This is a rush transcript from "Your World with Neil Cavuto," March 11, 2020. This copy may not be in its final form and may be updated.
CHARLES PAYNE, FOX NEWS ANCHOR: You're looking live at the White House, President Trump meeting with Wall Street executives as we speak.
They're trying to come up with a plan to combat the economic fallout from the coronavirus, this as stocks continue to tank.
The Dow Jones industrial average, folks, dipping into bear market territory. That means it's a 20 percent drop from the all-time high. The other two major indices were able not to barely meet that fate, all of this as the World Health Organization says the outbreak is now a full-scale global pandemic.
Welcome, everyone. I'm Charles Payne, in for Neil Cavuto, and this is YOUR WORLD.
More on the financial fallout from all of this in just a moment, but first John Roberts at the White House on how they're dealing with all of this -- John.
JOHN ROBERTS, FOX NEWS CHIEF WHITE HOUSE CORRESPONDENT: Charles, good afternoon.
Well, we're going to hear more from the president. He is most likely going to give an address to the nation tonight. We believe the time will be 8:00, where he will bring together everything that's happened today and the plans that the administration has going forward, and let the American people know where he stands on all of that.
Just a few notes coming out of the meeting with Wall Street bankers, which you will see the play out of very soon, consensus that the economy was strong, banks have lots of cash. They believe that, while this is a problem, it's a short-term problem.
And for a lot of people, because the rates are so low, this really represents a refinancing opportunity for a lot of people.
The president, meantime, on Twitter, taking aim at critics, at least responding to critics that the White House response has been slow, halting and contradictory. The president saying: "I am fully prepared to use the full power of the federal government to deal with our current challenge of the coronavirus."
The president also taking square aim at his critic, saying: "Someone needs to tell the Democrats in Congress the coronavirus does doesn't care what party you are in. We need to protect all Americans."
On Capitol Hill today, the treasury secretary, Steven Mnuchin, saying he supports pushing back the traditional April 15 tax filing deadline for small- and medium-sized companies and individuals to inject some money into the economy.
(BEGIN VIDEO CLIP)
STEVEN MNUCHIN, U.S. TREASURY SECRETARY: We are going to recommend to the president that we delay, we will allow the delay, and that they don't have to pay an interest or penalty on that. That will have the impact of putting over $200 billion back into the economy.
And that will create a very big stimulus. That will be very good for the individuals.
(END VIDEO CLIP)
ROBERTS: Mnuchin also taking a page out of the post-9/11 playbook, saying that he supports some targeted assistance for companies that have been really hard-hit, companies like the airlines, cruise ships, other travel- related companies.
Democrats say that this White House cares more about big business than they do about people who might get sick. The White House insists, look, we're doing all we can to address the coronavirus from a health crisis perspective, but if we lose the economy, that's going to create a pain all its own -- Charles.
PAYNE: Absolutely. John, thank you very much.
Now it's official, folks. The Dow, it did close in bear market territory, down again -- that's down 20 percent from the all-time high, this as worries over the coronavirus, they continue to mount.
With me now, trader Ted Weisberg, Teddy Weisberg, Seaport Securities, outside the New York Stock Exchange.
Teddy, you have been around for a long time. You have seen some of these kind of things before in the past. What is Wall Street -- what's the signal that the market is sending us with these extreme ups and downs, particularly to the downside?
TED WEISBERG, PRESIDENT, SEAPORT SECURITIES CORPORATION: Well, clearly, Charles, you know there is a tremendous amount of uncertainty created by a lot of unknowns.
And we know one thing for certain when it comes to the stock market, that it doesn't deal very well with unknowns. Whatever the reason -- and, clearly, we know what the reasons are as we speak now -- the market was primed for some sort of sell-off.
We have been on an eight- or nine-year run. And nobody likes it when they go the other way. In fact, we're probably back to where we were January or February 2019.
So, for a lot of folks, we have just given back a lot of profits, but it's still painful, no matter how you analyze it.
PAYNE: It is painful.
And what people want to know whenever there is pain is, how do you make it stop? When does it stop?
WEISBERG: Boy, if I knew that, you would be the second to know.
WEISBERG: Charles, it's -- I think we will know -- I think we will know when we're starting to reach a bottom when the market stops reacting to the negative news.
At the moment, clearly, we're not there yet, whatever that news might be. But we will get to that point where the values will become so compelling that the buyers will reenter the marketplace. But, at the moment, we're simply not there.
Best just to get on the sidelines, and wait until that happens. And it will happen, probably sooner, rather than later.
PAYNE: Teddy, everyone's saying that this is going to be a short-lived episode.
In other words, we're in a race for -- no, I mean, on the coronavirus side, as they take mitigating actions, social distancing action, as we go into the summer months, whatever.
I mean, we have seen major changes in China's number, South Korea's numbers. And when we start to get those sort of adjustments in this country, will we look back and say, OK, this was an extreme overreaction? Could we actually get something akin to a V-shaped recovery in the stock market, where we go down sharply on uncertainty and fear, and we come back sharply as we get a better assessment?
WEISBERG: Well, I -- that's a great question.
Unfortunately, you or I, I'm not sure anybody has that answer. We just -- we just need to get through this.
And the problem is, the pain, the psychological pain, really starts to drive the train, and people start to make mistakes and maybe do stupid things.
I think -- I think we don't know how the recovery will come or when it will come. But if you look back in history, Charles, I remember '73-'74. We were down 50 percent from the trading highs to the trading lows. You had the crash of '87, which was one day, down 22 percent in one day.
You had '08 and '09, where we were down another 50 percent from the trading highs and the trading lows. But in two of those three instances, it took 12 or 18 months. And, clearly, we're only into this for two or three weeks.
So we will know when we get there. But we're not there yet. And we will know when we get there, when the stocks no longer react negatively to negative news.
I think the point, though, that I'm trying to make is that stocks are known to overreact. I mean, we could already be technically oversold, based on facts, from what we see in other places.
PAYNE: In Italy, the average age of the person who is dying from this is 81 years old.
In America, we have got these hot spots, but the numbers is nowhere near where -- now, we know they're going to go higher as the tests are spread out. But I think what investors are asking, should Home Depot be down as much as it is today? Should Boeing be down as much as it is today?
WEISBERG: Well, I mean, the answer is, I think you just said -- you answered your own question.
We know that stocks overreact. They overreact on the upside, and they overreact on the downside, because, in reality, nothing really rational...
PAYNE: Teddy, I have got to leave it right there, because President Trump just wrapped up his meeting with Wall Street executives.
And let's hear -- we're going to take a moment, in a second, rather, to take a listen to what he says.
We got just 30 seconds. I remember -- I forgot which crisis it was. But when everyone was panicking, you bought an extra seat on the New York Stock Exchange. You remember that?
WEISBERG: I did. I sure do, Charles. I remember.
And you thought I was crazy.
PAYNE: I did.
WEISBERG: And you were right for about six months.
Yes, you were good for six months, and then you were wrong.
PAYNE: All right, buddy.
WEISBERG: Yes, I remember.
PAYNE: You taught us to be cool about this.
WEISBERG: Thank you.
PAYNE: Now let's go and listen to the president of the United States.
Thank you very much, Teddy.
(BEGIN VIDEO CLIP)
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Well, thank you very much. And we are having a meeting - -- a very important meeting - -- with the, I would say, the greatest bankers in the world, the most important banks in the world, financial centers, and having a good discussion. We're discussing the economy. We're discussing how it relates to jobs and all of the things that are happening right now with the virus that we've become so familiar with. I will be making some decisions. I've already made some decisions actually today, but I will be making some other ones that are very important. And I thought I'd let the press in to hear some of the wisdom from the folks in the room. And, maybe, Brian, I will start with you. And Brian is the chairman and he's the man at the -- at Bank of America. Highly respected. Everybody in this room is at the highest level, highly respected. Brian, please. BRIAN MOYNIHAN, CEO, BANK OF AMERICA: Thank you, Mr. President. Thank you for bringing us together. The CEOs of the large banks here want you to know that because of all the work done on the capital, liquidity, and all the things, as we look forward to uncertainty due to the virus and oil price changes, we're very strongly capitalized. We are in a great position, in terms of liquidity, capital, and strength. But more importantly, we're doing what we do best, which is helping our teammates, importantly, but also our clients and our small-business customers and our medium-sized business customers to continue to have access to credit. All of us are providing relief to any customer that has an issue of being out of work for the virus. We're -- the things we've done in every natural disaster that's occurred in many years. And we can tell you that, up until the last couple of weeks, the activity has been very strong, and it's still strong. We're still seeing people spend money. We're still seeing people go out. Small-business loans are continuing to grow. Auto loans are growing. Mortgage loans are obviously very strong. But the real key is, we're well capitalized. We're here to help small businesses, medium-sized businesses, the core American economy run, and to help our consumer clients really weather the storm in case they're directly affected by this. Thank you, Brian, very much. Yes, please. MICHAEL CORBAT, CEO, CITIGROUP: I think as part of that, Mr. President, I think it's important to recognize a few things: One is, building off what Brian said, this is not a financial crisis. And the banks and the financial system are in sound shape ... TRUMP: It's true. CORBAT: -- and we are here to help. That's part of it. I think second is, when we look at what's going on, in many ways we're going at several challenges at the same time. We woke up -- or we went through Sunday in a precipitous drop in oil prices, and we needed to deal with that when the market opened on Monday. Clearly, corona is front of mind for everybody, not just here in the U.S. And I think the market is going through a period of trying to get price discovery and I think, also, trying to figure what is the intermediate -- and longer-term health of the economy. And I think what we saw is we saw some fears on the back of those and some talk about potential recession on the back of those. And I think the market is going through a discovery phase of really trying to figure out what earnings are going to look like and where valuations should be. I think the good news is that the markets have performed in an orderly way. The infrastructure that supports the markets, I think, has held up through some pretty good tests. There's been some strains along the way, but I think it's held up well and it's been -- it's been orderly. And, as Brian said, from the banking perspective, we're here to help. We want to provide liquidity. We want to lend to our small businesses. We want to be supporting our consumer clients. TRUMP: Well, thank you very much, Michael. That's true. And I think, prior to the coronavirus, it was -- it was just all go, and the numbers were fantastic. And we don't even know what the numbers are now. We'll have to see. The numbers from a week ago were great and from two days ago were great, but now we're hitting a patch. And we're going to have to do something with respect to getting this -- getting rid of this virus as quickly as possible and as safely as possible. Our number one -- our number one priority is the health of the people of our country. And so we'll be making, most likely, a statement. I will be making a statement later on tonight as to what I've decided to do and what our country will be doing. Charlie, please. CHARLES SCHARF, CEO, WELLS FARGO: Mr. President, the only thing I would add to what Brian and Michael said is just to, first of all, reiterate that we are all here to help. That is what our institutions do; we're all in a position to do it. And I think we're being very, very thoughtful about how we can do that for both consumers, small businesses, as well as the companies that we deal with. I think we're all encouraging any of our customers or clients who are having any issues to make sure that they talk to us. We're all developing programs to ensure that, as they and employees and their customers go through the situation, that we're there to be a source of strength, whether it's to help them through issues with their fees, payments, or to be there to lend. That's what we do. TRUMP: That's great. I'm glad you're saying that. That's great. Because there may be some of that, frankly, more so than you've been used to for the last three years. Right? It could happen. David? DAVID SOLOMON, CEO, GOLDMAN SACHS: I appreciate it, Mr. President. I'm glad to be here with my colleagues who run these other institutions. Most of what I'd say would echo what's been said. The banking system is in good shape. The virus obviously poses unique challenges, both for policy-makers and for businesses large and small operating across the country. All businesses are very, very focused on their people and taking care of their people. As part of the banking system, we're looking to help businesses -- large, small -- individuals any way we can, and are making the same steps and taking the same steps that these other institutions have spoken about. And so, we'll get through this, but it's going to require some navigation on the part of all of us, and we're focused on doing our part. TRUMP: I think we're going to get through it very well. And we'll be doing a lot of additional work with small business, as you know. We're going to be adding many billions of dollars, and we're going to be making lots of small-business loans, and the banks are too. So we'll be -- do you have anything to say about that? JOVITA CARRANZA, ADMINISTRATOR, SMALL BUSINESS ADMINISTRATION: Of course. But first I'd like to thank you, Mr. President, for being so aggressive and very specific about protecting the health and safety for employees. And I've very encouraged by the leaders in this industry that are thinking along the same lines about their employees and their community. But I'd like to point out that SBA has the authority currently, with $18 billion, to provide loans with the support of all the lenders in this room. And they also have the opportunity to extend some of the payment terms up to six months. TRUMP: Right. CARRANZA: So I'm looking forward to working with every one of them to leave no money on the table on those $18 billion so we can provide support for the small businesses. TRUMP: Yesterday, as you know, we met with the insurance companies -- the top companies, the top people in the top companies, like yourselves -- and they were very generous. And you know what they did with co-pays and everything else. They're going all out. So we appreciated that very much. Steve? Do you have anything to say? Steve? STEVEN MNUCHIN, U.S. TREASURY SECRETARY: Well ... TRUMP: Steve Schwarzman. (LAUGHTER) STEPHEN SCHWARZMAN, CEO, BLACKSTONE GROUP: I think the financial system of the U.S. is in great shape and is prepared to handle this problem. In fact, I think one of the issues is that as people are tested more and more, there'll be a better handle on what we're dealing with just because there will be some economic effect, obviously, as this goes on, and we all hope it's short. But it's going to need the support of the banking community. It's going to need the support of the ability to be tested. And if we can do that, this has a natural ending, which most people lose sight of. And there'll be vaccines developed. That'll take a year to a year and a quarter, but there may be other things in the meanwhile. And it requires a mobilization. Otherwise, society (OFF-MIKE) TRUMP: Yeah, they've made very good -- yeah, they've made very good progress, Steve, at CDC and different places that are dealing with the problem. They've made really tremendous -- tremendous strides. So we'll be announcing that also. OK? Thank you very much. Anybody else have anything to say? Ken? Anybody? Anybody? KENNETH GRIFFIN, CEO, CITADEL: You know, Mr. President, I think you've done a fantastic job of putting the interests of our country first with your fast action on China and travel to and from China. TRUMP: Thank you. GRIFFIN: I think your focus on fiscal stimulus is really important. TRUMP: Right. GRIFFIN: How do we help American families that live, too often, paycheck to paycheck, get through this difficult time where they may lose their job or otherwise face more difficult circumstances? So I think your leadership on fiscal stimulus is really thoughtful and appreciated. And then all of us in this room know that the financial markets are working to help America. The interest rate changes that we've seen both in the Fed and in the bond markets create an unprecedented opportunity for Americans to refinance their mortgages ... TRUMP: True. GRIFFIN: -- at a dramatically lower rate, which is really good for American households, or to have the opportunity to buy their first house -- or a new house for their growing families. So the markets have worked, as we would hope at this moment of time, to help provide stimulus to the entire economy through meaningful lower interest rates. TRUMP: Great job you've done too. Please. GORDON SMITH, CEO, J.P. MORGAN: Mr. President, Gordon Smith, J.P. Morgan Chase. TRUMP: And how is -- how is Jamie doing? SMITH: Jamie is doing well. TRUMP: Say hello to him. SMITH: I will. TRUMP: All right? SMITH: I will for sure. TRUMP: I hear he's doing fine. SMITH: He's making great progress, so ... TRUMP: Good. SMITH: -- thank you. Thank you very much for asking. So the bank has very rigorous resiliency plans, both in the United States and around the world. All of those are underway right now. All of our plans are designed, obviously, to protect and help out people and to protect consumers and small businesses. We'll be there with forbearance plans. We'll be there to waive fees for consumers and small businesses who are under stress. And I think a very -- your fair question is: "Are we still lending?" And over the course of the last 40 days at J.P. Morgan, we've extended 26 billion dollars' worth of loans to both consumers and small businesses. TRUMP: That's great. SMITH: And that's, I said, the last 40 days. We looked a little bit at Seattle, which has been a center of the virus. And economic growth is still continuing. So we see it's slowed down significantly, but people are still going to restaurants, for example. We still see that. People are buying food to be delivered by the new delivery services. And interestingly, in the data we also see the pullback is much more about -- from the older generation, my age -- than it is from the millennial generation. So, millennial generation spend seems to be holding up very well. TRUMP: I think there will be a pent-up demand when this is gone. I think that everything that maybe was tamped down now -- people aren't leaving their homes... SMITH: Yes. Yes. TRUMP: -- I think you're going to see a tremendous pent-up demand, which hopefully won't be in the too-distant future. Please. RICHARD HUNT, PRESIDENT, CONSUMER BANKERS ASSOCIATION: Mr. President, we're not waiting for the customer or small business to call the banks. We are proactively reaching out to the customer and small businesses, waiving fees, making sure we can refinance a loan when possible. We're up 79 percent versus last year in refi. Still going to take a little while to find out how much the effect really is. TRUMP: Great, Richard. Thank you. Thank you very much. Anybody else? Anybody? Please. REBECA ROMERO RAINEY, PRESIDENT AND CEO, INDEPENDENT COMMUNITY BANKERS OF AMERICA: Mr. President, I might just add, as I represent the community banks across this country ... TRUMP: Right. RAINEY: -- rural markets, urban markets, suburban markets, they're there; they're staying ready, strong to support their communities, whether it be your very smallest businesses, the ag communities. The community banks are here to support. They're here to help. TRUMP: Great. Thank you. ROBERT NICHOLS, PRESIDENT AND CEO, AMERICAN BANKERS ASSOCIATION: Yeah, I would just echo all the sentiments that you just heard, Mr. President. And thank you for convening the group. I would also add that -- and echoing on something that Rebeca said -- we're also helping not just all the large globally active banks, but the 5,100 banks across the United States, build continuity and resiliency programs so we can keep the banking system open to support our customers and clients who are in many cases, facing a time of need. That's what banks do, is stick by their customers in good times and in challenging times. And that's what all the banks in the United States are doing today. ANDREW CECERE, CEO, BANCORP: We're very focused -- U.S. Bank -- very focused on providing credit for small businesses. TRUMP: Right. CECERE: They are the ones, right now, who are going to perhaps have a little bit of struggle. So getting the credit to them rapidly and also being very lenient on repayment terms. TRUMP: That's great. Thank you very much. And thank you all. Yes, please. KELLY KING, CHAIRMAN AND CEO, TRUIST FINANCIAL: Mr. President, you've heard that the financial system is strong, and I certainly echo that. TRUMP: Yes. KING: But for those listening, the country is really strong. You've done a fantastic job. Your administration -- we're adding jobs. We need to all be diligent in terms of our health management; we're learning that out of this. This is a long-term lesson to learn. TRUMP: Right. KING: But at the end of the day, the United States of America, in my view, is very strong. And we need to remind ourselves that part of getting through a challenge like this is about confidence and supporting each other and having hope for the future. And for myself, I believe our best days are ahead. And working together, we'll make that happen. TRUMP: Thank you very much, Kelly. Great. Thank you very much. So I will be making a statement tonight, probably at 8 o'clock, and we'll be starting some additional solutions. We made a great decision on China and Asia, and they're healing and they're healing at a pretty good rate. Happy about that. And we could start to think about getting back involved in that part of the world. And, as you know, we have another part of the world -- Europe -- that's in very tough shape. It's having a hard time right now with the virus. And we'll be making various decisions. You'll be hearing about them at approximately 8 o'clock tonight. Steve? QUESTION: What sort of travel restrictions on Europe are you thinking? TRUMP: Well, I will be -- I will be letting you know that a little bit later. QUESTION: Mr. President, are you going to be declaring a national disaster tonight? TRUMP: We'll be talking about that later. All those things we're making a decision on. QUESTION: Mr. President, we have heard, in the past, of industries that are too big to fail. In your estimation, are the airlines, cruise lines, is the hotel industry too big to fail? TRUMP: I think they're going to be great. I think the folks around this table are the ones that finance them. And they understand. And they're great companies, but we're having to fix a problem that, four weeks ago, nobody ever thought would be a problem. Nobody -- you read about them. You read about them from 1917 and you read about them from lots of other times. But nobody thought that we would seeing -- we were just discussing that. This came out of nowhere. And it actually came out of China, which is the way it works. But we are going to get the problem solved. The country is so strong. The institutions are so strong. You know, in the past, you had problems with institutions. These are powerful institutions. They're built up. They're ready to go. And I know they'll be helping their customers during this short-term period. We think it's going to be a short-term period. QUESTION: Do you mind if we ask the CEOs what they think a, sort of, stimulus package or measures might need to be in place? TRUMP: I don't mind that. I mean, it's actually a very good question. I was going to ask it myself. You've been hearing about the various forms, Brian, of stimulus -- different -- very different form of stimulus. What would you say would be good -- appropriate under these circumstances? MOYNIHAN: Well, I think the first thing is to add fiscal stimulus in a time of stress is absolutely the right answer. I think that anything that gets out to the most people.
And so keeping people who are -- become underemployed or unemployed due to this -- (OFF-MIKE) on their wages, or somehow supplementing that through unemployment and other types of programs, we think is a key thing. Because if we keep the broad group of American people with cash flow and money to buy goods and do things, the economy will be strong and those individuals will have other people we should take care of. There's no question. In all our companies, if anybody who is out for this virus is getting paid for as long it takes, or anybody that has high risk, they're all taken care of. So I would focus first on that level. And then the second major thing is take care of the health care problem, because the health care problem will help generate the confidence. TRUMP: That solves all the problems. That's right. MOYNIHAN: So, between testing and building up the hospitals so they can receive and do great work as American -- the medical community and hospital community can do with the patients is critical. So it's a -- other than a broad base of people and the hospitals, I think businesses and other things will get through this. But if we take care of those things, this thing will crack pretty quickly. TRUMP: If we get rid of the problem quickly, everything solves itself. We don't need stimulus. So that'd be good. But we are talking about various forms of stimulus. What would you think, Michael? CORBAT: I think -- to add on to what Brian said, the support of small business is critical. TRUMP: Right. CORBAT: You look at the employment and you look at the importance across our economy -- and unfortunately, right now, small business is suffering from both sides. One, is there's been disruption in their supply chains, in terms of receiving their goods that they need. And the second -- the other side of it is that there's uncertainty from the demand side in terms of what the future holds. So I think working with the banks in this room and well beyond the SBA to be able to put programs in place around forbearance, to be able to potentially up the limits in terms of lending in these programs. And, again, I think there are things that have been used before effectively, and I think we can do it again. TRUMP: Great. Thank you very much. Ken, go ahead. GRIFFIN: So I think all of us in this room are fortunate we're in a position to take of our work force. And I know that large corporate America is there 110 percent for their employees. The weak spot are the smaller businesses that don't have the financial flexibility, and in particular are workers who are part of the gig economy. How do we think about where are necessary direct fiscal support to the individuals in our economy who are least secure in their employment? If you work for IBM, life is going to be fine. If you work for Goldman Sachs, life is going to be fine. And if you are a part-time or gig worker, this is a moment of real trial, and this is where fiscal accommodation can be quite powerful. TRUMP: Right. I agree with that 100 percent. Anybody? Anybody? Kelly? KING: I would say that stimulus is appropriate. I personally like what you have mentioned in terms of some form of adjustment of the payroll tax, a holiday, or even a complete restructure. It is a regressive tax, and it's something that could help in the short run and the long term, and help provide more support for the 70-plus percent of the U.S. that needs some help in terms of more savings and stability of livelihood. And so here's a chance maybe to do something to help the short run and the long term. TRUMP: I think so. I think the payroll tax would be great. Democrats are not in favor of it. I'm trying to figure out why, because it would be something that would be very good for the citizens, for the people, and even in longer term for the country. So that's a tax that people have long been talking about either cutting or getting rid of entirely. So, Steve, what do you have? MNUCHIN: I'd just say it's great to always have the bankers in because you have tremendous visibility into the economy and what's going on. And we are interested in hearing that feedback, particularly in small -- and medium- sized businesses in particular industries. We've cataloged for the President all of his executive authorities, which are quite significant. So there'll be various proposals. He'll be rolling out quickly on that front. And we're also working with Congress on a bipartisan basis to be able to immediately help small -- and medium-sized businesses as well. TRUMP: OK. Thank you very much. QUESTION: Mr. President, what do you say to Americans who are concerned that you're not taking this seriously enough and that some of your statements don't match what your health experts are saying? TRUMP: That's CNN. Fake news. Go ahead. Thank you very much, everybody. Thank you very much. Thank you. Eight o'clock tonight. Eight o'clock tonight. QUESTION: In the Oval Office? TRUMP: You'll be notified very shortly, but around here. QUESTION: Economic or health announcements, or both? TRUMP: Within -- within 50 feet. QUESTION: Economic or health announcements, or both? TRUMP: Both.
(END VIDEO CLIP)
PAYNE: Folks, President Trump, with the leading bankers in this country.
A recurring theme, all say they are going to zero in and help small businesses. They are going to help folks in the gig economy, but all also saying that the economy is very strong, and many of them not seeing any major disruptions just yet.
I want to get the read from GOP pollster Lee Carter, Democratic Shavar Jeffries, Jeffries, and Trump New York State co-chairman Joe Borelli.
Joe, let me start with you.
Fascinating. By the way, President Trump perhaps, at around 8:00 p.m. tonight, will address all of this to the nation. What do you think we should hear?
JOE BORELLI (R), NEW YORK CITY COUNCIL: Well, first of all, the fact that he's doing that, the fact that he's going to act as the reassurer in chief is something that's positive for this country.
And I think this meeting, this roundtable in the Roosevelt Room just now that you heard from, it was a good opportunity for some of the leading bankers in the country to reassure people that the institutions of the American finance system are still intact.
And this is a crisis related to the virus and that, once this gets past us, we will be back into prosperity and sort of the economy that we were used to just a couple of weeks ago.
PAYNE: Lee Carter, I saw a fascinating poll from Gallup yesterday.
GOP, Republicans and Congress are -- have a higher favor ability than Democrats for the first time I think in 15 years. It's something that rarely happens, all since the impeachment crisis. Now it's time for the Republicans obviously to leverage that.
And President Trump saying he was bewildered by the notion that the Democrats were not in favor of a payroll tax cut.
So, are they making a mistake here? Isn't it time to forget about political grandstanding?
LEE CARTER, REPUBLICAN POLLSTER: Yes, there's no question that now is the time to put politics aside.
I have been talking to people from both sides of the aisle. I think everybody is tired of the blame game. Everybody is tired of the politicization. And everybody wants now to be the time we come together and act as one people that has one common enemy, and it is this virus, and we have to do everything we can overcome it, prepare ourselves, keep ourselves safe, keep the economy growing.
And this is a time not to be divided. And if anyone decides that this is a time to play politics, I think that they're going to be penalized come November.
SHAVAR JEFFRIES, DEMOCRATIC STRATEGIST: Well, I would agree, I would agree.
This is absolutely a time for Americans to come together. This is a very serious health issue. We need facts and science to drive policy-making here. And we need to think about all of the economic ramifications of what's happening. And we need to come together as one country to make sure that Americans are taken care of in this difficult time.
This is absolutely not a time for partisanship. I agree with that 1000 percent.
PAYNE: Joe, we have seen what's happened around the world. We have seen where it feels like a lot of countries are playing catchup.
So I think Wall Street, the message today with the market was, we probably need to, at least fiscally, get in front of this. The size of this package, a lot of conservative Republicans are going to push back.
BORELLI: They are. And, certainly, there's going to have some deficit impact.
And I think caution is always the right way to go when you're talking about a significant package like this. But at the end of the day, this is something that we should be behind the president and on. We should be on -- behind him in a leadership role, because, at the end of the day, we all are invested in seeing the economy recover.
That's just the bottom line.
PAYNE: Lee, your thoughts? We got less than a minute to go. I apologize, folks, but live TV is like that.
But I do want to get a thought from you, as someone who understands the pulse of people. And you measure it almost every day.
CARTER: Listen, I think that this is the right thing to do for the American people.
The fiscal policy that we're talking about is exactly what is needed right now, probably more so than what the Fed did, if anything else. I think we need stimulus right now. We need to come together and get it done.
PAYNE: Shavar, I got 10 -- 20 seconds for you.
JEFFRIES: Amen. I agree with that 1000 percent.
I was actually planning on having some disagreements here, but I agree fully.
JEFFRIES: This is a time for unity. This is a very serious health issue. Science should drive policy-making. And we got to make sure that everyday Americans are taken care of in this difficult time.
PAYNE: All right, let's hope Washington, D.C., is watching this and takes a cue from the panel.
Thank you all very much. Fantastic, as usual.
Meanwhile, folks, New Rochelle, New York, Mayor Bramson insisting that residents are not under quarantine. So, why is the National Guard there?
Well, meet one resident who is trying to keep her family calm in the midst of all of this. She's next.
PAYNE: Folks, today, the Dow Jones industrial average pulled back more than 20 percent from its all-time high, in now official bear market territory, dragged down by Boeing, and, of course, the cruise lines and oil companies, something Trump will talk about.
We're back in 60 seconds.
(COMMERCIAL BREAK) PAYNE: The House is set to vote on an emergency coronavirus package tomorrow.
The Democrats' plan doesn't include a payroll tax cut, something the president just reiterated that he wants. Can both sides come together on this?
Oklahoma Republican Senator James Lankford is a member of the Appropriations Committee.
Senator, thank you so much for joining us.
SEN. JAMES LANKFORD (R-OK): You bet. Good to see you.
PAYNE: How do you foresee this going down, since both sides have sort of revealed -- or have played their hand, and, meantime, the clock is ticking, as we saw by the performance in the market today?
LANKFORD: Well, the most important thing we could do for coronavirus, we actually did last week.
We put about $8.5 billion out there to deal with diagnostic tests, get testing out all over the country, to be able to deal with a vaccine development, and then vaccine promulgation, to be able to get it out as quickly as possible, getting aid to states and communities.
Dealing with the virus itself is the best thing that we can actually do for the economy. We did that last week. Now there's a conversation about, is there something else that's needed?
This is -- this is the American people's money. So we better be very, very careful with this. It shouldn't be a rush to try to get through something to say, we did something on the economy. We need to make sure that it's actually right.
PAYNE: Do you feel, though, that there's a dual track here, the health and safety of Americans, addressing the coronavirus, finding vaccines and cures, and also mitigating it, the spread of it, but simultaneously making sure our economy, which, by the way, was an absolute juggernaut?
January, February was mind-boggling.
PAYNE: But not to allow our economy to implode. We don't want to look back on it six months from now and say, hey, we took care of the first, most important part, but the second part, we didn't address properly.
LANKFORD: Yes, I agree with that completely, to be able to pay attention to this as we go through the next couple of weeks.
We don't know. We have around 1,000 cases in the United States, we have a lot of folks that are pausing right now, and not getting as much contact, fewer events, fewer people traveling. That does definitely affect the economy.
It's going to affect some of the travel spots in spring break time period. So all of those things are out there that we see. But we don't really know how this virus is going to move in the days ahead.
LANKFORD: Previous coronaviruses actually died off in the summer heat, much like the flu does. We could have a long summer where we don't have any effects from the virus.
And to be able to pump in, let's say, $100 billion of deficit spending into the economy right now won't have that great of an impact on the economy now...
LANKFORD: ... but will have a great impact long-term.
PAYNE: I think that $100 billion is way low, my friend.
PAYNE: Senator, we before I let you go, tonight, what would you like to hear from President Trump?
LANKFORD: So, I'd like for him to be able to detail all the things that they have already done.
It's amazing to me the number of people that actually say, what has the federal government done already or that President Trump hasn't engaged in this, from obviously pushing back on people coming in from China in the very earliest days, the work to actually get to work with insurance companies, Medicare, Medicaid to make sure testing is covered.
And that is available to every individual across the country, getting a testing device that's actually done through it -- all this in two-and-a- half months? That's pretty remarkable progress.
PAYNE: Right. Right.
Senator Lankford, thank you very much. We appreciate it.
LANKFORD: You bet. Glad to visit.
PAYNE: New York Governor Andrew Cuomo calling in the National Guard, as COVID-19 containment causes chaos in New Rochelle, New York.
Rick Leventhal is there, as the panic is starting to set in -- Rick.
RICK LEVENTHAL, FOX NEWS CORRESPONDENT: Hey, Charles, the governor says it's not as bad as it sounds. I'm told you will not see Humvees patrolling the streets or razor wire or military checkpoints. Martial law has not been declared in New Rochelle.
But the National Guard is in fact on the way to help serve meals and clean schools inside the one-mile-radius containment zone, which includes the home of the man believed to have started the outbreak here, with 108 people infected and 1,000 quarantined.
People not quarantined can move freely in and out of the zone. Businesses will stay open, but schools and houses of worship will shut down for at least two weeks and be deep-cleaned.
New York one of 18 states now declaring emergencies, with 216 COVID-19 cases here in the Empire State, nearly three dozen hospitalized. And the governor says he's contracting with 28 private labs to increase testing, with his main concern controlling things here in New Rochelle.
(BEGIN VIDEO CLIP)
GOV. ANDREW CUOMO (D-NY): You have that intense cluster. You know you have an intense cluster. Stop large gatherings where you have a large cluster of people who are infected. It's called common sense.
(END VIDEO CLIP)
LEVENTHAL: The containment zone and two-week restrictions going into effect tomorrow.
But, Charles, this is a fluid situation. And I'm told things could evolve here on the ground as the facts change.
PAYNE: Rick, thank you very much, my friend.
Now, our next guest has been under quarantine in New Rochelle and will now have to stay in place even longer.
New Rochelle, New York, resident Tamar Weinberg joins us now.
Thank you for taking the time.
Just express to us how it feels now that you are there. You cannot move. You're stuck right there. TAMAR WEINBERG, NEW ROCHELLE RESIDENT: Yes, I got to say, it's a little bit challenging right now. We're a little stir-crazy.
But the solidarity and the assistance coming from our neighbors and people outside and within the community who are not subject to quarantine, it's been -- it's been actually -- it's not as isolating as it feels.
PAYNE: Well, we hear that it's good thing it happened now vs. 10 years ago. You have got Netflix. You have got all kinds of things you can do.
But you still, I guess, would assume, gets some cabin fever even early on.
WEINBERG: Oh, absolutely. But you're 100 percent right.
The social media emphasis here, we have some community chats that are truly -- we are supporting each other as members of our community. It's amazing. And it really, really does feel like home and unified. And it's great.
PAYNE: The National Guard in your town, they're there to help assist with certain things in the community. But do you think that's the right move in this circumstance, or is it too much?
WEINBERG: We are definitely grateful for their assistance in cleaning and making sure that food is being served, hoping that it doesn't restrict this further and restrict our liberties.
PAYNE: How are your children holding up, Tamar?
WEINBERG: Thankfully, the school has been amazing in making sure there have been virtual classes for them.
There is a structure. So it is a little difficult to be the teacher and also the parent. But I will say that it is -- and also to work full-time -- but I will say that the school has been incredible under these trying times.
PAYNE: Is it bringing the family closer together?
WEINBERG: I would say yes. We don't really have much of a choice.
PAYNE: Hey, you know what? Sometimes, blessings come out of the toughest times.
We wish you luck and thanks for spending some time with us.
WEINBERG: Thank you. Thank you.
PAYNE: So, are we about to see more of this, U.S. troops in cities hit by the coronavirus?
(COMMERCIAL BREAK) PAYNE: The mayor of New Rochelle, New York, dealing with a containment zone. Could we see more of this as the World Health Organization declares a global pandemic?
Here to discuss, Senate Armed Services Committee member Arizona's Republican Senator Martha McSally.
Senator McSally, thanks for joining us.
SEN. MARTHA MCSALLY (R-AZ): Absolutely, Charles. Thanks for having me on.
PAYNE: We start hearing about the National Guard getting rolled out, and we get very, very nervous. Where are we right there? Are there any protocols in place for this to continue to happen?
MCSALLY: Charles, absolutely there are.
And, look, the administration is doing a great job. And I will say, in Arizona, the coordination with our governor, localities is going well.
Each governor does have National Guard. There's a lot of flexibility, how they can be used. But, in this case, it's reported they're going to be cleaning surfaces and handing out meals to people.
So, we need to take that into context and also understand the authorities. You're not -- it's not like the movies. You're not going to see active-duty military involved. It's against the law called Posse Comitatus for them to be doing any law enforcement or anything like that.
Case by case, we can support civil authorities in very -- very limited support roles. But, again, I think it's really too early for anybody to be looking at that scenario.
PAYNE: And keeping them safe, keeping these folks who are being called in to do this kind of work?
The military also needs to make sure, with the travel that happens with our military, that they're ready to do their mission, protecting them and their families.
And, again, governors, with their National Guard units, sometimes, when they have a flood or other things, the military comes in and fills sandbags and delivers logistics.
And so there's roles there that will actually assist people if they're having to stay at home, and you don't want them out at the grocery store.
MCSALLY: And so this is where the Guard can be useful.
PAYNE: President Trump just now tweeting -- and I want to share it with you -- "I will be addressing the nation this evening at 9:00 p.m. Eastern from the Oval Office."
Senator, what would you like to hear from the president and the commander in chief?
MCSALLY: Well, we are meeting with him constantly. We had lunch with the president and the vice president yesterday. We're on the phone all the time.
I think it's important. The president needs to continue to let people know where to get their information. It's not time to panic. It's time to be prepared. You can go to coronavirus.gov to get the facts of the situation, basic health practices of washing your hands and staying home if you're sick.
If you're elderly or immune-compromised, there's extra precautions you should be taking.
The CDC, the FDA, the NIH and others are coordinating to get test kits and other things out to local communities. That coordination has been extraordinary.
And I think people need to make sure they understand what the facts are, what we can do as a country. We're the best prepared of anybody. This has - - originated in China, a lot of misinformation and failures on their part that made it spread globally.
But we're the best equipped in the world to be able to take care of people and prevent it any further.
And to your point, I think it's up to government and folks like you to keep reminding people, because, unfortunately, there's a lot of misinformation out there.
Senator, thank you so much.
MCSALLY: Thanks, Charles.
PAYNE: Well, Joe Biden winning big last night has some in the mainstream media writing Bernie Sanders' political obituary.
PAYNE: Is Bernie getting burned?
Some in the media already declaring that the race for the Democratic nomination is over, despite the Vermont senator saying today he's not going anywhere.
The host of "Media Buzz," Howie Kurtz," is here.
Of course, they wrote off a candidate called Joe Biden not just too long ago. They were writing his farewell. And, obviously, that didn't work out so well.
HOWARD KURTZ, HOST, "MEDIA BUZZ": Yes, people want to keep that in mind.
It was only three weeks ago that Biden was toast, done, finished. Look, I don't dispute for a second Joe Biden is in a commanding position right now, having clobbered Bernie again yesterday, but, at the same time, many in our business, most in our business said Donald Trump couldn't possibly win in 2016.
I'm squinting very hard, and I can't quite see a path to victory for Bernie Sanders, but sometimes in politics, stuff happens. And one other quick point, Charles. This has become the coronavirus campaign. The CNN debate on Sunday will have no live audience. And I think that helps Biden, because I think many Democrats are more reassured by a former vice president being in the Oval Office in this situation than a guy who's preaching revolution.
PAYNE: And yet, ironically, Bernie Sanders said today, suggested today it helps him, because his campaign has been about Medicare for all.
Like, no one would have to be worried about going to get tested or taking time off. So he's going to try and make that his issue during this debate.
KURTZ: Yes, but Medicare for all means disruption for many, because 150 or 160 million people would lose their private health insurance.
Look, Sanders, it was kind of a suspense when he announced that he was going to meet with reporters. Is he going to drop out?
KURTZ: He said -- he admitted he's losing the delegate race, he's losing the electability argument, but he said he's winning the ideological war.
That's an interesting spin. I don't quite see it, because so many more people are voting for the relatively moderate liberal in the race. I don't see how Bernie can claim that. He wants to keep the spotlight a little longer, so he can make his arguments in the television world.
PAYNE: Yes. I guess it's infectious, and maybe he wants part of it on the platform.
You just brought up the next debate with no audience.
Breaking news: The NCAA March Madness will also not have live audience.
How do you think that's going to impact the television ratings and how the performance feels? LeBron said he doesn't like the idea of playing without playing for the fans.
KURTZ: Right, but LeBron backed off and said he would at least show up.
Look, it's hard to imagine March Madness without an audience.
It's hard to imagine "The View" without a live audience, the first time that happened today. Many media organizations are now affected. I mean, it's becoming clear that this is changing our way of life in -- at least temporarily, in matters large and small.
And I think that's adding to a sense of fear and concern that the president perhaps will address tonight, because people are worried. And the nonstop coverage, I'm not being critical of it, but I think it does overwhelm people at times.
PAYNE: I agree with you 1000 percent.
Howie, thank you very much. Appreciate it.
KURTZ: Good to see you.
PAYNE: House Speaker Nancy Pelosi meeting in an hour with her Democratic colleagues.
What can we expect tomorrow with the COVID-19 vote? That's next.
PAYNE: Speaker Nancy Pelosi calling a meeting with House Democrats this hour on an emergency coronavirus bill. That vote is set for tomorrow.
Chad Pergram on Capitol Hill with more -- Chad.
CHAD PERGRAM, FOX NEWS CONGRESSIONAL CORRESPONDENT: Good afternoon, Charles.
Well, we don't have the details of that bill. We're going to get the text late tonight, but House Speaker Nancy Pelosi was running the Democratic Caucus through the particulars.
Here are just a couple of them here.
Unpaid leave. Unemployment insurance. Also food security, expanded benefits for SNAP and WIC. Free testing for coronavirus. That includes everyone across the board, including undocumented persons.
Now, the cost of this, we don't really know. The House majority leader, Steny Hoyer, indicated today that it would be billions. But he said, if the House of Representatives doesn't act now, the cost later would be higher.
Now, we don't expect the Senate to take this up right away. The Senate is supposed to leave tomorrow. It's unclear what the disposition will be by the United States Senate.
One thing that we know that won't be in this bill is what the president was pushing for, is the payroll tax holiday. That would cost about $1.25 trillion, adding that to the debt -- Charles, back to you.
PAYNE: Chad, thank you very much.
Folks, I will be back on tomorrow at 2:00 p.m. Eastern on the FOX Business Channel, "Making Money."
It's going to be a very critical show, as the Dow closed in bear market territory. We're going to be watching all these wild swings on Wall Street for you.
Now "THE FIVE" starts next.
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