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World Markets React To The Coronavirus | Morning Joe | MSNBC - YouTube
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this morning US stock futures are
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pointing to wort yet another low open a
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day after the Dow briefly dropped down
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so low it erased all of its gains during
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the Trump presidency
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European markets were off to a strong
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start today as the European Central Bank
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announced it will buy around eight
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hundred and twenty billion dollars worth
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of bonds to ease markets but tapered off
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as trading continued throughout the day
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and yesterday the asian stock market
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index reached as low as four point one
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percent its lowest point since 2016
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joining us now financial editor of The
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Wall Street Journal Charles Ferrell and
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editor-in-chief of The Economist Zanny
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Minton Beddoes thank you both for
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joining us zanny what does the European
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Central Bank look like look forward to
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doing in the coming weeks to calm the
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the market jitters and and is there a
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feeling that Europe is handling this
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economic crisis any better than the
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United States
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well the European Central Bank as you
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said came in big last night with a 750
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billion euros promised to buy more bonds
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that was in some way making up for the
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fact that at the end of last week 15
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regard the president of central bank
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that not really helped matters by
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sounding or less than equivocal about
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doing what it takes the whole Bureau
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together a mouth on much much longer but
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I'm not sure that Europe is handling
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this almost at my phone and there are
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many everything family you can see I
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don't you come home this is the first
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week ever we have put the eponymous
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together completely remotely and there
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are rumors now that nobody in our office
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there are lots of discussion at London
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we have a lot burn within 24 hours and
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you know so goes it across Europe Italy
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as you know is the epicenter and Europe
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is seeing a devastating you can only hit
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then I still think we Europeans I
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provided European governments a way
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behind her in terms of your magnet
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stimulus and what they're gonna have to
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give Charles I'm wondering what your
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thoughts are as far as the United States
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response and
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and the proposals that have been floated
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out there I mean we're a 21 trillion
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dollar economy if if that economy is
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shut down for three or four months one
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trillion dollars suddenly I can't
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believe I'm saying this is the small
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government conservative but a one
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trillion dollar or a leaf package
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suddenly sounds like a drop in the
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bucket for a twenty one trillion dollar
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economy shut down for half a year
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anything that anybody has seen work
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really can't conceive it's an enormous
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enormous economy it's not just it's a
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real stock it's not just that there are
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some sectors that are slowing and things
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are a little bit bad it is a full-on
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stop and it's gonna be very difficult to
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figure out how you find the demand how
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you find the money to to tie the economy
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over during that period the real
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question I think is let's assume that
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thing is reopened and we don't end up in
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in a very good spiral what does the
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economy look like when it gets back and
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what can you do now to make sure that
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when it does real when every opens and
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as good a position Kennedy but it's
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going to be very hard the magnitude the
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numbers are in Sani it's John here we
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just heard senator Manchin suggest that
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Wall Street closed for a couple of days
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he suggested it wasn't an essential
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business right now you know the White
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House is very opposed that we heard
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treasurer secretary manoosh in say
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earlier this week that there's some talk
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of perhaps reducing hours but he didn't
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want to close the markets for fear of
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what message that would send what's your
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take on that should the markets closer a
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couple days with that steady things that
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everyone cool off
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I don't think closing markets do think
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you said these things I think that was
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just reinforce the sense of panic the
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may be a casement for something like
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that five-foot-ten panic like closing
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down but it is expected I mean what we
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have right now believe everyone at each
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other I think is that we have a perfect
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lack of understanding of how far the
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stupid girl and the world economy is
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literally shutting down and we don't
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know for how long and we don't know when
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when it does
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emerged yes but it'll have to get I mean
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one of the striking things that we're
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learning if we find out more about this
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is iris and the day is modeling
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currently pink suggests that yes you can
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the price infection rate that we shot
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found the entire society but probably
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because it smells so white stazon Smith
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restriction gonna come back again though
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are we gonna have this intermittently
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until we find either liquid or events he
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and I think no one can get their head
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around what that means in terms of
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economic but for it at some point all
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right you know frankly no more
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casualties from the virus to friendly I
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work for me plastic yeah Charles in the
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United States if you look at what's been
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happening with Wall Street it seemed
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that every massive decline is followed
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the next day by at least a temporary
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spike up people obviously have been
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trying to time the bottom of this market
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and it is just crashed from twenty nine
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thousand to twenty six to twenty three
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now obviously at 19 are you getting a
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sense that the people you talk to you
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believe that we're about to settle on
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the bottom of this market or do they
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believe there's still a long way to go
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no I don't get the sense that people
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believe we're in a that we can know the
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word a settling point to the there have
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been days American up days but the down
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days greatly at a number of the up days
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there is an enormous kind of volatility
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and the volatility both on the downside
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and on the upside mace traders and
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investors worry it gives you a sense
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than what you thought the risk level
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that you thought you had in their
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portfolio you thought that the stock or
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the bond that you held would would mean
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X percent in a day and you see it moving
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many multiples of that in a day you have
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to speak risk you have to invest in less
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risky stuff that's why we see this plate
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stashed
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so in a sense the the selling you know
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sacks are down because people are so
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many people are selling because stocks
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are down there is a cycle here nobody
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quite knows when it's gonna break
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alright the Wall Street Journal's
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Charles Pharrell and The Economist Zanny
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Minton Beddoes thank you both what
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thanks for checking out MSNBC on YouTube
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and make sure you subscribe to stay
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up-to-date on the day's biggest stories
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and you can click on any of the videos
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around us to watch more 4 Morning Joe
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