later use.
00:03:25.000Here are the symptoms that you should be looking for.
00:03:27.000You have to consider the time of year.
00:03:29.000According to the New York Times, allergies and influenza tend to be seasonal.
00:03:32.000If you have a runny nose in the spring, and this happens every year, allergies are the likeliest culprit.
00:03:36.000You may have noticed last week that I had a bit of a cough.
00:03:38.000I know it wasn't coronavirus because I get a cough literally this time every single year, plus I had fasted, plus I'm not sleeping because of the new baby.
00:03:44.000If it's winter and flu is raging in your community, then that is the probable explanation.
00:03:48.000The flu is far more widespread than coronavirus.
00:03:51.000If you have flu-like symptoms in warming weather, in a place with documented coronavirus transmission, then maybe it's not.
00:03:56.000The flu influenza does tend to tie back in the summer.
00:03:58.000We don't know yet whether coronavirus is going to do the same thing, especially because, as The Times points out, there have been coronavirus infections spreading in places like Singapore and in the Southern Hemisphere, which are currently experiencing summer temperatures.
00:04:10.000Also, consider where the symptoms first started appearing According to one doctor, it's usually your nose and eyes where you develop symptoms of seasonal allergies.
00:04:17.000The seasonal flu is more likely to affect your whole body, as is the case for many other respiratory viruses, including coronavirus.
00:04:23.000So, if you have a fever, headache, muscle aches, then you should be considering whether it's flu or coronavirus.
00:04:28.000If, instead, you're just getting, you know, runny nose, itchy eyes, then in all likelihood, you just have allergies or maybe you just have a cold.
00:04:36.000It's hard to tell the difference between flu and coronavirus, but the difference between a cold and a flu, we all know.
00:04:41.000And so if it feels more like a cold than it feels like the flu, the chances that you actually have coronavirus, really, really slim.
00:04:46.000So, there's a little bit of information for you.
00:04:49.000Also, not very many people are experiencing nausea or vomiting.
00:04:52.000About 5% of patients with coronavirus, only 4% are developing diarrhea.
00:04:57.000Those are symptoms of sort of more typical flu.
00:04:59.000So fever would be the first one, right?
00:05:01.000This is why everybody is being tested for fever, body aches, fever, chills, right?
00:05:05.000That would be the stuff where you start to worry.
00:05:07.000Even then, only if it starts to get bad enough that you're starting to have shortness of breath should you really consider going in for a test.
00:05:14.000According to the New York Times, Pay close attention to whether your symptoms worsen over time.
00:05:18.000Discomfort due to allergy remains consistent until you treat it or the allergen goes away.
00:05:22.000Symptoms of the flu tend to resolve in about a week, but the new coronavirus seems to cause more severe symptoms than the average seasonal flu.
00:05:28.000Seems to have a higher fatality rate if you're elderly, you have other health conditions, then obviously you gotta be quicker to get a test.
00:05:34.000If you are younger and you're experiencing this sort of stuff, then you're probably supposed to stay home unless it gets a little bit more severe.
00:05:40.000Mild cases of the flu resolve by themselves within a few days.
00:05:43.000Coronavirus tends to last a little bit longer, but most people with mild cases tend to get better in about two weeks.
00:05:48.000So there's a little bit of information for you.
00:05:50.000If you're not feeling great today, then think about that description of symptoms and see sort of which one it fits.
00:05:55.000I'm going to give you some information on where we currently stand in terms of the total number of case counts, and it's kind of fascinating to see how this thing has leveled off in China while it continues to grow fairly exponentially in Italy.
00:06:06.000Also, we're going to talk about the different strategies the countries have been using to deal with coronavirus because there's a sort of fascinating, from a data perspective, social experiment currently taking place between the United States and the UK.
00:06:20.000I mean, who's not losing their hair and thinking about the possibility of Stephen King's The Stand becoming reality?
00:06:25.000Well, if you prefer not to lose your hair, then maybe you should think about keeps.
00:06:29.000Because the fact is, once the hair is gone, very difficult to regrow.
00:06:32.000Two out of three dudes will experience some form of male pattern baldness by the time they're 35.
00:06:36.000With today's advancements in science, Keeps offers proven treatments that can combat the symptoms of hair loss and help you keep the hair that you have at half the cost of your local pharmacy.
00:07:56.000The upside is that eventually you go full authoritarian and lock the thing down.
00:08:00.000Italy is the country that is experiencing significant problems.
00:08:03.000Italy obviously now has 24,747 documented cases with 1,809 documented deaths.
00:08:10.000Now again, it's very difficult to tell what the actual death rates here are because it is all reliant on who exactly is getting tested.
00:08:16.000And if only the most severe people are getting tested because you have a shortage of tests, right?
00:08:21.000Only the most severe are encouraged to go get tested.
00:08:23.000Obviously, that's going to be elevated death rates.
00:08:25.000So there have only been 25,000 actual confirmed cases in Italy.
00:08:28.000The chances are very high that a lot more people than that have actually obtained coronavirus in Italy.
00:08:34.000But they had 368 people die of coronavirus just yesterday.
00:08:37.000So obviously, they have exponential growth in Italy.
00:08:40.000Iran, we have no idea what the actual numbers are.
00:08:42.000They're not going to be They're saying 15,000 infected in Iran with nearly a thousand deaths, 853 total deaths, according to Johns Hopkins.
00:08:48.000But the numbers are likely to be much higher because, again, repressive dictatorships have an incentive to lie about their actual numbers.
00:09:02.000Now, as time goes on, the numbers of recovered are going to increase pretty radically too because the number of people in hospitals who are finally being released, it takes a little while for people who even enter a hospital to be released.
00:09:15.000South Korea has really leveled this thing off.
00:09:17.000They've only had 75 total deaths in South Korea, and the total number of documented cases is 8,236.
00:09:22.000That is because South Korea took significant social distancing measures.
00:09:41.000There have been some theories as to why things are going so wrong in Italy, but so right in Germany.
00:09:45.000And one of the theories is that there is a lot of cross-generational pollination in Italy.
00:09:49.000People tend to hang out with older relatives in Italy a lot more often than they do in Germany.
00:09:52.000And this does lead to some serious questions about the measures that are being taken in the West right now.
00:09:59.000By the way, France has about 5,400 cases, 127 total deaths.
00:10:02.000The United States right now has 69 total deaths and 3,800 documented cases.
00:10:06.000So that is where things stand on a country-by-country level.
00:10:10.000The fascinating thing is seeing how different countries respond to all of this.
00:10:15.000So obviously Italy has locked everything down, but they did it late.
00:10:18.000The United States is currently locking everything down.
00:10:21.000In my home city of Los Angeles, everything has basically been locked down.
00:10:25.000Mayor Eric Garcetti, who couldn't lock down 65,000 homeless people in the city.
00:10:29.000So presumably those people who are wandering around and are absolutely risk factors for coronavirus.
00:10:33.000You have a bunch of people who are living on the streets, who are in no sense clean.
00:10:39.000I mean, Homeless people are not famous for showering very often or upkeeping with the sort of personal... How are they washing their hands?
00:10:45.000A lot of hand-washing going on in the homeless community here in Los Angeles, living in areas that are extremely dirty.
00:10:50.000You have 65,000 homeless people in L.A.
00:11:05.000I've signed an order tonight that will do the following.
00:11:09.000It prevents people from gathering in close proximity by banning and closing our bars and nightclubs.
00:11:16.000Second, restaurants and retail facilities, we will now have prohibited on-site food but permitted for delivery, takeout, and drive-through.
00:11:26.000Groceries, pharmacies, and food banks are, of course, exempt from this order of closure.
00:11:31.000Movie theaters, though, performance venues, bowling alleys, arcades, gyms, and fitness centers will be closed to the public.
00:11:39.000Okay, so there is no end date on all of this as far as Garcetti is concerned.
00:11:43.000In reality, I can't see this thing lasting for weeks on end.
00:11:47.000And the idea that you're going to shut down the entire American economy, and this is happening in New York too, they're going to see a shutdown of the entire American economy for months on end.
00:11:55.000I mean, I honestly don't know how people of the West are going to respond to that sort of thing, particularly if the data coming out from the UK is wildly different.
00:12:04.000First of all, I'm not sure how any of this is enforceable.
00:12:06.000I mean, what are you going to station a cop at every bowling alley in the United States?
00:12:09.000You're going to station a cop at every restaurant?
00:12:11.000Okay, the fact is that right now people are going to deal with it because these restaurants will still have heavy levels of takeout orders, and my family is still going to get takeout for sure, but How exactly do you police that?
00:12:22.000I mean, if the local restaurant has people who are coming in and picking up food, how are you gonna stop somebody from sitting down at a table and eating?
00:12:27.000Is there gonna be a cop there who's just gonna haul everybody off to jail?
00:12:31.000We've seen something similar happen in New York City, where Bill de Blasio went to the gym this morning, went to the YMCA this morning, because the man is a moron.
00:12:39.000He's shutting down all of these restaurants in the same way that Garcetti is.
00:12:43.000By the way, people in the United States, some are taking this seriously, some people really are not.
00:12:47.000There were pictures from Disney World last night where it was completely packed.
00:12:49.000Now Disneyland and Disney World, I believe, are shutting down, but completely packed.
00:12:53.000Bourbon Street, there were cops out in the streets last night having to remind people, guys, like, there's a pandemic on.
00:12:59.000What is the police authority in this sort of situation?
00:13:01.000Are they actually going to start arresting people en masse who don't have coronavirus?
00:13:05.000We have not yet seen the consequences of that.
00:13:07.000The truth is that voluntary civil society has done a fairly good job of locking this down so far.
00:13:13.000Putting the prospect of government compulsion on the table in a way where the government can't actually enforce, that may carry some of its own consequences.
00:13:20.000It's unclear exactly how Garcetti plans to enforce any of this at all.
00:13:24.000Nonetheless, as we see, the measures that are being taken are wildly, wildly different across countries.
00:13:31.000In the United States, the CDC is now recommending no gatherings of 50 people or more for eight weeks, for eight weeks, which Wow.
00:13:40.000I mean, I fail to see, honestly, how they don't start putting restrictions on air travel.
00:13:44.000If that is the actual risk, if what we are being told is that gatherings of 50 people or more are basically verboten in the United States and that people should not gather in numbers.
00:14:22.000government take on debt without eventually people saying this is the new normal and the economy completely collapsing?
00:14:27.000Right now, everybody is sort of assuming that this thing comes to an end in eight weeks or six weeks or 12 weeks or whenever it is.
00:14:32.000As long as we know what the actual end time is, like when this thing actually comes to a stop, then we know when the recovery begins.
00:14:39.000But if this becomes an indefinite suspension and we're all just supposed to stay home, how long can the government just continue to keep paying people based on what?
00:14:46.000Based on the prospect of future growth, if there is no prospect of future growth.
00:14:49.000That's why you said the markets tanked this morning.
00:14:51.000We'll get to that in just a little while.
00:14:53.000But first, let us talk about how, right now, if you are looking to save money on your business, which everyone pretty much is, you need to be using LegalZoom.
00:15:01.000Hourly legal fees will absolutely kill your business.
00:15:04.000It is one of the reasons why you should be looking to LegalZoom for a lot of your different forms, for all of the ways that you have legal questions.
00:15:12.000Taxes is one thing we know we all have to deal with this time of year.
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00:16:14.000So as I say, the CDC has now recommended that no gatherings with 50 people or more be held in the United States for the next eight weeks, which basically means the end of all sporting events, all movies, all entertainment industry events.
00:16:25.000It means the end of going to church in any sort of large numbers or synagogue in any sort of large numbers.
00:16:31.000The CDC does not apply this to the day-to-day operation of organizations like schools, institutes of higher learning, or businesses, and added it was not intended to supersede the advice of local health officials.
00:16:42.000It's hard to see how the schools remain open under those circumstances.
00:16:45.000I mean, schools everywhere are closing.
00:16:47.000My kids were let off at the end of last week.
00:16:50.000LAUSD was let off at the end of last week.
00:16:52.000The New York school districts have now all been let off.
00:16:54.000Schools across the country are being closed for this thing.
00:16:57.000And that is, I would assume, all the way until the summer at this point.
00:17:06.000So there's no reason to go back to school.
00:17:08.000The CDC says the recommendation is made in an attempt to reduce introduction of the virus into new communities and to slow the spread of infection in communities already affected by the virus.
00:17:17.000The CDC urged people to take care with even small gatherings.
00:17:20.000They said events of any size should be continued only if they can be carried out with adherence to guidelines for protecting vulnerable populations, hand hygiene, and social distancing.
00:17:29.000When feasible, organizers should modify events to be virtual as well.
00:17:33.000So basically, the end of social life in America.
00:17:35.000As we know, in California, the state has already told residents 65 and older to stay home completely.
00:17:40.000They're now calling for everybody above the age of 65 to shelter in their homes.
00:17:45.000Massachusetts is already moving to ban dining in bars and restaurants, beginning on Tuesday, effectively closing Boston's bars for St.
00:18:06.000Meanwhile, as I say, the fascinating sort of counterexample is what the UK is doing.
00:18:12.000That's the fascinating counterexample.
00:18:14.000And this is really the way that we're going to be able to tell whether all of this is an overreaction in terms of what we are doing about it, or whether the UK has just blatantly screwed this thing up and a lot of people are going to die because the UK is screwing this thing up.
00:18:24.000According to the Financial Times, the UK is basically asking everybody over 70 to self-isolate for up to four months.
00:18:31.000And then they're saying everybody else, go out and do what you want.
00:18:34.000And the reason they're saying that is they're saying, listen, there is a vast difference in the vulnerability of older populations, people with pre-existing conditions, and people who are younger.
00:18:41.000And it's actually not good to have people who are younger destroying the economy of your country by staying home in order to protect people who you can protect by simply having them basically self-quarantine, right?
00:18:52.000Have everybody who's in the vulnerable population stay home, have everybody else go to work, And then, if all those people infect each other, and then if all those people experience mild symptoms, and then if they spend two weeks being a little bit sick, and they're saying, by the way, if you have a cough, or you have a fever, then go home and self-quarantine for a week, and you do all of that sort of stuff, then in a few months, there'll be herd immunity.
00:19:10.000That's sort of the theory that is ongoing in the UK, and it'll be fascinating.
00:19:14.000I mean, if they have the same death rates as the United States, or South Korea, or China, or even Italy, Then the question is going to be, did we just destroy the entire world economy for several months on end in order to protect a vulnerable population when the vulnerable population could have been protected simply by having them shelter in place?
00:19:32.000According to the Financial Times, the UK government will ask everyone aged over 70 to self-isolate for up to four months, has called on manufacturers to increase production of ventilators.
00:19:40.000Matt Hancock is the health secretary and said the elderly would be asked to take measures to protect themselves from the virus in the coming weeks.
00:19:46.000He said that the coronavirus would disrupt the lives of almost everybody in the UK.
00:19:50.000The question, and you're seeing kind of panicked messages coming out of companies and coming out of Public health officials.
00:19:55.000The question is whether that is based on data or whether that is based on the sheer sense that if we don't do something and do something right now, that this thing could rage out of control.
00:20:04.000Again, we're now in the forecasting business because here's the thing.
00:20:08.000If you take these really heavy measures and things don't get really bad, then you get to say it was the heavy measures that prevented things from getting really bad.
00:20:13.000If you don't take the heavy measures and things get really bad, people go, why the hell didn't you take the heavy measures?
00:20:17.000If you don't take the heavy measures and things end up being pretty good, then everybody says, why the hell did you take the really heavy measures in the first place?
00:20:24.000So the sort of safest thing to do as a public leader, I've been saying this about President Trump for a while, the safest thing to do as a public leader is to overreact.
00:20:37.000UK right now is providing a counterfactual, so it'll be fascinating to see whether that counterfactual actually results in the same sort of death rates as in the United States.
00:20:45.000The number of people diagnosed with COVID-19 in the UK has now reached 1,372.
00:20:51.000All of the deaths have been among those with underlying health conditions or aged over 60.
00:20:56.000Appearing on the Andrew Marr Show on the BBC, Hancock said the government would introduce emergency legislation through the House of Commons next week to give the authorities the powers they need to force people to self-isolate.
00:21:05.000Hancock also said he could not rule out closing non-essential businesses like restaurants and bars.
00:22:41.000The New York Times is reporting the aisles and aisles of empty store shelves give the appearance the United States is running out of food, but the nation's biggest retailers, dairy farmers and meat producers say that isn't so.
00:22:49.000The food supply chain they say remains intact, has been ramping up to meet the unprecedented stockpiling brought on by the coronavirus epidemic.
00:22:56.000Even so, shoppers can most likely expect to see some empty shelves intermittently as the nation's networks of food producers, distributors, and retailers are stretched as never before.
00:23:04.000Industries calibrated to supply consumers with just enough of what they need on a given day cannot keep up with a nationwide surge of relentless shoppers.
00:24:14.000All that's going to happen is going to be okay.
00:24:16.000Now, it's not the grocery stores that are going to be in trouble.
00:24:19.000We're going to get to the financial ramifications to all of this in just one second because the Dow Jones Industrial Average had to pause again this morning after the market dropped a thousand points.
00:24:28.000So we're going to get to that momentarily.
00:24:30.000But first, let's talk about keeping your home safe and secure.
00:24:34.000So there are a few ramifications, obviously, to coronavirus.
00:24:36.000One of those ramifications is there are a lot of people who are home.
00:24:40.000And that means there are a lot of people who don't have anything better to do.
00:24:42.000And there are a lot of people who may be criminals who are looking around for things to do during this time of doing nothing.
00:24:48.000And that means that you probably want your neighborhood to be safe.
00:24:50.000What better time than now to know exactly what is going on at your property?
00:24:53.000And this is why you need Ring devices.
00:24:55.000I have been in favor of Ring devices for years.
00:24:58.000I'm very paranoid about my own security.
00:24:59.000But paranoia is just the first step in caution.
00:25:10.000Let you answer the door and check in on your home anytime from anywhere Ring's full home security systems give you everything you need to protect your family, pets, and property.
00:25:18.000With Ring's outdoor security cameras, you can check in on every part of your house.
00:25:21.000Ring will detect motion when people come onto your property, and then you'll receive notifications on your phone, tablet, PC.
00:25:26.000You can see here, speak to visitors in real time, from anywhere.
00:25:29.000This has happened to me many times where I know that somebody is now at the front door, I know that somebody is approaching the property, and that gives me peace of mind, especially when I'm not at home.
00:25:37.000Get a special offer on the Ring Welcome Kit when you go to ring.com slash ben.
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00:25:45.000It's all you need to start building custom security for your home today.
00:25:52.000Okay, so as I say, obviously this is having significant financial ramifications for everybody, and you're going to see the entertainment industry hit really hard.
00:26:00.000You're going to see the restaurant industry hit really hard right now.
00:26:05.000There are some economists who believe that we could lose hundreds of thousands of jobs in the month of March and in the month of April as people stop going out, as people stop purchasing, as people stop borrowing to start new businesses.
00:26:17.000Basically, the only things that are open right now in a lot of major cities are banks, as well as groceries and pharmacies.
00:26:24.000The domestic box office just saw a shellacking.
00:26:27.000The domestic box office posted its worst weekend in nearly two decades amid calls to practice social distancing to slow the coronavirus pandemic.
00:26:34.000The box office experienced its first weekend fully in the throes of the virus outbreak.
00:26:38.000and Canada totaled just $55.3 million, plus all the theaters in China are shut down.
00:26:43.000And that is a major source of wealth for Hollywood, so Hollywood is just getting crushed Right now, Hollywood had anticipated weak ticket sales, but they had not really anticipated that all of the theaters would be shut down in major cities, which is what is currently happening.
00:26:57.000So the dramatic reduction in ticket sales is obviously going to hurt Hollywood.
00:27:04.000The question for sports is what's going to happen?
00:27:07.000Will sports really ever recover from this hiatus?
00:27:10.000We've already seen the NBA has basically suspended the season.
00:27:54.000So at some point, sports are going to return, but it's going to be a long road.
00:27:58.000So in attempting to stop all of this, the Fed slashed its rates to near zero and unveiled a new sweeping program to aid the economy.
00:28:05.000The central bank cut rates by a full percentage points and announced a giant bond buying campaign to insulate the economy against coronavirus.
00:28:11.000Basically, the Federal Reserve is now saying they're going to buy up some debt.
00:28:15.000They're going to buy up mortgage debt.
00:28:16.000They're going to buy up student loan debt.
00:28:17.000They're going to buy up a bunch of debt in order to prevent people from having those debts called in on them and prevent, for example, a real estate meltdown as banks losing money from businesses closing down start calling in mortgage debt.
00:28:28.000Instead, the government's saying, listen, we'll back the mortgage debt.
00:29:17.000You're going to borrow to buy a new house right now?
00:29:18.000You can barely pay the mortgage on the house that you got.
00:29:22.000Lowering the interest rate, now's a good time to refi your mortgage, but lowering your interest rate is not actually going to radically change the status of the economy because, again, there's an underlying issue here, and the underlying issue is fairly obvious.
00:29:33.000It's called a global pandemic and nobody going to work ever again.
00:29:36.000That would be the global underlying issue.
00:29:38.000There's a big difference between that and, for example, the stock market crash of 1929.
00:29:41.000That was not brought on by an actual real-world event that jogged everything to a complete and utter halt.
00:29:48.000This is not even like 2007-2008 where the banks had basically bet big on the real estate market and then people started being unable to pay back their subprime mortgages and the real estate market collapsed in on itself.
00:30:01.000That was just banks making bad bets and they should have been forced to eat the bad bets.
00:30:04.000That's not what's happening right now.
00:30:05.000What's happening right now is an external event.
00:30:08.000And that external shock is destroying the capacity of businesses to operate.
00:30:12.000So backing the capacity of businesses to operate, or at least not lose their shirt right now, that makes some sense.
00:30:17.000But lowering the interest rates generally is not gonna cause an uptick in the economy.
00:30:21.000It's not gonna cause people to borrow.
00:30:22.000And that's why you're seeing the markets actually, it's got a major hit this morning.
00:30:26.000The Dow Jones Industrial Average was down at an early hour, about 1,700 points, down over 7%.
00:30:32.000The market opened and immediately had to shut for 15 minutes because of the Dow Jones Industrial Average.
00:30:38.000We're just going to be going up and down for a while here, guys.
00:30:41.000Nobody knows where to price the market.
00:30:42.000Nobody even knows how bad this thing is going to get.
00:30:44.000And so in the absence of knowing how bad this thing is going to get, it is very difficult to tell where the bottom is.
00:30:49.000So I've been saying for a while, if you can afford to buy and hold for a long period of time, now is not a bad time to buy.
00:30:54.000I'm not saying this is the bottom of the market.
00:30:56.000I don't know where the bottom of the market is.
00:30:57.000I know that in 10 years, this is not where the bottom of the market is going to be, even in five years, even in three years, even in two years, I think.
00:31:03.000But with that said, I can't say that this is the very best time to buy.
00:31:06.000Mohamed El-Erian, a friend of the program and the head of Allianz, he has suggested encouraging people to buy right now in this sort of volatility is probably a mistake.
00:31:18.000Now is actually a fairly good time to buy because if you can buy and hold, then you're never going to lose money on the market over broad periods of time.
00:31:24.000In addition to cutting its benchmark interest rate by a full percentage point, returning it to a range of zero to 0.25%, the Fed said it would inject huge sums into the economy by snapping up at least $500 billion of treasury securities and at least $200 billion of mortgage-backed debt over the coming months.
00:31:38.000That, again, makes perfect sense because if you're backing the debt of people so that the banks don't have to call in that debt and remove people from their homes, for example, foreclosure rates and people's house value dropping, that's a good thing for a short-term shock just to sort of insulate against that.
00:31:56.000If you're talking about spiking the economy by somehow lowering the interest rate, that doesn't make any sense.
00:32:01.000President Trump praised the central bank move, sought to assure worried Americans that food supplies would not be disrupted.
00:32:06.000President Trump has been stumping for a very long time about the lowering of the interest rates, but that is sort of a bizarre, again, a sort of bizarre reaction.
00:32:15.000The problem here is not the interest rates.
00:32:17.000People are not borrowing because they're not borrowing, and spiking interest rates to zero is not actually going to cause people, like, again, who's going to go out and take a loan in this economy?
00:32:25.000Okay, and lowering the interest rates to zero ain't gonna change a thing.
00:32:28.000That does not solve the underlying economic problem, but here was President Trump praising the Fed for cutting interest rates to zero.
00:32:33.000He's been calling, like, if Trump had had his way, by the way, worth noting, if Trump had had his way a year ago, this would have been at zero, the federal interest rate, and then we would have no bullets left in the chamber.
00:34:06.000It turns out that the president's read on the Fed is not an accurate read on the Fed.
00:34:09.000Okay, we're gonna get to More on the global economy and the economic recovery that may follow after all of this, we can hope.
00:34:16.000And then we'll get to more of President Trump's administration's policy.
00:34:19.000We'll get to the debate between Joe Biden and Bernie Sanders that no one cares about last night, but two oldies demonstrating that they should not be anywhere near the levers of power.
00:34:26.000We'll get to all that in just a second.
00:34:27.000First, Let's talk about people at your company who you may not need anymore.
00:34:31.000Now, right now is an excellent time to make sure that your employees keep getting paid, frankly, right?
00:34:35.000I mean, this is a great time to hunker down, make sure that the people who you love, the people who you need are still making a living, right?
00:34:43.000But if you are looking for somebody better than, say, a person who comes back to the office having been exposed to coronavirus and then just blithely waltzes into the office and just proceeds to take off his shirt, you know, like really enjoy himself, like a Michael Moles type, Well, then maybe you need to look at ZipRecruiter.com.
00:34:59.000If you need to find the best candidates for your growing business, ZipRecruiter is your smart, efficient hiring solution.
00:35:03.000ZipRecruiter makes hiring great people faster and easier.
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00:35:10.000When you head over to ZipRecruiter with one click, you send your job to ZipRecruiter's network of over 100 leading job sites.
00:35:16.000Well, ZipRecruiter finds the best matches for your job and invites them to apply.
00:35:20.000It's so effective that four out of five employers who post on ZipRecruiter do get a quality candidate within the very first day.
00:35:25.000So if you're looking to replace that employee who's been bugging you for a while, now is a good time to do it over at ZipRecruiter.com slash Daily Wire.
00:35:32.000That is ZipRecruiter.com slash D-A-I-L-Y-W-I-R-E, ZipRecruiter.com slash Daily Wire.
00:35:37.000ZipRecruiter is indeed the smartest way to hire.
00:35:42.000While so many of us are driven to isolation right now, it is really important, more important than ever, I think, that we come together as a community, particularly online.
00:35:49.000The good news is, we are an intranet company.
00:35:51.000At The Daily Wire, we want to do everything we can to help our members through this difficult time.
00:35:56.000In our reporting, we're making sure we bring you facts, and we always do so, so you can understand the situation, you can properly prepare.
00:36:02.000In addition to keeping you informed, we also want to help our members take their minds off the stress of the situation.
00:36:26.000Listen, I remember being in law school at Harvard Law, and I remember It's been one of the long winters being alone in my dorm.
00:36:32.000Basically, we are now all me in law school hanging out alone in our dorm and nothing is comforting as quite as being part of a community online.
00:36:39.000We want this show to give you all a chance to hang out with us and each other.
00:36:41.000We're going to discuss things outside of the current news.
00:36:43.000We're going to talk like religion and movies.
00:36:46.000And yes, we'll do the best center fielders ever every day.
00:36:48.000We're just going to hang out because I know like now is a great time for us all that we can't hang out in person, but we can hang out online as we do anyway.
00:36:54.000So why not expand that so that you can actually You know, get off the schneid a little bit and just spend some time with us.
00:37:00.000The show is intended for all AXS members.
00:37:03.000During the national emergency in time of isolation, we're opening up to all of our members.
00:37:35.000You may have to later, but right now we're opening up to all of our members of all levels.
00:37:39.000So go check us out right now over at dailywire.com.
00:37:42.000We are the largest, fastest growing conservative podcast and radio show in the nation.
00:37:45.000So again, the Fed is a band-aid on a gaping wound.
00:37:53.000The New York Times reports investors were confronted with weak economic readings out of China and the United States.
00:37:57.000Chinese officials reported that retail sales, manufacturing activity, and investment in the first two months of the year had slumped even more than economists expected.
00:38:04.000A gauge of manufacturing activity in New York State collapsed by the most ever in history in a month.
00:38:09.000Economic analyst with the investment bank Jefferies in New York said, Unfortunately, this is the new reality.
00:38:13.000This report is a harbinger of what is to come.
00:38:15.000European markets also tanked on Monday, falling more than 6%.
00:38:18.000France's main stock index fell briefly by 10%.
00:38:21.000The moves were intended to ensure that credit flows freely, spurring businesses and households to continue borrowing and spending.
00:38:39.000Meanwhile, the House has passed a sweeping coronavirus response package.
00:38:42.000It's got some good stuff and some bad stuff, as per usual with our government, that included a bipartisan vote to expand access to free testing, which of course is good, providing a billion dollars in food aid, and extending sick leave benefits to vulnerable Americans.
00:38:55.000One of the big problems with extending sick leave benefits to vulnerable Americans without government backing is that it's a pretty good way to bankrupt small businesses that are operating right at the margins.
00:39:03.000It's easy to say that small businesses should basically keep taking the hit when they're not getting any income.
00:39:08.000But what happens when all those small businesses have to declare bankruptcy?
00:39:12.000I literally talked to a friend of mine who runs a business yesterday.
00:39:15.000He does a major catering and event business.
00:39:17.000And he said to me, like, I may have to declare bankruptcy.
00:39:20.000I said to him, okay, well, if you do, and then everything gets back on track, I'm always here to give you a loan.
00:39:25.000Like, really, I think that people should help each other out if they have the resources to do so.
00:39:29.000But the, you know, legislation that forces small businesses to cover paid sick leave, that's all fun and games until it turns out that you're talking about small businesses that have like 75 employees, like more than 50, have 75 employees, and now they're expected to pay indefinite sick leave for people for, what, weeks at a time?
00:39:46.000Even if the business has to shut down?
00:39:49.000And by the way, I don't believe there's any time limit on that.
00:39:51.000I think that the Democrats were able to pass this thing without a sunset provision, which means that even if coronavirus ends, that would still be the case.
00:39:58.000Alongside Pelosi, Majority Leader Steny Hoyer said he expected the House committees to be working through next week's recess on a new bill meant to address the economic damage wrought by coronavirus, which has devastated the airline hospitality and entertainment industries.
00:40:11.000Minority Leader Kevin McCarthy said, I think this is a very good sign of bipartisanship and working together that we can overcome the virus.
00:40:17.000And President Trump's approval of the bill was forthcoming via Twitter.
00:40:21.000Key Republicans cautioned there are still lingering issues related to a tax credit for paid family sick leave.
00:40:26.000McCarthy wants small businesses to have a little bit more flexibility, because right now there is no flexibility in the rules.
00:40:33.000One of the major obstacles involved the president's personal demand for a payroll tax cut in the package.
00:40:38.000Democrats were not willing to go along with that.
00:40:40.000Further actions are likely to be taken in the near future.
00:40:43.000The legislation helps provide free food for children whose schools are closed during the crisis, as well as other initiatives to make sure that seniors and food banks get help as well.
00:40:51.000One of the problems with the free school lunch program, of course, is that You might be better off just giving the families food directly, right?
00:40:58.000Instead of extending the free school lunch programs, which, by the way, have been a fairly large-scale failure across the United States in terms of the amount of food that's been thrown away.
00:41:05.000Maybe you'd be better off just giving the Andrew Yang $1,000 tax credit, right?
00:41:10.000Just give everybody $1,000 for the moment in order to get through this crisis.
00:41:14.000I mean, you're effectively doing that with businesses anyway.
00:41:17.000The legislation included 14 paid sick days for employees, as well as three months of paid emergency leave.
00:42:05.000The deal that passed the House last night will head to the Senate early next week.
00:42:09.000Next week delivers on the President's plan for strong health and economic support, particularly focused on those most impacted, including hard-working blue-collar Americans who may not currently have paid family leave today.
00:42:25.000It provides free coronavirus testing for uninsured Americans, and it builds on the decisions that President Trump made expanding coverage For Medicare, Medicaid, and also getting a commitment from private health insurance companies to join with us to waive all copays on coronavirus testing.
00:42:47.000Okay, so everybody's very happy about the bill.
00:42:49.000We will see, you know, what the cost is.
00:42:50.000But again, we could afford to be irresponsible with a bill like this if we had not spent the last, I don't know, 40 years building up a $22 trillion debt.
00:42:57.000And meanwhile, Scott Gottlieb, who's been one of the kind of darker voices of doom, and that's not to say he's inaccurate.
00:43:03.000It just means that he's got a pretty dark vision of what's going to happen here with coronavirus.
00:43:06.000The former FDA head under President Trump, he says, the White House is on top of this.
00:43:10.000The federal response is now appropriate to the situation.
00:43:13.000I've been fortunate to have the opportunity to talk to officials in the White House all through this.
00:43:17.000Some of the calls that I was making to them, the conversations I was having go back to January.
00:44:01.000Do not necessarily be alarmed by that.
00:44:04.000If it continues to be exponential after we've taken all of these measures, then we can start being like supremely alarmed.
00:44:09.000But Deborah Burke says, yeah, there will be spikes in cases.
00:44:12.000So you will notice as these tests roll out over this next week, we will have a spike in our curve.
00:44:18.000For those of you who watched China and China reporting, remember when they changed their definition and all of a sudden there was a blip in their curve?
00:44:53.000I understand he's on TV and he's getting sound bites, and I understand he wants us all to take this seriously, but more information would be good, more transparency would be good.
00:45:00.000Here's Dr. Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases.
00:45:04.000There have been estimates of hundreds of thousands of people in the U.S.
00:45:07.000who could die, or in the worst-case scenario, millions.
00:45:11.000Can you tell the American people that that is possible?
00:45:15.000You know, it's possible because when you do a model, you have a worst-case scenario, the best-case scenario, and the reality is how you react to that will depend where you're going to be on that curve.
00:45:27.000So obviously, we are clearly going to have more infections.
00:45:31.000There's going to be more problems with regard to morbidity and mortality.
00:45:35.000Okay, so we really don't have the full information, but the point that Fauci is making is he's saying, listen, do everything that you can.
00:45:42.000He says dramatic reduction in interactions would be what is called for here.
00:45:46.000Basically, stop interacting with people for the foreseeable future.
00:45:49.000Here's Fauci yesterday on the State of the Union.
00:45:51.000Would you like to see a national lockdown?
00:45:54.000Basically people, you can't go out to restaurants, bars, you need to stay home?
00:45:58.000Well, I would like to see a dramatic diminution of the personal interaction that we see in restaurants and in bars.
00:46:06.000Whatever it takes to do that, that's what I'd like to see.
00:46:10.000Okay, he continues along these lines and he says that the travel bans were a good idea despite the media's hatred for the travel bans.
00:46:18.000The president's decision to essentially have a major blocking of travel from China, that already had an effect Of not seeding the way in Europe.
00:46:30.000Italy didn't do that, and I feel so badly because I have so many friends there.
00:46:37.000What we're doing now with the other travel restrictions, so you block infections from coming in, and then within is when you have containment and mitigation.
00:46:46.000And that's the reason why the kinds of things we're doing that may seem like an overreaction will keep us away from that worst case scenario.
00:46:54.000Yeah, well, none of this has stopped all of this from becoming political.
00:46:57.000Obviously, it was going to become political.
00:47:00.000With Congress finally passing some bills, maybe they'll shut up for the moment.
00:47:03.000But the continuation of the Democratic presidential race means that this is going to continue being quite political.
00:47:09.000The Democrat debate last night took place basically in an empty room between Joe Biden and Bernie Sanders.
00:47:15.000Nobody wants to watch a Democratic debate in the middle of this.
00:47:18.000Watch two octogenarians going at it, clubbing each other with their walkers.
00:47:22.000Honestly, Bernie Sanders has no more opportunity to win in this race.
00:47:26.000They're canceling primaries as we speak, by the way.
00:47:27.000So it's not even as though Bernie has the... Maybe Bernie gets lucky and, you know, Biden retires because he's obviously not fully functional.
00:47:35.000But that is highly unlikely at this point.
00:47:37.000Suffice it to say, it is not a great thing that all of the candidates for president of the United States are in the coronavirus' sweet spot.
00:47:44.000Joe Biden is old with underlying health conditions.
00:47:46.000Bernie Sanders is old with underlying health conditions.
00:47:48.000Donald Trump is old with underlying None of this is a recipe for greatness here.
00:47:54.000The Democratic debate last night began with elbow bumping and coughing, which is always a great sign to America.
00:48:00.000Here are the two Democratic candidates last night.
00:48:02.000Do they keep this social isolation thing?
00:48:49.000If you're trying to solve a problem, like, in the here and now, that's one thing.
00:48:51.000But if you're just bitching about something that happened seven weeks ago that Trump said, maybe you ought to put that aside for, like, the next five minutes while we try and get a response together.
00:48:58.000I want you all to understand some straight talk from the nation's doctor.
00:49:03.000We really need you all to lean into and prioritize the health and safety of the American people.
00:49:16.000But we all need to hit the reset button and lean into moving forward the health and safety of the American people as their top priority.
00:49:22.000More stories on how people can protect themselves.
00:49:25.000More people on how people can get the resources that they need that we've unleashed from the federal government and state and local governments.
00:49:32.000Less stories looking at what happened in the past.
00:49:35.000OK, that is Dr. Jerome Adams, and he is being ripped up and down by the media who are saying, well, we're going to cover this.
00:49:41.000Of course, you're going to cover this any way you want.
00:49:43.000The question is, are you keeping your eye on the ball, which is making the coverage, making the response better?
00:49:48.000Or is this really more about political posturing?
00:49:51.000And that remains an I would say it remains to be seen, except I think that the last few weeks have proved that it doesn't remain to be seen.
00:49:55.000I think it's pretty obvious that the media do have a rooting interest in the screw-ups of the Trump administration.
00:50:01.000That's not saying that they want to see something bad happen to the Americans, it's just saying they are not unhappy when Trump messes things up.
00:50:07.000Alrighty, we're gonna get to some things that I like and some things that I hate.
00:50:38.000Bill James, of course, revolutionized the game of baseball by focusing so much on statistics and looking for new statistical ways to measure exactly who was good and who was not.
00:50:47.000It was Bill James who came up with a lot of the key statistics that we now use as opposed to the old-fashioned statistics.
00:50:51.000Like we used to focus a lot on batting average.
00:50:53.000Now everybody, of course, focuses on base percentage.
00:50:55.000We used to focus a lot on batting average.
00:50:58.000Now people focus on slugging percentage, right?
00:51:02.000On base plus slugging is a better gauge of how good a player is than simple batting average because if you get a lot of hits but you don't walk ever, that may not actually be the best.
00:51:10.000The new Bill James historical baseball abstract is just something you can get lost in for hours and you're gonna have some hours on your hands.
00:51:26.000My heart goes out to all the people who were just told that they now have to homeschool their kids for the next two months and suddenly have become teachers who cannot set up play dates with their kids and other kids, can't take their kids to play gyms, can't take their kids to the park because of all the equipment over there, and basically have now been relegated to a little house on the prairie style parenting for the foreseeable future.
00:51:48.000So shout out to my wife, who is now dealing with this at home as we speak.
00:51:52.000And good for all of you for doing what you can to make sure that your kids have a fulfilling experience during this time.
00:51:58.000People have been asking me what I say to my kids in the middle of all of this.
00:52:03.000And what I say to my kids is, listen, everything is going to be fine and basically you get early summer vacation.
00:52:07.000The big problem, you just have to hang out with us.
00:52:11.000Honestly, my kids are kind of excited about it.
00:52:13.000They're more excited about it than I think any parents are at this point.
00:52:16.000But don't worry, we're all hanging in together.
00:52:17.000Now, quick reminder, tonight we are going to be doing some extra programming just for our members over at dailywire.com.
00:52:23.000Normally this would be all access kind of stuff, but any of our members now get access to it.
00:52:26.000We're going to be broadcasting live at 5pm Pacific, 8pm Eastern.
00:52:30.000So that we can all get through this together.
00:52:31.000We're going to try and do a little bit of extra programming in the evenings so you have something to do and a community to gather with online.
00:52:37.000So go check us out over at Daily Wire.
00:52:38.000Now, it's a great time to become a member.
00:52:40.000Go check us out right now over at Daily Wire.
00:52:42.000Otherwise, we'll be here for two hours later today and we'll be back here tomorrow to recap everything as it's going on.
00:53:28.000Hey everybody, it's Andrew Klavan, host of The Andrew Klavan Show.
00:53:31.000You know, some people are depressed because the American Republic is collapsing, the end of days is approaching, and the moon has turned to blood.
00:53:37.000But on The Andrew Klavan Show, that's where the fun just gets started.