Carly Fiorina on impact of coronavirus on the economy
Stocks plunge as major cities shut down over coronavirus; former Hewlett-Packard CEO Carly Fiorina weighs in.
Former Hewlett-Packard CEO and Republican presidential candidate Carly Fiorina responded to the Dow Jones Industrial Average's worst point drop on record Monday, telling "Your World" that she believes it reflects the seriousness of the coronavirus outbreak in the United States.
"I think what that reflects is the dawning reality for everyone, the market, the administration, businesses across the country, that this is a very serious situation," Fiorina told host Neil Cavuto in a phone interview.
"What that reflects is the dawning reality for everyone... that this is a very serious situation."
DOW DROPS 2,999 POINTS AFTER TRUMP SAYS CORONAVIRUS COULD EXTEND UNTIL AUGUST
"It is an unpreceded situation," Fiorina continued. "We are living now with a highly contagious disease about which we don't know enough. And so I think that reality is starting to settle in. The markets respond the way they do, obviously, because it means...demand just falls off the cliff. That's real. And it's not going to go away in the short term."
U.S. equity markets tumbled Monday, with selling accelerating during the final hours of trading as President Trump's coronavirus task force updated the nation on the crisis.
In response to one question, Trump said the crisis may not fully end until August -- accelerating the Dow Jones Industrial Average's drop of nearly 3,000 points or 13 percent.
"I think that's what you see markets reacting to," Fiorina said.
The market drop could also be linked to the lack of information and confusion surrounding the coronavirus, as many questions remain unanswered, Fiorina noted.
UBEREATS WAIVES DELIVERY FEES FOR RESTAURANT AS CORONAVIRUS FORCES SHUTDOWNS
"This is a global pandemic that is highly contagious about which we don't know as much as we could if we had experience with it," she said.
Fiorina expressed faith in the public to plan ahead, but warned that public officials now face a "burden of truth."
"I would divide the problem-solving process here into a couple of steps. Number one, in the immediate term, of course, everyone is focused on, 'How do I ensure that my family is safe?' If you are a small business owner, restaurateur, large business owner, 'How do I ensure that my employees are safe?' That is everyone’s immediate concern," said Fiorina.
"The next short-term way of thinking about this is to start planning. What will I do if this continues for two weeks, four weeks, six weeks, eight weeks? People are at their worst when they don't know things, when they are not planning. And there is a lot we don't know but we can begin to plan ahead. What does my business look like two weeks from now, four weeks from now, six weeks from now? Begin to think through some scenarios."
PHOTOS: EMPTY STREETS AMID CORONAVIRUS FEARS IN US CITIES
Fiorina encouraged the public to "fill the void" of the unknown that causes "fear and dread" with "planning" and hopes for a brighter future.
"It's better to be complete and candid and comprehensive and truthful and tell people what we know, what we don't know."
"However," she added, that also puts a great burden on leadership to tell the truth, to get all of the facts out."
Reiterating her call for public leaders to keep the public properly informed as more details continue to emerge, Fiorina said, "There is nothing more damaging right now than giving people rosy scenarios and having to change them two days later.
CLICK HERE FOR COMPLETE CORONAVIRUS COVERAGE
"It's better to be complete and candid and comprehensive and truthful and tell people what we know, what we don't know. Allow them to plan for the worst. And then as our planning kicks in and our preparedness kicks in, then best will come out in people."
As of Monday afternoon, there are nearly 4,400 cases of coronavirus in the United States.
Fox Business' Jonathan Garber and Suzanne O'Halloran contributed to this report.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox