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  • >>> WE HAVE A GREAT ECONOMY.

  • >>> WE HAVE A GREAT ECONOMY. WE HAVE A VERY STRONG ECONOMY,

  • WE HAVE A VERY STRONG ECONOMY, BUT THIS CAME -- THIS BLINDSIDED

  • BUT THIS CAME -- THIS BLINDSIDED THE WORLD, AND I THINK WEVE

  • THE WORLD, AND I THINK WEVE HANDLED IT VERY, VERY WELL.

  • HANDLED IT VERY, VERY WELL. I THINK THEYVE DONE A GREAT

  • I THINK THEYVE DONE A GREAT JOB.

  • JOB. THE PEOPLE BEHIND ME HAVE DONE A

  • THE PEOPLE BEHIND ME HAVE DONE A GREAT JOB.

  • GREAT JOB. SO I WILL BE HERE TOMORROW

  • SO I WILL BE HERE TOMORROW AFTERNOON TO LET YOU KNOW ABOUT

  • AFTERNOON TO LET YOU KNOW ABOUT SOME OF THE ECONOMIC STEPS WERE

  • SOME OF THE ECONOMIC STEPS WERE TAKING, WHICH WILL BE MAJOR.

  • TAKING, WHICH WILL BE MAJOR. >> THIS WAS AN AWFUL DAY, A

  • >> THIS WAS AN AWFUL DAY, A DOWNRIGHT SCARY ONE FOR

  • DOWNRIGHT SCARY ONE FOR FINANCIAL MARKETS WORLDWIDE, NOT

  • FINANCIAL MARKETS WORLDWIDE, NOT JUST OVER THE CORONAVIRUS BUT

  • JUST OVER THE CORONAVIRUS BUT YET ANOTHER TURBULENT DAY FOR

  • YET ANOTHER TURBULENT DAY FOR THE MARKETS SPURRED BY

  • THE MARKETS SPURRED BY CORONAVIRUS FEARS AND A PRICE

  • CORONAVIRUS FEARS AND A PRICE WAR OVER OIL.

  • WAR OVER OIL. THE DOW SAW ITS WORST DAY SINCE

  • THE DOW SAW ITS WORST DAY SINCE ’08, FALLING OVER 2,000 POINTS,

  • ’08, FALLING OVER 2,000 POINTS, A FALL SO PRECIPITOUS, AFTER

  • A FALL SO PRECIPITOUS, AFTER TRADING WAS UNDER WAY, THE

  • TRADING WAS UNDER WAY, THE SO-CALLED CIRCUIT BREAKERS

  • SO-CALLED CIRCUIT BREAKERS KICKED IN TO STOP IT AND COOL IT

  • KICKED IN TO STOP IT AND COOL IT OFF.

  • OFF. THE PRESIDENT INSISTING HIS TEAM

  • THE PRESIDENT INSISTING HIS TEAM HAS DONE A GREAT JOB MEETING

  • HAS DONE A GREAT JOB MEETING WITH SENATE REPUBLICANS TOMORROW

  • WITH SENATE REPUBLICANS TOMORROW TO TALK ABOUT POSSIBLE ECONOMIC

  • TO TALK ABOUT POSSIBLE ECONOMIC MEASURES, INCLUDING A CUT IN

  • MEASURES, INCLUDING A CUT IN PAYROLL TAXES AND HELP FOR

  • PAYROLL TAXES AND HELP FOR HOURLY WAGE EARNERS, THOUGH NO

  • HOURLY WAGE EARNERS, THOUGH NO OTHER DETAILS WERE GIVEN, BACK

  • OTHER DETAILS WERE GIVEN, BACK AGAIN TONIGHT IS STEPHANIE

  • AGAIN TONIGHT IS STEPHANIE RUHLE, VETERAN OF THE BUSINESS

  • RUHLE, VETERAN OF THE BUSINESS WORLD AND HOST OF THE 9:00 A.M.

  • WORLD AND HOST OF THE 9:00 A.M. HOUR HERE ON MSNBC.

  • HOUR HERE ON MSNBC. ALSO HAPPENS TO BE OUR NBC NEWS

  • ALSO HAPPENS TO BE OUR NBC NEWS SENIOR BUSINESS CORRESPONDENT.

  • SENIOR BUSINESS CORRESPONDENT. I’LL CUT RIGHT TO THE CHASE.

  • I’LL CUT RIGHT TO THE CHASE. HOW MANY DAYS LIKE TODAY CAN YOU

  • HOW MANY DAYS LIKE TODAY CAN YOU HAVE BEFORE THE FEAR OF

  • HAVE BEFORE THE FEAR OF RECESSION BECOMES VERY REAL?

  • RECESSION BECOMES VERY REAL? >> THE FEAR OF RECESSION IS

  • >> THE FEAR OF RECESSION IS REAL, AND TODAY WAS A BRUTAL

  • REAL, AND TODAY WAS A BRUTAL DAY.

  • DAY. BUT REMEMBER MARKETS CAN GO

  • BUT REMEMBER MARKETS CAN GO DOWN.

  • DOWN. MARKETS CAN GO UP LIKE THAT.

  • MARKETS CAN GO UP LIKE THAT. SO JUST BECAUSE THERE’S GOING IN

  • SO JUST BECAUSE THERE’S GOING IN ONE DIRECTION DOESN’T MEAN IT’S

  • ONE DIRECTION DOESN’T MEAN IT’S THE ONLY PLACE THEY CAN GO.

  • THE ONLY PLACE THEY CAN GO. BUT FEARS OF A GLOBAL RECESSION

  • BUT FEARS OF A GLOBAL RECESSION ARE REAL BECAUSE OUR ECONOMY

  • ARE REAL BECAUSE OUR ECONOMY DOESN’T STAND ALONE.

  • DOESN’T STAND ALONE. WE KNOW THE SITUATION THAT

  • WE KNOW THE SITUATION THAT CHINA’S IN, THAT EUROPE IS IN,

  • CHINA’S IN, THAT EUROPE IS IN, AND TO SAY THAT THE ECONOMY WAS

  • AND TO SAY THAT THE ECONOMY WAS IN THE BEST SHAPE EVER, WHICH

  • IN THE BEST SHAPE EVER, WHICH THE PRESIDENT DOES LIKE TO SAY

  • THE PRESIDENT DOES LIKE TO SAY BEFORE THIS, THAT’S NOT THE

  • BEFORE THIS, THAT’S NOT THE CASE.

  • CASE. NOW, WE ARE NOT IN A FINANCIAL

  • NOW, WE ARE NOT IN A FINANCIAL CRISIS.

  • CRISIS. I KNOW PEOPLE LIKE TO COMPARE

  • I KNOW PEOPLE LIKE TO COMPARE THE TWO BECAUSE WHAT WEVE SEEN

  • THE TWO BECAUSE WHAT WEVE SEEN IN TERMS OF PRICE ACTION IN THE

  • IN TERMS OF PRICE ACTION IN THE MARKET IS SIMILAR TO WHAT WE SAW

  • MARKET IS SIMILAR TO WHAT WE SAW IN 2008.

  • IN 2008. >> MM-HMM.

  • >> MM-HMM. >> BUT UNDERLYING THE ECONOMY IS

  • >> BUT UNDERLYING THE ECONOMY IS STRONGER.

  • STRONGER. THINGS ARE MUCH MORE STABLE.

  • THINGS ARE MUCH MORE STABLE. BANKS, MUCH BETTER CAPITALIZED.

  • BANKS, MUCH BETTER CAPITALIZED. WE DON’T HAVE THE SYSTEMIC RISK

  • WE DON’T HAVE THE SYSTEMIC RISK PROBLEMS TODAY THAT WE DID BACK

  • PROBLEMS TODAY THAT WE DID BACK IN ’08.

  • IN ’08. >> WHAT HAPPENS WHEN YOU IDLE

  • >> WHAT HAPPENS WHEN YOU IDLE CERTAIN SECTORS OF YOUR SOCIETY,

  • CERTAIN SECTORS OF YOUR SOCIETY, AND WHAT HAPPENS WHEN THE BOTTOM

  • AND WHAT HAPPENS WHEN THE BOTTOM FALLS OUT OF THE OIL MARKET

  • FALLS OUT OF THE OIL MARKET AROUND THE WORLD?

  • AROUND THE WORLD? >> OKAY.

  • >> OKAY. BOTTOM FALLING OUT OF THE OIL

  • BOTTOM FALLING OUT OF THE OIL MARKET, THAT’S SERIOUS BUSINESS.

  • MARKET, THAT’S SERIOUS BUSINESS. THAT’S REALLY WHAT TANKED THE

  • THAT’S REALLY WHAT TANKED THE MARKETS TODAY.

  • MARKETS TODAY. CORONA WAS BUBBLING, IT WAS

  • CORONA WAS BUBBLING, IT WAS SITTING THERE, BUT ON SATURDAY

  • SITTING THERE, BUT ON SATURDAY WHEN WE SAW SAUDI ARABIA SAY,

  • WHEN WE SAW SAUDI ARABIA SAY, ANNOUNCEMENT, WORLD, WERE ABOUT

  • ANNOUNCEMENT, WORLD, WERE ABOUT TO JACK UP PRODUCTION AND

  • TO JACK UP PRODUCTION AND DEPRESS PRICES, THAT’S WHEN WE

  • DEPRESS PRICES, THAT’S WHEN WE REALLY SAW THINGS FALL SUNDAY

  • REALLY SAW THINGS FALL SUNDAY NIGHT.

  • NIGHT. AND, REMEMBER, YEARS AGO YOU

  • AND, REMEMBER, YEARS AGO YOU WOULD SAY, OH, LOWER OIL PRICES,

  • WOULD SAY, OH, LOWER OIL PRICES, THAT’S GREAT FOR US AT THE PUMP.

  • THAT’S GREAT FOR US AT THE PUMP. BUT NOW THAT WERE SUCH BIG OIL

  • BUT NOW THAT WERE SUCH BIG OIL PRODUCERS INTO THE U.S., WATCH

  • PRODUCERS INTO THE U.S., WATCH OUT, HOUSTON, THAT’S BAD NEWS.

  • OUT, HOUSTON, THAT’S BAD NEWS. >> NOT ONLY HOUSTON BUT POINTS

  • >> NOT ONLY HOUSTON BUT POINTS NORTH.

  • NORTH. IF YOU HAVE A FRACKING, AN OIL

  • IF YOU HAVE A FRACKING, AN OIL SHALE OPERATION, AND YOURE

  • SHALE OPERATION, AND YOURE ALREADY NOT WORKING ON HUGE

  • ALREADY NOT WORKING ON HUGE PROFIT MARGINS, WHEN THE BIG

  • PROFIT MARGINS, WHEN THE BIG GIANTS HAVE A FIGHT, YOU GET

  • GIANTS HAVE A FIGHT, YOU GET HIT.

  • HIT. >> DEVASTATING.

  • >> DEVASTATING. ABSOLUTELY DEVASTATING.

  • ABSOLUTELY DEVASTATING. THAT’S WHAT’S REALLY WORRISOME

  • THAT’S WHAT’S REALLY WORRISOME TODAY.

  • TODAY. YOU COULD SEE BANKRUPTCIES.

  • YOU COULD SEE BANKRUPTCIES. YOU COULD SEE RESTRUCTURINGS.

  • YOU COULD SEE RESTRUCTURINGS. BUT AS FAR AS CORONA GOES, YOU

  • BUT AS FAR AS CORONA GOES, YOU HAD SAID SOMETHING BEFORE.

  • HAD SAID SOMETHING BEFORE. YOU SAID WHAT WHEN PARTS OF THE

  • YOU SAID WHAT WHEN PARTS OF THE ECONOMY SIT IDLE.

  • ECONOMY SIT IDLE. WE HAVE

  • WE HAVE CHINA CAN DECIDE CORONAVIRUS

  • CHINA CAN DECIDE CORONAVIRUS NUMBERS ARE DOWN.

  • NUMBERS ARE DOWN. LET’S TURN THE MACHINES BACK ON,

  • LET’S TURN THE MACHINES BACK ON, GET TO THE FACTORY.

  • GET TO THE FACTORY. IN THE UNITED STATES, EVERYTHING

  • IN THE UNITED STATES, EVERYTHING WERE TELLING PEOPLE TO DO,

  • WERE TELLING PEOPLE TO DO, DON’T GO TO CONCERTS, DON’T GO

  • DON’T GO TO CONCERTS, DON’T GO TO THE MOVIES, DON’T GO TO BARS,

  • TO THE MOVIES, DON’T GO TO BARS, GO HOME, WORK FROM HOME, DON’T

  • GO HOME, WORK FROM HOME, DON’T DOE TO SCHOOL, THINK ABOUT ALL

  • DOE TO SCHOOL, THINK ABOUT ALL THE BUSINESSES THAT HURTS, ALL

  • THE BUSINESSES THAT HURTS, ALL THE PEOPLE THAT AREN’T OUT THERE

>>> WE HAVE A GREAT ECONOMY.

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