tv The Evening Edit FOX Business March 20, 2020 6:00pm-7:00pm EDT
it's all virtual, you could have them drive along with the experts. we got to leave it at that. god bless you, enjoy the streets of new york. thank you very much. thank you all very much. once again, we do appreciate that you place your trust in us. it means a lot to us. good luck to you, god bless and stay safe. we'll see you next time. ♪ elizabeth: the evening edit starts right now. another highly volatile day, closes out the worst week on "wall street" since 2008. we are now back december 2016 levels, the hockey stick action happened right when new york state order nonessential workers to stay home. right before the close, illinois was moving to do the same. this after california did so yesterday. tonight, i'll sparkle, chief economist mark with his insight on what will turn this around. central banks and governments around the work world, economic aid into the market.
foreign policy expert, martha mcsally, doug burns, they are all joining us tonight. 3000 national guard troops now deployed in at least 28 states. veteran affairs preparing to deploy 3000 medical personnel throughout the country. plus, this new global arms race, is heating up fast. this one from a the global reach for the cure for the coronavirus. ten countries, nearly 4000 companies around the world on the case and this new debate also underway around the globe. nationalizing government owning biotech companies for national security reasons. several senators under fire for selling stock millions of dollars worth before years of the coronavirus sent the market into a tailspin. what do they know? what did they know it? they have a leg up? do they have entered over the
american investors? do they break the law? we will get to the bottom of that. ♪ okay, thank you for joining us. welcome to the show. you are watching the foxbusiness network. andrew cuomo declaring a statewide shelter at home. excluding any basically nonessential personnel. new york state is now doing more tests than china and south korea. watch this. >> we are testing more than china or south korea. we asked for authority to allow the state to run the tests as opposed to waiting for the federal government. david: . elizabeth: many had illinois say lockdown for nonessential workers. california did that yesterday. let's take a check of what's going to happen in washington monday. this is the guy you want to talk
to. breaking news right and left on capitol hill, what is going on right now? >> the negotiations are continuing behind closed doors as they try to get this third phase of the coronavirus response. mitch mcconnell, the senate majority leader, he wants an agreement between democrats and republicans tonight if they would try to get this form tomorrow. here is mitch mcconnell. >> we need to push immediate relief to america. we need to keep americans employed as much as possible. help job creators literally stay afloat. we need to continue taking action to stand with medical professionals and protect our nations health. >> a possible procedural vote on the phase three coronavirus bill for sunday and if you really try to accelerate the process under
senate rules, it could mean 1:00 a.m. sunday. that needs 60 votes. replicants need democrats on board. the secretary of the treasury, steve mnuchin spoke today by phone with nancy pelosi and senate minority leader chuck schumer. >> we are going to have to flex a muscle, we will have to cooperate in ways we may not be accustomed to. you have to work across the span of this capital to produce momentum's legislation in the span of a few days. we will do it because we must to do it. >> this likely means of monday vote on the bill in the united states senate and man is onto the house of representatives. there's a lot of concern right now about bringing the house back from 430 current members to vote in the house chamber, at least two members have contracted coronavirus, there's a number of others who are quarantined but they are under pressure to get this done. one senior replicants source
said the markets are not going to tolerate an action. this needs to be done by monday. i said what if it drifts past monday? source said by monday. you could hear the tension in the voice. elizabeth: they are not allowed to vote for mahomes, there's no software to do that. they have to be in d.c. to deliver the vote, right? >> absolutely. there's a lot of conversation about that. that's not going to happen under these circumstances but if they could approve the unanimous consent nobody on the floor objects otherwise they have to come back. i'm told that to come back. elizabeth: great to see you. let's bring in my next guest, respected guy on "wall street", he is wells fargo's possible top economist. what will it take to stop the market plunge? >> we got to get some clarity. the market, a lack of
information, nobody knows how this is going to play out. just getting worse because we are ramping up the testing as the number of confirmed cases is going up and the number of serious cases is going up. the markets not going to go into the weekend with any outcome at all. it doesn't surprise me we sold off today but i would like to see some action on that side. it would help ensure that it would have something positive at the end of the spring would help mitigate the downside risk of the economy. elizabeth: the market settle down under three conditions, when the cases peak and plateau. we know the cases are peaking and plateauing in china, south korea and japan. that took about two or three months. as i feel like we are going to be in the weeds for a couple of months and then we are out of it? we have financial list coming
into the market. they are now backstopping the market. doing major dollar swap with banks around the world for liquidity. when this is over, we don't know. what are they feeling when it's over? >> the base case we are going to have, a pretty sizable drop in gdp in the second quarter, numbers have been like 14, 15, 20, all over the board. we also have a sharp recovery in the third quarter and fourth quarter. i don't know that we can be that precise. i just know we are going to have a big drop because had the economy out of sudden stop. we were going great. it just stopped on a dime. it never really seen that before. i really think we are going to have a big drop, i don't know what we are going to see. we'll see the evidence next week on thursday. the number could be as high as 2 million or even higher for that.
elizabeth: two and a quarter million and 24% contraction in second-quarter. again, i think we could be in the weeds here as governor cuomo said, another 45 days or so. it's going to be a slippery rocky] are you optimistic about the country, we've got to get out of it. whatever way we get out, we've got to get out of it. >> i'm hopeful as the weather warms up, we'll see that this virus behaves likes cold and flu's, it will lose its intensity. elizabeth: sorry to interrupt, chinese researchers are breaking news, studies are coming in, beijing, the researchers say yes, it does respond to warmer weather and humidity, it does go away as it goes up.
your reaction to that. >> i'm hopeful that is correct. you look around the world and see singapore, it's the same temperature year round and it's humid there, they haven't seen that much growth in the number of cases so there cases have largely come from china. i'm hopeful that will happen. we got a little bit of a way to go before the temperatures rise but that would certainly help. right now, folks are looking at europe the epicenter of this right now, you're seeing the cases there are ramping up very quickly and there are horrific numbers. elizabeth: understood. that's going to continue and new york is ramping up the testing. more than south korea. i think he's had japan, too. what is the worst thing the market does not want to see the best thing would likely be, all
of a sudden a blockbuster silver bullet cure. the worst thing they don't want to see and the best thing. go ahead. >> i think the markets are unrealistic on a cure. they are hopeful we will see real progress on therapeutics. i think the worst thing the market could see is a real acceleration in the serious cases and deaths here in the u.s. because so far, we understand the number of confirmed cases is going to go up because of testing but deaths have been very low so if that was to increase, that would be worrisome. the other thing, we need to seek action on the physical side. the markets have stabilized a little bit. the inaction on the physical side, he goes on too long, it could be problematic. elizabeth: interesting. washington, you've got to step up. thank you so much.
really appreciate it. >> good to be with you, which it was on better times. elizabeth: don't worry, you'll be back soon. coming up, we got doctor from the ny school of medicine, a respected voice in the world of health. talk to us about the race around the world for a cure to stop the coronavirus. companies and biotech on day two, biotechnology now a strategic defense industry. lawmakers around the world talking about nationalizing the biotech. that next. ♪
welcome back. news coming in late in the day that senator richard burr, is a powerful republican chair, he says he did ask the senate ethics could he to review his stock sales. potentially as much as $1.7 million in his stock sales. before coronavirus sent the market plunging. three other senators also defending themselves, senator feinstein, sandra burke was among three senators who voted against 2012 legislation that prohibits congressional insider-trading. the refund is on capitol hill with more. >> the news of that copy attention of the president today, the task force conference where he commented on the news that several senators sold
stocks before coronavirus crashed the market. >> i would have to look at it, possibly but i find him to be honorable people. >> defending his decision to dump investment and pushing back on criticism that he used classified information that he had access to as chairman of the committee to guide his personal investment decisions. think this, i relied solely on public news report to guide my decision regarding the sale of them on february 13 from understanding the assumption that he could make in hindsight, i spoke to spring for the chairman of the senate and asked him to open a complete review of the matter. senator feinstein said she did not sell her shares, her husband did, under senate rules, i report my husband's financial transactions. i have no input in heat his decision. senators say their advisors made the change to their portfolio. >> first of all, i didn't get
the briefings. i was not at the meeting. second, we are advocating the chairman and the committee -- >> that's false and could not be true. if you look at the transaction report filed, it notices at the bottom that them only informed of my transactions after they occur several weeks. >> we've heard from the senators reacting to this news, one senator lindsey graham think the scrutiny behind all of this is proof the system is working. elizabeth: thank you. we are going to dig into this more later in the show, great report that. let's get back to this global arms race for the cure to covid-19. it's happening around the world, ten countries, biotech's, universities and military scientists here in the u.s., also china and asia and france and europe, they are all racing
for the cure. let's welcome my next guest, ny school of medicine, your reaction to this. it's almost like biotech is a strategic national defense industry worldwide. great to see you. >> good to see you, too. i would say a couple things, i'm hopeful because there's so much investment in this area and it seems to be working together. there are two questions that need to be answered, first, the treatment killed the virus? second, will they save lives? which is more of a practical real-world scenario. the people who get it, recover somehow, either on their own or with help, we are focused on the people most at risk. those people die typically because either they are part is failing and being able to pump oxygenated blood to the brain or lungs are unable to put oxygen into the blood or other bacteria
and fungus infections attacking a person while fighting the virus. elizabeth: we are seeing an 80% recovery rate, 20%, something like 15% nickel and 5% severe. we are seeing in south korea, 0.45% fatality rate. israeli scientists saying 0.3% fatality rate with israel. they are showing more than 30 drug treatments and vaccines now underway. your take on hydroxychloroquine, those being tested. patients who may not work, also your take on rent does the fear and corcoran, if you could tackle that -- the last one to go to the first thing i'm
saying, the drugs work in the labs in early report, people who might be happier. if you combine it with an antibiotic, then it might be helping save lives because those people were at risk for other infections at the same time. we have to look at these different treatment and combine it with drugs that help the heart and lungs and that may save lives. an antiviral used to treat ebola and they are looking at that now. hiv drugs, and other want to see if they can help. we are also looking at some of these drugs that are more like antibiotics to help fight the virus and see if they can target those. i think we have to look at the combination of those drugs plus other treatments people are using at the same time to see if it will actually save lives and
those most vulnerable. elizabeth: terrific. thank you for joining us. come back soon. just ahead, we will take you to california 40 million people ordered to shelter in their homes. this is the biggest lockdown in the country. when i arrived the same today and also new york state. california's governor, he says california not be sending law enforcement after violators with the mayor of los angeles says expected enforcement on the street. we will bring in publican party chair, he's out there and on the scene. he will tell us what's going on. next. ♪
liz: let's bring on the phone, tom, it is great to see her. thank you for joining us. >> the original quarantine area in san francisco. liz: let's take a listen to what you're governor of california, gavin newsom said. watch this. >> based upon our models and our trendlines, based upon new information that came in as it relates to those models, we felt it was appropriate to raise the ante and do what we can to bend the curve. liz: here's the issue, tell me
if i'm wrong, the massive homeless population, we have to help the poor. 150,0004 people out there. is that the number? >> the truly homeless range from about 5000 in san francisco to three or four times the amount in l.a. and other places. for three years now, there's been warnings about very serious diseases among that population and very little has been done. even the plague has been found in parts of l.a. typhus, tuberculosis and san diego, there's a disease that is not on anybody's mind but they haven't done much, they've been warned by of course, california isn't proactive, is spend money on social programs but not safety. liz: this is a really dire situation up there. california's governor, i want to move on to this.
gavin newsom said the order would not be enforced by police but he expects social pressure but then the mayor of los angeles told cnn he pledges to tie officials to roam the streets and divorce the lockdo lockdown. your reaction to that. >> this isn't enough police, at any moment, there's 40 million people in california, there's no way they can do that. i would -- they are going to rely on storefront shaming and likes but on the other hand, i get to go to the bank in the grocery store, there's crowds in the grocery stores, it's pretty uneven but these are difficult times. it's whether newsom has the authority under the constitution to do this but we are going to have to see, this will last five, six, seven weeks and i don't know how california can constrain that because state
governments, they can't lose the tax revenue. liz: the hospital systems, they are in desperate need for medical supplies. so here's the thing, we know that the essential operations will be going, gas stations and pharmacies and grocery stores, workers and the defense industry and nuclear reactor and government workers, when the mayor of los angeles said he's going to get law enforcement to keep people inside, are they talking about deputizing? >> i don't know. i think garcetti speaks out of these times, gavin newsom rolls back his statements regarding 56% of californians getting the disease. by the way, isn't just essential people. those workers are still working, wasting that money.
this is very uneven, what's happening in california. both garcetti and gavin newsom have been reactive and not proactive for years. liz: stay safe, my friend. i want you back on soon. next, as we reported earlier, new york, illinois following california's lead, shelter in place orders. new york and illinois, when that word came out, the hockey stick action on the downside on the markets was pretty severe. also, u.s. and mexico closing the southern border, canada and u.s. restricting the northern borders even more. we've got state department officials and all that and on the new age of wait for it -- cell phone surveillance taking hold around the world. will americans put up with that? that story is next. ♪
liz: welcome back. first california cracking down, then new york, then illinois today. those last two state hit the markets today. shelter in place order for non- essential workers. watch this. watch maribel de blasio of new york city implying if he were in charge, the military would be in the big apple in new york city and new york minute. watch the maker mayor taking a shot at president trump. >> the military, i know that quality and the devotion of the united states military, if they got the order this hour to immobilize and get resources to the places in this country that are suffering, they would give
it their all, they know how to do it in work, i assure you they could do it in our own country but the order has not been given by the commander-in-chief because he's not acting like commander-in-chief, he doesn't know how. should get out of the way and let the military do it job. liz: state department official, it's great to see her. what did you think of what the mayor said? >> given the global crisis that we are facing, it seems a bit unhinged to me. i don't know what exactly he was proposing. i didn't take it very seriously, i listened closely instead to what the governors of two of our most popular state had decided to do. california and new york. they spoke in measured and responsible terms in a way they were coming, especially the governor of california. my former state and i was reassured by their decision to follow what local communities,
within their states have already been doing. for example, in california, both los angeles county and the bay area, various versions of stay at home or stay in place measures had been undertaken. moving from the bottom up from the local level to the state level and they are really following what they are finding in their community. liz: here's the issue, by the way, israel is projecting 0.3% fatality rate, south korea 0.4 0.45%. china, we are seeing dramatically lower mortality rates than what was initially reported, 3.4%. all of the data coming out, it's upsetting and panicking people. we are seeing more measured realities but if it takes a virus to lead to government control, i'm not sure americans would put up with that.
cell phone surveillance, cyber tracking, monitoring covid-19 patients. singapore, they are sending the police to your door if you go outside. israel, israelis are getting text messages from the government saying you are near a covid-19 patient, you may have it, go home mark we are warning people around you, to that you may have it. that's pretty dramatic. >> it is. within the family of nations and the democratic club, they are different social and cultural norms around political freedom and representation. in one of our states, live free or die. americans will do this our own way. we are seeing that happen. as a continuum from a severe walked arm to asking people to stay in place. we are asking people to stay in place.
but the innovators, thick technologists, medical experts, the government officials can work together in a rapid innovation and try to prioritize activities that would help us get through this process. liz: we have news. sit tight for a second. a member of the vice president's office tested positive for covid-19. no indication, right now they had direct contact with the vice president or president trump. that's coming into our studios right now. a member of the vice president's office tested positive for covid-19. your reaction to that breaking news. >> it's not particularly surprising because people around the white house have tested positive in the past few weeks. remember, we are the economic and political agents of the world both in leadership in the u.s. engaging with so many stakeholders right now.
it's likely that something like this will happen but i do think it's getting better under control because of the decisions we are taking this week. liz: great insights. also on governments around the world, now you think surveillance and things like smart phones usually used for criminals. great to see you. next up, questions mounting, should america, should our government leaders stop calling out china? when officials here say we do need medical products. this is the u.s. media, people at msnbc and elsewhere becoming more and more skeptical of chi china, we will put all of this to republik in arizona senator, mcsally joins us next. ♪ give me your hand! i can save you... lots of money with liberty mutual!
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president staff, in his office has tested positive for covid-19 either the president nor the vice president had close contact with this president your reaction to this breaking news. >> it's not surprising. this is a highly contagious virus and mission essential personnel have needed can to new to serve american so we need more information in the contract tracing is important to make sure we've got to have key government officials able to continue to work while they are practicing. the next practices of the cdc, i'm doing that with my team as well. liz: what turned to china, it's a tough debate. they are saying that media has been too complacent about what china has been doing. he's now criticizing china or should people be dialing back
and saying hey, we need china's help with medical supplies. what you think? >> it's about time. the mainstream media up on this. as in the military 26 years, have never trusted communist as a general rule. this originated in china. we needed from china three things. first, being honest which clearly they were not. even as the doctors were blowing the whistle on this, obviously they closed them down and now at least one of them isn't that. they needed to be accessible, allowing scientists and doctors and others to get in, they are not. they are still not. as of this week, they are keeping out more journalists and they need to be accountable for what they are doing. the propaganda they have right now, if they are coming to the rescue of europe and others and people are dying all over the world from this virus that came in china, it's like an arsonist
lighting a fire and coming to help put out, wanting to be a hero. there's a lot of propaganda but the mainstream media should not be repeating. we have a trillion dollar debt with china, they should forgive it. liz: it's interesting what you said. the "issue is" with the regime, not the people of china. the people of china are brilliant and creative, we need them. it's the brutality of the regime, what they are doing with their torture of detainees and prison camps. >> and hong kong as well. human rights abuses are severe and long-standing. the communists regime in china, they are not our friend. they have been replacing us as a world leader. we need to not let that happen but we need to be clear about their activities today. liz: china applied for gilead for covid-19, in and around
january, two days before it hit the rest of the world, doesn't raise a few eyebrows if china moves on the patent to treat a global pandemic that started in their own country? >> again, it's not surprising. had they alerted us last year end the world and allowed the scientists to comment and contain it in a better way, we would have saved so many fourth lives. now we are seeing that's happening all over the world and america. it's not surprising that they would take advantage of that as they look out for their own interests and not everybody else. liz: of the other thing we are digging into, cdc research and other scientific research, after the sars outbreak in 2003 and 2004, now we are finding that laboratory research somehow out in beijing and laboratories, that sars covered research escaped laboratories and inspected people, five people died. we have problems here with our
research laboratories as well, are you comfortable with biote biotech, biological level research going on with these kinds of viruses that people are being protected and safeguarded? >> i'm not familiar with that report from china but i know in america, we have high standards and we hold our people accountable to the standards to make sure research can happen and that mistakes don't happen there. that's part of what we do and we are americans so we know how to do this the best but i wouldn't trust the chinese, what they say or do. liz: the journal, they talked about the way they activate the virus, which would mean you can research it at reduced safety levels, we look at the other scientific article i said listen from viruses from laboratories are going to come out. at out of the clinical
microbiology review. you've got to live with that, you may or may not have outbreaks. that's not good. >> i haven't seen those reports but i can say that we need to make sure as we deal with the current crisis, that we quickly get all of the best minds together to find a treatment and also the vaccine for this but then the next one may come. what are we going to do to learn from this to ensure we are prepared for the next virus or other mutation that happens to protect the vulnerable and utterly? important research does need to happen, it needs to be safe while it happens and we cannot be in a place where we are shutting down our economy in a drastic way that we are from time to time because of a virus like this. it would be helpful to know what patient zero is, what actually happened in china. so we can save lives now we've got a whole lot of debriefing going forward to include bringing pharmaceutical and other manufacturing so we are
not relying on china. liz: you serve our country, thank you so much. come back soon. liz: we are going to stay on this story, fears over the coronavirus sent the markets into a tailspin. what did they know and did they break the law? we are bringing in one of our favorite guests, doug burns on that and much, much more. stay there. ♪ ..
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liz: back to the story of the four senators who were selling stock before the coronavirus fears sent the markets into a tailspin. selling millions of dollars worth of stock before the virus fears. richard bur burr is the chair of the senate intelligence committee. listen to this audio of senator burr. he made these lee marks to north carolina organizations at a luncheon february 27.
>> one thing i can tell you about this. it's much more aggressive in its transmission than anything we have seen in recent history. liz: he was writing an op-ed with another senator, a positive op-ed. the on thered accusation is the senators got inside information from closed door classified briefing. let's bring in former federal prosecutor, doug burns. it's unclear what inside information they had. >> that's a good way to set it up. let's lay out the law. in order to have liability for insider trading a person has to act on material non-public information that's not available to the average investor.
that's step one. the first line of defense is wait a minute, that information was out in the public domain. that has to be looked at and investigated closely. i know you covered insider trading cases. was it public or private information not available to the public. once you get past step one, you go to step two. did the person trade, answer no, none of them did were or cause someone else to trade by tipping it. so here again i don't prejudge it in one direction or the other. there may be liability for insidered trading. but you will have to show it was not available to the average investor and they caused someone to trade on that information. liz: the lunch with the north
carolina businesses, that really is not an excuse the senator can use. i know he was saying it was public that other people could come to listen to it. the issue is closed door classified briefings. even if it's in a blind trust. we know senator feinstein is talking about that, you could still he the stock holdings in there. what's the cure. no stock investments? >> you are making a very interesting point. when you look at the blind trust issue you put your assets into a blind trust. but then you know what a lot of those holdings are which is the exact point you just made. but back to this, it's not -- i want to highlight for the viewers. it's not so much that lunch behind closed doors, it's whether that information from that lunch was already in media
articles for consumption by the public. he could say behind closed doors they had told me fact a and b but here is an article from the "wall street journal" that laid out fact a and b. i thought they were too quick on the trigger. i'm not involved in this. is is my husband, said senator feinstein. i don't talk to my advisors. on that point, if there are emails, phone calls or texts between the senators and their financial advisors -- liz: or their spouses. >> that sets up the inference on the timeline. so many insider trading cases. the phone call at 10:59 and the trade at 11:00. liz: kelly loeffler says this is
a ridiculous attack. i don't make investment decisions for my portfolio, the decisions are made by third parties. i'm not so sure that people would say that's credible. she was saying she was not made aware of the sales until later. that's not the issue. the issue is what information did they have to act on the sale. that's difficult to prove. the cd -- the sec has a difficult time with those cases. >> they should do an investigation, look at timelines, messages and emails. liz: thank you for having us in
your home tonight. lou dobbs is next on the fox business network. have a good evening. [♪] [♪] lou david: good evening, i'm david asman in for lou dobbs. louis in self-consider lou is in self-quarantine. one of his team members tested positive. out of an abundance of caution, he and his team are taking the necessary precautions. president trump is leading the charge in the nation's fight against the covid-19 virus. his message is one of american unity, one of american optim