MSNBC

MSNBC 28 Feb 2020

Coronavirus Fears Cause Stocks To Plunge In Worst Week Since 2008 Crisis

Description:

Former Obama and Clinton Economic Adviser Gene Sperling tells Ali Velshi that the stock market is plummeting due to lack of information and testing as well as consumer fears about coronavirus: "Some of that consumer activity will go away and it will not necessary rebound later and that has markets worried, not about spin, not about politics, but actual economic demand." Aired on 02/28/20.


The heavy human cost of the Coronavirus pandemic is revealed in the latest official figures. They show that in the week ending 10th April death rates were double the level normally expected in England and Wales.

There were 18,500 deaths registered that week, the highest for 20 years. More than 6,000 of those deaths were linked to coronavirus and deaths in care homes quadrupled.

Huw Edwards presents BBC News at Ten reports from Social Affairs Correspondent Alison Holt and Medical Correspondent Fergus Walsh.
After seven weeks of living under a strict coronavirus lockdown, Spain started to return to normal life on Saturday as people were allowed to exercise outdoors.

In Barcelona, people ran, walked or rode bicycles as they rushed to take advantage of their newly restored freedoms, while in Madrid, they celebrated an annual city-wide holiday as cyclists and skateboarders streamed along the streets.

Sky's Michelle Clifford reports.

#coronavirus #COVID19
New York's Mount Sinai Hospital is working with a humanitarian aid organization to set up a field hospital in Central Park. Emergency medicine physician Dr. Brendan Carr joins Morning Joe to discuss. Aired on 3/30/2020.
A mobile clinic caters the residents of Ajyad Almasafi district Tuesday, April 7, in the holy city of Mecca, which authorities have sealed-off, along with other major cities, amid measures to curb the spread of COVID-19.
—————————

… show captions ↓
HEALTH VIEW BUT ALSO DAMAGING FROM ANY SENSE OF CREDIBILITY
FROM ANY SENSE OF CREDIBILITY THAT THE U.S. GOVERNMENT MAY
THAT THE U.S. GOVERNMENT MAY NEED IN THE FUTURE WHEN IT IS
NEED IN THE FUTURE WHEN IT IS APPROPRIATE.
APPROPRIATE. >> YOU’VE BEEN IN OFFICE AT THE
>> YOU’VE BEEN IN OFFICE AT THE WHITE HOUSE WHEN THERE HAVE BEEN
WHITE HOUSE WHEN THERE HAVE BEEN CRISES THAT PEOPLE WORRY ABOUT.
CRISES THAT PEOPLE WORRY ABOUT. AND YOU’VE GOT TO THINK ABOUT
AND YOU’VE GOT TO THINK ABOUT THE MESSAGING AND LISTEN, WHEN
THE MESSAGING AND LISTEN, WHEN PRESIDENT TRUMP WAS IN OFFICE
PRESIDENT TRUMP WAS IN OFFICE AFTER THE RECESSION, I REMEMBER
AFTER THE RECESSION, I REMEMBER BEING CRITICAL AT TIMES OF THE
BEING CRITICAL AT TIMES OF THE ADMINISTRATION THAT WAS OVERLY
ADMINISTRATION THAT WAS OVERLY OPTIMISTIC ABOUT THINGS THAT
OPTIMISTIC ABOUT THINGS THAT THEY SHOULD LESS OPTIMISTIC
THEY SHOULD LESS OPTIMISTIC ABOUT BUT WHAT DO YOU THINK IT
ABOUT BUT WHAT DO YOU THINK IT NEEDS TO BE?
NEEDS TO BE? THE STOCK MARKET THAT DONALD
THE STOCK MARKET THAT DONALD TRUMP CARRIES ON ALL THE TIME?
TRUMP CARRIES ON ALL THE TIME? THE BOTTOM LINE, JUST PUT UP A
THE BOTTOM LINE, JUST PUT UP A CHART OF THE DOW, 1929 OR
CHART OF THE DOW, 1929 OR SOMETHING, IN THE DEPRESSION,
SOMETHING, IN THE DEPRESSION, STOCK MARKET TENDS TO GO UP OVER
STOCK MARKET TENDS TO GO UP OVER TIME AND TENDS TO RECOVER FROM
TIME AND TENDS TO RECOVER FROM THE RECESSION AND FROM 9/11
THE RECESSION AND FROM 9/11 WITHIN A MONTH.
WITHIN A MONTH. WHAT’S THE REAL WORRY HERE?
WHAT’S THE REAL WORRY HERE? IS IT THE LIFESTYLE CHANGE WE’RE
IS IT THE LIFESTYLE CHANGE WE’RE GOING TO HAVE AND SAYING, I’M
GOING TO HAVE AND SAYING, I’M NOT GOING TO THE BALLPARK OR
NOT GOING TO THE BALLPARK OR CASINO OR A TRIP, THEY DON’T
CASINO OR A TRIP, THEY DON’T SPEND MONEY OR STAY HOME, WHAT’S
SPEND MONEY OR STAY HOME, WHAT’S THE THING THAT YOU’RE MOST
THE THING THAT YOU’RE MOST WORRIED ABOUT WHEN IT COMES TO
WORRIED ABOUT WHEN IT COMES TO THE ECONOMY?
THE ECONOMY? >> SO WHAT I WOULD SAY IS
>> SO WHAT I WOULD SAY IS EXACTLY WHAT YOU SAID, WHICH IS
EXACTLY WHAT YOU SAID, WHICH IS THE STOCK MARKET IS NOT BEING
THE STOCK MARKET IS NOT BEING IRRATIONAL.
IRRATIONAL. THEY HAVE VERY LITTLE
THEY HAVE VERY LITTLE INFORMATION BECAUSE WE HAVE SO
INFORMATION BECAUSE WE HAVE SO LITTLE TESTING HERE, AND SO
LITTLE TESTING HERE, AND SO THEY, JUST LIKE ALL OF US, DON’T
THEY, JUST LIKE ALL OF US, DON’T REALLY KNOW WHAT THE IMPACT IS
REALLY KNOW WHAT THE IMPACT IS GOING TO BE ON THE AVERAGE
GOING TO BE ON THE AVERAGE AMERICAN AND THE AVERAGE
AMERICAN AND THE AVERAGE AMERICAN’S LIFE, AND THE THING I
AMERICAN’S LIFE, AND THE THING I WOULD EXPLAIN TO PEOPLE IS THAT
WOULD EXPLAIN TO PEOPLE IS THAT NORMALLY IN A CRISIS LIKE AN
NORMALLY IN A CRISIS LIKE AN EARTHQUAKE, ECONOMISTS THINK,
EARTHQUAKE, ECONOMISTS THINK, YES, GROWTH GOES DOWN ONE
YES, GROWTH GOES DOWN ONE QUARTER, BUT IT REBOUNDS WHEN
QUARTER, BUT IT REBOUNDS WHEN YOU REBUILD.
YOU REBUILD. THAT EVEN HAPPENED IN SARS, WENT
THAT EVEN HAPPENED IN SARS, WENT DOWN IN THE SECOND QUARTER OF
DOWN IN THE SECOND QUARTER OF 2003 AND REBUILDS.
2003 AND REBUILDS. IF YOU CANCEL YOUR SPRING
IF YOU CANCEL YOUR SPRING VACATION, YOU’RE PROBABLY NOT SO
VACATION, YOU’RE PROBABLY NOT SO ANYBODY WITH THE OLD MODE WILL
ANYBODY WITH THE OLD MODE WILL HAVE RECESSION IN THE FIRST
HAVE RECESSION IN THE FIRST QUARTER OR DOWNTURN BUT IT WILL
QUARTER OR DOWNTURN BUT IT WILL COME BACK EASY IN THE SECOND OR
COME BACK EASY IN THE SECOND OR THIRD QUARTER AND SECOND, A LOT
THIRD QUARTER AND SECOND, A LOT OF THAT CONSUMER ACTIVITY, 70%
OF THAT CONSUMER ACTIVITY, 70% OF THAT, GDP IN THE U.S., THE
OF THAT, GDP IN THE U.S., THE THING WE’VE BEEN COUNTING ON AND
THING WE’VE BEEN COUNTING ON AND REBOUND LATER.
REBOUND LATER. >> LET ME ASK YOU THIS.
>> LET ME ASK YOU THIS. NOT TOO MUCH TIME LEFT BUT ABOUT
NOT TOO MUCH TIME LEFT BUT ABOUT THE THINGS THE GOVERNMENT CAN DO
THE THINGS THE GOVERNMENT CAN DO AND WOULD HAVE DONE AND
AND WOULD HAVE DONE AND PRESIDENTS THAT YOU WORKED FOR,
PRESIDENTS THAT YOU WORKED FOR, TAX CUTS?
TAX CUTS? ARE WE TALKING ABOUT THE FED
ARE WE TALKING ABOUT THE FED CUTTING INTEREST RATES?
CUTTING INTEREST RATES? I KNOW THAT’S NOT SOMETHING THE
I KNOW THAT’S NOT SOMETHING THE PRESIDENT WILL TELL THE FED TO
PRESIDENT WILL TELL THE FED TO DO.
DO. THIS PRESIDENT COUNTRYDOESN’T SE
THIS PRESIDENT COUNTRYDOESN’T SE HAVE PROBLEMS WITH THAT.
HAVE PROBLEMS WITH THAT. >> WHETHER YOU GO ON TRAVEL,
>> WHETHER YOU GO ON TRAVEL, IT’S NOT CLEAR, IF FED CUTTING
IT’S NOT CLEAR, IF FED CUTTING RATES, WILL NOT HAVE BIG OF AN
RATES, WILL NOT HAVE BIG OF AN EFFECT.
EFFECT. I THINK WHAT I WOULD BE DOING IS
I THINK WHAT I WOULD BE DOING IS SPENDING DRAMATICALLY ON THE
SPENDING DRAMATICALLY ON THE THINGS WE NEED TO PREPARE.
THINGS WE NEED TO PREPARE. THAT’S THE TWO-FOR.
THAT’S THE TWO-FOR. YOU’RE DOING IT TO GET TEST
YOU’RE DOING IT TO GET TEST KITS, WHATEVER IS NECESSARY TO
KITS, WHATEVER IS NECESSARY TO HELP PEOPLE STAY HOME IF THEY
HELP PEOPLE STAY HOME IF THEY NEED AND HELP PEOPLE GO TO WORK.
NEED AND HELP PEOPLE GO TO WORK. THAT KIND OF ALL-OUT
THAT KIND OF ALL-OUT MOBILIZATION, MANY WAR-LIKE
MOBILIZATION, MANY WAR-LIKE MOBILIZATION WE GIVE PEOPLE AND
MOBILIZATION WE GIVE PEOPLE AND CONTAIN IT AND YEAH, IT MIGHT
CONTAIN IT AND YEAH, IT MIGHT GIVE US AN ECONOMIC BOUNCE, A

Share Video:

Embed Video: