This is a rush transcript from "Your World with Neil Cavuto," March 10, 2020. This copy may not be in its final form and may be updated.
CHARLES PAYNE, FOX NEWS ANCHOR: Folks, stocks are surging.
You're looking at the Dow Jones industrial average closing above 1,100, even as the coronavirus fears continue to flare up and President Trump trying to calm things down.
Welcome, everyone. I'm Charles Payne, in for Neil Cavuto. And this is "Your World."
President Trump meeting with the Republicans on Capitol Hill this afternoon and trying to hammer out a stimulus plan to keep the economy from slumping.
Senator John Kennedy wasn't convinced those tax cuts were needed going into that meeting. How does he feel now? We will ask him.
We will also talk to Congressman Doug Collins. He's one of six lawmakers self-quarantined after coming in contact with the coronavirus. He also came in contact with the president.
That interview is just moments away.
First, FOX team coverage with Jackie DeAngelis on the stock market staging a remarkable comeback, and John Roberts at the White House, where the battle against the virus is taking center stage.
We began with Jackie.
JACKIE DEANGELIS, FOX BUSINESS CORRESPONDENT: Good afternoon to you, Charles.
Well, it was another roller-coaster day, but at least on the right side of the ride, right? Stocks finishing up more than 1,000 points higher, passing through those session highs, but not without bouncing around.
This was all after a 2,000-point drop yesterday, that continued fear about the coronavirus, and a huge plunge in oil prices.
So let's look at the play-by-play here. The open was strong. Then we had some uncertainty creeping in, the Dow turning negative actually, but a midday rebound after Vice President Mike Pence said the biggest health insurers would cover coronavirus testing.
Strong rally here into the close as well. Much of today's optimism, it was on stimulus hopes from Washington to help combat the economic fallout from the virus, things like a payroll tax cut, paid sick leave for hourly workers, help for small business owners, and even maybe a targeted approach for hard-hit industries like cruise lines and airlines, so watching for that.
Then, of course, there's oil. So after that massive 25 percent plunge yesterday, it bounced back by more than 8 percent today, but lingering under $35 a barrel. So there's a question mark there. And gold giving back more than $20 of its recent gains. That's a little unwind of what we call the safety trade on Wall Street.
Finally, the yield on the 10-year U.S. Treasury note recovering slightly. It's a sign of a little pause, a gasp of air, if you will.
Now, for stocks today, technology, financials, consumer discretionary stocks, they all led the rally today. Half of the Dow's move higher came from Apple, Home Depot, McDonald's, Microsoft, all companies with very significant exposure to China.
But, Charles, the uncertainty remains. That is the problem on Wall Street right now. And we're going to have to continue to watch this.
PAYNE: We certainly. What a remarkable day, though.
Jackie, thank you very much.
President Trump pushing for tax cuts as part of his coronavirus response. But even some Republicans are pushing back.
And to John Roberts at the White House with more on that -- John.
JOHN ROBERTS, FOX NEWS CHIEF WHITE HOUSE CORRESPONDENT: Good afternoon to you, Charles.
The president up there on the Hill for the Senate GOP policy lunch today, a chance to rub shoulders with some of his Republican colleagues in the Senate, pitch around a few ideas. He also took the treasury secretary, Steven Mnuchin, and his chief economic adviser, Larry Kudlow, up to the Hill with him today.
Here's what the president said when he emerged from the meeting.
(BEGIN VIDEO CLIP)
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: So we just had a great meeting, tremendous unity in the Republican Party. And we're working on a lot of different things.
We have also had some very good updates on the virus. That's working out very smoothly, tremendous people. It's a tremendous task force.
(END VIDEO CLIP)
ROBERTS: So let's put up on the screen for you some of the ideas that the president was talking about.
We have got this confirmed from several sources. He talked about a possible full exclusion of the payroll tax cut. That would be for employees and employers, basically taking the 12.4 percent payroll, or FICA withholding, is it's called, down to zero.
The president also, I'm told, likes the idea of making that permanent. You say, well, wait a second. Where do you get the money from to replace that? Apparently, there's some idea there's some idea that they could backfill it from general revenues.
The president also talked about expanding paid leave, loans to small businesses and tax relief for industries hit hard, including potentially some relief for the shale oil and gas industry.
No real plans for senators to sign off on, though, at this point, just a series of ideas. Here's what the treasury secretary said about it:
(BEGIN VIDEO CLIP)
STEVEN MNUCHIN, U.S. TREASURY SECRETARY: I wouldn't say it's negotiations. We're having discussions about various different policies.
The president and vice president just had a very good lunch with the Republicans. We spoke to them about our ideas. So I think there's a lot of interest on a bipartisan basis to get something done quickly.
(END VIDEO CLIP)
ROBERTS: Some lawmakers, though, Charles, are worried that this is too big a bullet too soon, that maybe what we need is targeted relief for areas like the airline industry, as we did after 9/11, the cruise ship industry, shale oil producers, protection for people who have to stay home from their jobs because of self-isolation, self-quarantine, but that putting it out there were a 12.4 percent cut, eliminating the entire payroll tax contribution, that's a little too big a little and a little too soon to do that.
Hold that in reserve maybe, Charles, but not get out there in front of it - - Charles.
PAYNE: All right, John, we will see. It's going to be a battle. Thank you very much.
We got some breaking news, folks.
Want to go live now to New Rochelle New York Mayor Noam Bramson holding a press conference, this after Governor Cuomo announced forcing a containment area in his town to combat the coronavirus outbreak.
(JOINED IN PROGRESS)
NOAM BRAMSON (D), MAYOR OF NEW ROCHELLE, NEW YORK: ... school closings.
The Guard will not have a military or policing function. As I indicated, they will be here to assist with logistics. The city itself has activated its emergency operations center, so that we are ready to coordinate with the Guard and with other state authorities, to whatever degree they recommend and whatever degree would be constructive.
Hand sanitizer. As you know, the state has created its own brand of hand sanitizer, and a significant shipment of that sanitizer has been brought to New Rochelle. The city is now coordinating with the state in order to deliver that sanitizer to large institutions in New Rochelle, principally those, but not exclusively those, that serve senior citizens.
However, the sanitizer is not as yet available to the general public. If and when that changes, we will certainly make an effort to get the word out.
As you know, several days ago, it was announced that nursing homes and assisted living facilities within New Rochelle would no longer be able to accept visitors. We recognize this is a hardship for many people in our community.
In fact, it affects my own family. My mother is presently at one of the nursing rehabilitation facilities in New Rochelle. My brothers and I are not able to visit her. It's painful for us, painful for her. But we all recognize it is in the service of critical public health goals.
We know that seniors, those with compromised immune systems, compromised respiratory systems are at the greatest risk as a result of this virus. We want to do everything possible to make sure that the virus doesn't spread to these vulnerable populations.
Our senior center, the Hugh Doyle Senior Center, will be closed until further notice for the same reason. However, we will be delivering cold meals to vulnerable seniors beginning on Thursday. That is one example of the fashion in which the city hopes to think comprehensively about how we can assist neighbors in need.
Very important to reiterate the same reminder that we hear from the governor every single day. The vast majority of those who contract coronavirus will recover without difficulty and will recover without hospitalization.
It is a relatively small fraction of individuals, again, principally seniors and those with compromised health, who will face more difficult challenges. It is important to always to keep that in perspective.
I would like to take this opportunity to express my thanks and the thanks of all people in New Rochelle for the exceptional leadership that has been provided by Governor Cuomo, by County Executive Latimer, and by their respective public health officials.
We have been collaborating with them consistently since the beginning of this process. And we feel as though their attention and focus not only on the hot spot here in New Rochelle, but on the larger countywide and statewide challenges, has been exceptional.
I also want to express special thanks to the Young Israel of New Rochelle congregation. As many of you know, although this affects everyone in New Rochelle, the heaviest burdens have fallen upon the members of Young Israel.
And they have...
PAYNE: That is the mayor of New Rochelle, New York.
Earlier today, the governor of New York declared a special zone there, a buffer zone, if you will. And now the mayor clarifying some of the particulars to that zone.
We're going to continue to monitor this presser.
But, for now, I want to bring in Democratic strategist Michael Starr Hopkins, Axios reporter Alayna Treene, and market watcher Larry Glazer.
Let me start with you, Michael, because I got to tell you, despite all the initial political bickering and some of the finger-pointing that's still going on, I think it's these kind of efforts that the American public needs to see, wants to see. And I'm glad that it's starting to happen.
MICHAEL STARR HOPKINS, DEMOCRATIC STRATEGIST: Yes, I mean, we need to see our leaders take this seriously.
I think one of the big issues and one of the big worries we're seeing in the market is that not enough people are getting tested. There's a message coming from the White House that is very different from what we're hearing from the CDC.
And so the administration needs to speak with one voice. I think that will alleviate a lot of the concern and kind of settle down the markets.
PAYNE: Alayna, it's interesting.
Everyone is an epidemiologist, and now everyone's an expert on the stock market as well, especially people who didn't even notice that it went up so much over the last three years.
ALAYNA TREENE, AXIOS: Right.
PAYNE: But the point is, though, yesterday, Gavin Newsom gave President Trump and Vice President Pence a shout-out.
I think folks watching this show are saying, hey, for a moment, let's put away all the political stuff. Let's get to these kind of hard decisions that are being made, because some places are debating closing schools. Some places are saying, you have got hot spots.
Look at Italy, the entire country now ring post to try and curb this thing. And I think this is what the country needs to see.
TREENE: No, exactly, Charles.
And I think one of the biggest thing in my conversations with people at the White House and with -- across the Trump administration really is, a big part of this is messaging. And people on both sides of the aisle say that the administration has actually done a fairly good job of messaging here, because a big thing is trying to stem any fears of panic or going overboard with the effects of the virus.
But, again, we have seen this in the markets. The markets, well, they're up. They have been doing a little bit better today, but they have been tanking on news of the virus and have been the biggest threat to the economy since the 2008 financial crisis.
So we saw the president and some of his top White House officials with him today on the Hill, trying to provide some sort of economic relief package and working with members of both sides of the aisle, again, to combat this.
TREENE: But it's a very serious time right now. Everyone is fully focused on this. This is ruling all coverage.
I was on the Hill today, and I joked to some of the other reporters that it felt like the same response that we had during impeachment with crowds of reporters trying to get answers.
PAYNE: Right. Right. Exactly.
TREENE: So, we will see.
PAYNE: And let me bring in Larry, because he does watch markets for a living.
Pretty impressive that we started off today big, gave it all back, a great excuse for anyone who wanted to sell. And buyers did show up, in part after President Trump came out and said, be calm and then, later, when Steven Mnuchin said that he and Nancy Pelosi had a pretty good meeting.
LARRY GLAZER, MAYFLOWER ADVISORS: Charles, the markets are looking for some good news. They're looking for these pro-growth policies to continue.
And I think we talk to small business owners all day long, and certainly they have become concerned. They're concerned about their health, their safety. They're concerned about the economy. They're concerned about the election. They're concerned about tax policy.
And tax policy is something we're talking about today. And we know that most of the small businesses, most of Main Street, the last thing they want to see are higher taxes. That doesn't mean that lower taxes are going to solve all of our problems and they're going to deliver us the economic prosperity alone.
They may not be the solution. But we want to see those combined with pro- growth policies. And I think everyone's concerned about how this is going to play out.
What's going to be the impact on the deficit when this is all said and done, Charles? But I think, for now, we will relish on a positive note as the markets close today. And we're hoping this can be a start of some confidence coming back to the market.
Uncertainty that you see on Wall Street shows up on Main Street. We got to stem that and keep people confident, because we live in a consumer-driven economy. And that's what's driven this economy so far, and that's what's going to drive it into the future.
PAYNE: Right. You're absolutely right.
Folks, we had a presser. We had scheduled more time for you, but appreciate everyone's comments. Thank you very much.
Meanwhile, New York Governor Andrew Cuomo deploying the National Guard and establishing a one-mile-wide containment zone in New Rochelle, New York, this to help contain the spread of the coronavirus.
And six lawmakers self-quarantine themselves amid the outbreak. We're going to talk to one who met with President Trump just last week. But President Trump today didn't seem too worried about getting sick himself.
(BEGIN VIDEO CLIP)
QUESTION: Why have you not been tested yourself?
TRUMP: Well, I don't think it's a big deal. I would do it. I don't feel that -- any reason. I feel extremely good.
(END VIDEO CLIP)
PAYNE: Six lawmakers are under self-quarantine after interfacing with people who later tested positive for the coronavirus.
One of those lawmakers, Georgia Republican Doug Collins, joins me on the phone now.
Representative Collins, thanks a lot for joining us.
REP. DOUG COLLINS (R-GA): Hey, Charles. Always good to be with you. How are you?
PAYNE: I'm good. How are you? How are you feeling?
COLLINS: Well, I'm feeling great.
And I think that's the point that I want to make, that I'm asymptomatic. I don't have any of the symptoms. And when we were notified yesterday about 1:15 that we had been in contact with someone, we wanted to follow the protocols and make sure, just as an abundance of caution, show that the protocols are working.
I think you just had a previous guest that said the administration is not speaking with one voice. There couldn't be anything further from the truth.
And I think what we got to do is, people who needs testing are the people who are sick. And they're -- anybody who is sick and showing symptoms are being able to be tested, and then we're taking appropriate measures from there.
So, we wanted to make sure that we were doing what we needed to do. We're feeling good. Looking forward to Thursday, so that I can get back on Friday and get out into -- and get back out to doing what we need to do outside the home.
PAYNE: When and how did you find out? And how long afterwards was it that you actually had come in contact and even shaking hands with President Trump?
COLLINS: Well, we found out yesterday about 1:15.
So, it was really -- it had been a while. We actually were -- come in contact with this individual on Thursday at CPAC. And we had done a lot of interviews that day and a lot of folks who came up over, probably over 200 and something pictures and everybody and greeting folks.
And it appears that we -- the individual who has tested positive, we had a photo with that person, probably was not with him more than -- less than a minute. We were doing a lot of photos at that time.
And we just wanted to make sure, though, that we took a precaution, because we are out in public. People are -- there's a lot of folks who are concerned about what's going on. And we just want to say, look, when you follow the protocols that people give you if you come in contact with someone who has tested positive, that things will be OK.
And it's also proof that just coming in contact with someone doesn't mean you automatically get the virus. And that's what we're working on right -- and that's one message we wanted to get out.
PAYNE: Six lawmakers on self-quarantine.
A lot of talk, chatter today in Washington, D.C., on the next move. Early, the markets were up 5 percent and gave it all away, in fact, started to go down.
And I attribute some of that, sir, to noise out of D.C. The American people are watching very closely. Can the two parties come together and put some sort of fiscal package together that will assuage Main Street, help Main Street, and also help perhaps these markets?
COLLINS: Well, I think that's something that they're definitely looking at right now and figuring out how to do it, and not just simply opening up a checkbook to say, let's give away funds.
I think Washington, D.C., has to continue. The administration has made a clear stance on what -- how we're fighting this virus, how we're doing in helping the states through the package that we passed last week of funding for this.
But there is some concern on Washington, D.C., because in the week in which we're concerned about the spread of the coronavirus, unfortunately, the Democrats are putting a bill on there that would take the president's authority away to help do exactly what the president did, when he curtailed flights from China and other places.
We have got to get better than this. And we have got to not use this as a politicized event, because people who are affected, especially seniors and vulnerable populations, are in a higher risk for long-term causes and death in this.
So, we need to make sure that we're speaking with this, that people know what to do. Wash their hands. Go to the doctor and get tested if they're sick, and not just keep trying to politicize what's going on right now.
PAYNE: Congressman Collins, thanks so much for joining us.
Be safe. And we appreciate your public service announcement. Cannot say those things you just said often enough.
COLLINS: Charles, thanks so much. You take care.
PAYNE: Bernie Sanders just now, folks, canceling a campaign rally in Cleveland, Ohio, tonight. It's over the COVID-19 worries.
And we're going to have a live update from Ohio next.
(COMMERCIAL BREAK) PAYNE: Worries over COVID-19 forcing Bernie Sanders to cancel a rally in Ohio tonight.
Our Peter Doocy is on the trail with the latest -- Peter.
PETER DOOCY, FOX NEWS CORRESPONDENT: Charles, a little while ago, we had heard from Bernie Sanders that he was shaking fewer hands than normal after answering a question about the coronavirus.
And just minutes ago, his campaign told us they are canceling his event here in Cleveland, out of concern for public health. Sanders is now apologizing to the thousands of Ohio residents that they were expecting tonight.
And this is quite a turn, because he was expected to rally here. So was Joe Biden. We have reached out to the Biden campaign. We don't know if this event is going to go on.
As for how people are voting today in the states that are actually voting, Sanders said he was feeling really good at his chances in this first contest since Elizabeth Warren dropped out.
(BEGIN VIDEO CLIP)
SEN. BERNIE SANDERS (I-VT), PRESIDENTIAL CANDIDATE: I am very proud that, today, I think, as we're down to a two-person race, that the people of Michigan understand that there are very substantive differences between Joe Biden and myself.
(END VIDEO CLIP)
DOOCY: Joe Biden also got a lot of attention today for greeting many auto plant workers with smiles and handshakes, but one Fiat Chrysler worker with a four-letter word.
(BEGIN VIDEO CLIP)
JOSEPH BIDEN (D), PRESIDENTIAL CANDIDATE: You're full of (EXPLETIVE DELETED).
I support the Second Amendment.
UNIDENTIFIED MALE: You're working for me, man.
BIDEN: I'm not working for you. Give me a break, man.
Don't be such a horse's (EXPLETIVE DELETED).
(END VIDEO CLIP)
DOOCY: That man claimed that he heard Biden say something about his record on guns and the Second Amendment in a viral video.
But it did lay bare that voters in early states today are not just picking primary candidates based on personality. There are real policy concerns in a lot of places as well -- Charles.
PAYNE: Thank you very much.
Another colorful encounter.
Hey, is Joe Biden, though, in a different way maybe getting a little ahead of the game now?
According to a new report, Biden is already discussing potential Cabinet members for his administration.
I want to get the read on all of this from former Democratic vice presidential nominee Joe Lieberman.
Sir, thanks a lot for joining us.
SEN. JOSEPH LIEBERMAN, FORMER U.S. SENATOR: Thank you, Charles.
PAYNE: I think the notion is that we never saw where so many candidates have dropped out of a race and immediately pivoted and endorsed the person that they been -- the slings and arrows have been going to, and that apparently a lot of promises have already been made.
A lot of those Cabinets positions, they have already checked off some boxes. Maybe getting a little ahead of himself here?
LIEBERMAN: Yes, I think so.
When I was in the Senate, I worked on the Government Affairs Committee to try to create a program, which was created, to give nominees to the major parties for president funding after they get nominated to begin to get ready to take office, so they don't have to delay once they get into the Oval Office, whichever wins.
But this is a little early.
PAYNE: This is a little early.
LIEBERMAN: And the story -- I read it in the paper, and it seems like rumor to me.
And in some ways, it may be clever by some people, if it's real, because it appeals to some of the people whose names are mentioned. Frankly, it could scare people away in other ways. Elizabeth Warren is mentioned as a potential secretary of the Treasury. That could have an impact, not a good one, on the stock market.
LIEBERMAN: So I would be careful about who's mentioned.
PAYNE: Let's -- I want to ask you, because, as we listened to the sound bite, the encounter that Joe Biden had with a worker and a union worker.
PAYNE: And he -- of course, he laid out a couple curse words there, adamantly defending his position and saying, this guy was wrong.
This is the Biden maybe that we saw come back on the debate stage. He was feisty. He was loud. He was the one that took on corn pop, right? This is the one that has propelled him back in front.
Is this the double-edged sword that maybe people have to get used to as he starts to really feel like he's got the momentum?
LIEBERMAN: Yes, let me sound like an old-timer for a minute.
I don't like it when people in public office use that kind of language, but -- because it has an effect on everybody else. But that's where we are. It's not Joe.
Lookit, I spent a lot of my life with other politicians. We swear as much as anybody else, but usually in private. And it ought to stay that way. Secondly, Joe is a fighter, but he also, I think, brings a kind of calm to the race and it's part of why he's done so well and so many of the sort of center-left forces within the Democratic Party have so rapidly gathered around him as a kind of consensus candidate.
PAYNE: But you sense that he wants to be that blue-collar...
PAYNE: ... that sort of grassroots, and not the D.C. guy who only curses in a locker room at the senatorial gym. right?
LIEBERMAN: Yes, right.
PAYNE: But the guy that's going to give it to straight, I mean, because he's starting to do these things a little bit more.
And you sense -- I'm not saying it's necessarily planned and deliberate, but he's not trying not to do it.
LIEBERMAN: Yes, it is -- truthfully, it is part of Joe.
I know him for a long, long time. He comes from a working-class family. I have watched him campaign before. He's sort of a regular guy. That's part of his appeal.
LIEBERMAN: But he is a regular guy with a lot of experience.
So I expect some of that the back-and-forth and directness. Maybe he's getting ready or thinking about getting ready for the debates with President Trump, which are going to be definitely of world wrestling caliber.
PAYNE: Absolutely. Look up the term donnybrook.
PAYNE: I got less than 30 seconds.
But I do want to ask about Washington, D.C., coming together and getting some sort of economic stimulus package together. I think Wall Street wanted to send a message early on when it erased 1,000 points on the Dow as the bickering began. Will they get the message?
LIEBERMAN: I hope so.
I couldn't agree with you more, Charles. This is one of those moments where the enemy is not Republicans or Democrats. The enemy is the coronavirus, and how are we going to stop it from hurting people, killing people, God forbid, and hurting our economy?
And the way to do it is for president, Congress, Republicans, Democrats, get together on a common program, which will serve the national interest.
LIEBERMAN: The more they do that, the better the markets will do, and the more people will remain healthy.
PAYNE: Senator Lieberman, it's always a pleasure. Thank you very much.
LIEBERMAN: Thank you, Charles.
PAYNE: Well, President Trump calling for a stimulus to keep the economy going, as the coronavirus fears continue to grow.
Leadership weighing in. To a Republican who has problems with it.
Senator John Kennedy is next.
(COMMERCIAL BREAK) PAYNE: You're looking live at the White House, where President Trump is set to present retired Four-Star Army General Jack Keane the Presidential Medal of Freedom.
We will bring it to you live when it begins.
And we will be back in 60 seconds.
(COMMERCIAL BREAK) PAYNE: President Trump pitching a stimulus package to GOP leaders today to keep the economy stable, as COVID-19 spreads.
But Republican Senator John Kennedy has said he won't get on board with a bailout until he hears more. So, did he hear enough today?
He joins us now.
Senator Kennedy, thanks for joining us.
SEN. JOHN KENNEDY (R-LA): Thank you, Charles.
What, did you give Cavuto the day off?
PAYNE: Every now and then. He's a workhorse, but every now and then, he takes one off, believe it or not.
KENNEDY: He's probably at home counting his money. It will take him all day and half the night.
PAYNE: Yes, well, he's going to need more than a day for that, for sure.
PAYNE: How long is it going to take before we get a stimulus package to help against this coronavirus?
KENNEDY: We will know soon.
We -- but the president came over today and had lunch with us. By us, I mean the Republican senators.
Look, we have got to face our fear here. There's an old saying, if you face your fears, you rob them of their power.
Number one, we're not all going to die, but some of our people are going to get sick. We know that, and at least some of our elderly, some people with chronic illness.
The good news is, if you get sick, we have got the best health care delivery system in the entire universe. And we're working hard on an antiviral agent, a vaccine.
Our economy's also going to take a hit. This economy is fundamentally sound, but we are going to take a short-term hit. The president is working on a short-term stimulus package. He told us about it today at lunch.
He hasn't decided just yet what he's going to do. I'm not going to -- I'm not directing this to the president, but I'm directing it to my colleagues in the Congress. I'm not going to vote for a bailout package just to be voting for a bailout package.
I want the stimulus to be temporary. I want it to be targeted. I want to know how it's going to work. But I'm all ears. I'm willing to listen, because it is true that our economy is going to take a short-term hit.
KENNEDY: I don't think it'll be long-term.
PAYNE: Well, some believe the duration of that hit, whether it's short- term or long-term, could depend on, A, the confidence level of this country, so everyone doesn't hunker down and not go outside, and, B, whether we can offset some of the acute financial pains for some of the poorer folks in this country.
So would you be OK with a payroll tax cut?
KENNEDY: I would certainly consider it seriously.
Of all of the alternatives that I have heard, that's the one at this juncture that I like the most, because it would -- it would help employers immediately, but, more important, it would help employees. It would affect large companies, but also small businesses as well.
And I like it. There are some other measures we're looking at to try to help...
PAYNE: Paid sick leave?
KENNEDY: Go ahead.
PAYNE: Paid sick leave?
KENNEDY: It's something to be considered. I'm not -- I'm not sold on it yet, but I -- my mind is open.
PAYNE: Writing a check to the cruise industry and the airline industry?
KENNEDY: I don't know the answer to that.
Along with the president today at lunch were Secretary Mnuchin. Mr. Larry Kudlow, the vice president. They're going to work on a stimulus package, come back and talk to us with specificity.
And I will listen carefully. But when I made the comment about the bailouts, I meant them. I remember back, when we just started bailing out companies willy-nilly after the meltdown in 2008. And I'm not going to just vote to start bailing out everybody right and left.
I want to see -- I want to see some meat on the bone.
PAYNE: Well, there's no doubt there's going to be a sort of me-too-ism there if -- once certain industries start getting checks. There's no doubt.
And there's also the political aspect of it. And it's an election year. Let's be quite honest.
PAYNE: And there are a lot of people out there saying, hey, we have got a health care system that makes people afraid to take time off, to make people afraid to self-quarantine. They don't have the services or the incomes of someone in Congress.
So, you have to be able to address those fears, assuage those kind of anxieties, and stop the politicization of all of this too.
KENNEDY: Well, you're right.
But let me -- let me say it as emphatically and poignantly as I can. We're going to be OK. We're going to be OK. Some of our people will get sick. We have got great doctors and nurses.
And I think, in a short period of time, we will have a vaccine. Our economy's going to be a little rocky for a while. It's reflected in the stock market. But the fundamentals of this economy, the strongest economy in all of human history, are intact.
We're going to try to do everything we can, within reason, to try to smooth over those economic bumps. But this is taxpayer money we're spending.
KENNEDY: And I want to see the specificity of the plan, not just general platitudes.
PAYNE: Senator Kennedy, always appreciate your straightforwardness and your candor.
Thank you very much.
KENNEDY: Thank you, Charles.
PAYNE: Meanwhile, folks, President Trump just moments away from presenting retired Four-Star General Jack Keane the highest civilian honor, the Presidential Medal of Freedom. And we will be watching.
Also, as passengers from that coronavirus-stricken cruise ship in California are now facing two weeks of quarantine, one couple on board looking to make sure the cruise line faces the consequences.
PAYNE: Passengers aboard the quarantined Grand Princess cruise ship continuing to disembark today.
FOX News' Claudia Cowan is in Oakland with an update on how those evacuations are going -- Claudia.
CLAUDIA COWAN, FOX NEWS CORRESPONDENT: Hi, Charles.
Well, according to the CDC, more than 400 people are already off the Grand Princess cruise ship. Now, they still face a two-week quarantine, but at least to the end is in sight.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: As far as being out here, it hasn't been too much of a hardship for us. It's just been more of an inconvenience, I guess. We're just anxious to get home.
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COWAN: First off the ship were dozens of passengers who needed immediate medical attention. They were loaded onto ambulances and taken to local hospitals.
Interesting to note, the two passengers who are infected with COVID-19 were also taken off the ship. But those 19 crew members who tested positive are staying on board in their cabins because they are not showing symptoms.
A group of 230 Canadian passengers flew home. And several buses of California residents arrived at Travis Air Force base last night. There will be watched closely for the next 14 days, as will passengers who will be quarantined at three other military bases.
This unused shipping terminal now a busy emergency triage site, with people lining up according to colors that they have been assigned. They are all being screened and processed before boarding buses and charter flights to their quarantine destinations.
Buses have been rolling out of the Port of Oakland all morning long. About 2,000 passengers are now waiting for their turn to disembark either today or tomorrow -- Charles.
PAYNE: Claudia, thank you very much.
Now, a Florida couple aboard that ship is now suing Princess Cruise Lines for $1 million, arguing the company put the dangers -- the passengers in danger.
Do they have a case?
Well, let's ask FOX News senior judicial analyst Judge Andrew Napolitano.
The natural inclination is to want to sue.
ANDREW NAPOLITANO, FOX NEWS SENIOR JUDICIAL ANALYST: Of course.
I mean, these people have been delayed in their return. They have been confined against their will. They have been in an environment where the -- where the disease flourished.
So, the question is, can they -- if they can reach a jury, about which more in a moment, can they persuade a jury that the people who run the ship ought to have known about coronavirus, because this cruise started before we even knew the coronavirus -- coronavirus was spreading the way it was?
So it was novel to the people that ran the ship, and they were not prepared for it.
NAPOLITANO: How could they have anticipated what the future would be? That would be the argument of the people that run the ship.
The passengers would say, you made it worse. You had inadequate medical attention, and you should have let us leave.
Interestingly, now, I haven't seen their tickets. But every time I look at one of these things, the ticket or the papers that you sign when you get on the ship, you waive your right to sue.
PAYNE: Right. Right.
NAPOLITANO: You can go to arbitration for negligence. There is an intentional act for which they can sue called false imprisonment, refusing to let them leave.
When I read complaint, inexplicably, false imprisonment is not in there. So I don't know where this is going to go.
PAYNE: Now, one thing we do know, though, with the cruise industry is that they have been plagued, these ships, by rhinoviruses...
PAYNE: ... and other viruses, other food poisoning outbreaks.
PAYNE: I mean, so there should be some contingency plan for something in the family, something along the line of what's going on right now.
NAPOLITANO: So, if the case is not dismissed, if somehow they can overcome the obligation to go to arbitration, to which they agreed long before they ever imagined this would happen, that will come out in discovery.
What kind of preparation did they have? How many physicians were on there? And what was their specialty and what was their training? And were they prepared for respiratory ailments that would affect many dozens of passengers on that ship?
And didn't they realize that, by keeping them confined in that environment, they would get sicker, rather than better? Or is it the fault of the government for not letting them land and disembark? Because the government is -- you're not going to like this, although Varney will -- immune from suing. The government has made itself immune. You can't sue the government for making a discretionary call, like, we're not going to let you come to San Francisco, but you're going to have to go to Oakland, where the dock is unused.
Ironically, I saw an interview with another couple who actually were pretty happy with the way the cruise line responded under these terrible circumstances.
We got a minute left. A lot of a lot of things are being canceled. A lot of programs and events are being canceled. Now, we hear it's out of an abundance of caution. But I wonder if it's really extreme concern for legal issues, particularly on something that may not even be covered by certain insurance policies.
NAPOLITANO: You know, I think people who have assets at risk will err on the side of protecting those assets.
Now, Senator Sanders canceled the rally in Cleveland. He has nothing. He may have some political risk there, but he has no assets at risk as -- if that rarely goes forward.
NAPOLITANO: But certain things, in confined areas, the owner of those areas doesn't want to end up like the people that own that boat.
PAYNE: Judge, always a pleasure. Thanks a lot.
NAPOLITANO: My pleasure, Charles.
PAYNE: Hey, folks, we're looking live at Cleveland now. That's Cleveland, Ohio.
Joe Biden was supposed to have a rally here. And well, of course, now he's canceled the event. His campaign says it's over the COVID-19. They're worried about it.
And we're also still waiting on President Trump presenting retired Four- Star General Jack Keane the highest civilian honor, the Presidential Medal of Freedom.
More right after this.
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GOV. ANDREW CUOMO (D-NY): What we are going to do is focus on an area, concentric circle, around the situs of the majority of the cases in New Rochelle.
We're also going to use the National Guard in the containment area to deliver food to homes, to help with the cleaning of public spaces.
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PAYNE: New York Governor Andrew Cuomo announcing a containment area in New Rochelle, where schools, religious services and other large gathering spaces will be closed for two weeks to prevent the spread of the coronavirus.
The governor is also deploying National Guard troops to assist with the containment.
Is this an effective strategy or just escalating the panic?
Sutter Health internals medicines Dr. Shoshana Ungerleider joins us now to discuss.
Doctor, there's a big divide here on whether or not these sort of actions make things worse. Your thoughts?
DR. SHOSHANA UNGERLEIDER, SUTTER HEALTH: Well, my understanding is that the containment area in New Rochelle is really to shut down areas of large gatherings to contain the spread of virus.
They're not doing this to keep healthy people in their home. They're doing this to help people who are ill and quarantined already to get essential items, like medicines, food, and for the National Guard to clean up public spaces.
So, they're -- what they're trying to do is something to contain the spread of the virus in an area that's been rightfully deemed a hot spot, and we will see if it's enough.
In Italy, of course, yesterday, they closed down the entire country after closing down the Lombardy area, so from 17 million to 60 million. Do you think we could get to a point like that in certain hot spots in this country?
UNGERLEIDER: It's hard to know.
This is a brand-new virus. We're still learning a lot. We are learning a lot from what's happening abroad.
What I think people in the United States we need to know is that this is very serious. We need to take this very seriously right now. Older adults and people who have severe chronic medical conditions, like heart disease, lung, or kidney disease, are really at risk for more serious illness or even death from COVID-19, which is the illness caused by coronavirus.
And so there are precautions that people need to be taking right now in every community.
UNGERLEIDER: So that's staying at home as much as possible, if you are an older adult or have one of those chronic medical conditions.
Make sure you have several weeks of access to medications, to food, supplies in case that you are stuck at home for several weeks. And when you go out in public, keep away from sick people and wash your hands for 20 seconds with soap and water.
PAYNE: We got it.
UNGERLEIDER: And -- yes, and stay up to date.
PAYNE: Doctor, thank you very, very much. We appreciate it.
UNGERLEIDER: Thank you.
PAYNE: And from concerts to parades, just how will all these coronavirus cancellations hit our economy?
(COMMERCIAL BREAK) PAYNE: More hits to the economy from the coronavirus, from concerts and sporting events all being delayed or even canceled, to more bigger gatherings, in fact, being banned in more cities, including some St. Patrick's Day parades.
So what's the potential financial fallout from all this?
Here with some of the answers, Gary Kaltbaum from Kaltbaum Capital Management.
All right, Gary, that's what the market has been trying to figure out since this became -- since this crisis started to blossom.
GARY KALTBAUM, FOX NEWS CONTRIBUTOR: Well, look, nothing good if more cancellations come.
We had a big health care conference here in Orlando; 45,000 people across the world were supposed to come in. President Trump was supposed to speak today, canceled out. That's 45,000 people not taking flights, not taking cars from the airport, by the way, after possibly spending money at the airport, to the hotel, no hotel reservations, no revenues for the conference, no airplane back to home, or take an Uber back to their house also.
So you're talking about a vicious cycle. And then fear tends to add up, and you have so many of these other conferences seeing the other conferences cancel, so they do it too.
And you throw in the wealth effect, and you got some problems right here, and I suspect earnings are going to come down. And that's what you're seeing reflected in the market right now.
PAYNE: I want to ask you about the session today. But I just saw where the Ivy League is going to cancel their men and women's basketball tournament.
PAYNE: When there's something that we all look for, like no one outside of your town knew about this conference, but everyone's waiting for March Madness.
Something like that could have an even psychological impact on the economy, couldn't it?
Look, March Madness is big time. And if they start announcing that we're going to do it, but no fans, I'm not so sure. And you had LeBron something: If they ever do basketball games without fans, I'm not playing.
So, yes, it does really change the psyche of the people, which changes the psyche of the economy, which can have that bad effect.
KALTBAUM: And, again, you add in the markets worldwide down 15 to 20 percent, and it's worrisome.
So keep fingers crossed a cure sooner, rather than later, good, sir.
PAYNE: All right.
Real quick, today's session, just one step in a long one we need to go?
KALTBAUM: I love that we were up at 900, then down, and finished on the high note.
KALTBAUM: It tells me at least the big guys are defending things here, and, hopefully, that continues.
PAYNE: I think it was the ultimate test. Not bad.
Gary, thank you very much.
Again, you can see, folks, Dow up 1,100 points, one of the biggest point gains in history.
"The Five" is next.
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