>>> 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 WE’VE

THE WORLD, AND I THINK WE’VE HANDLED IT VERY, VERY WELL.

HANDLED IT VERY, VERY WELL. I THINK THEY’VE DONE A GREAT

I THINK THEY’VE 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 WE’RE

SOME OF THE ECONOMIC STEPS WE’RE 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 WE’VE SEEN

THE TWO BECAUSE WHAT WE’VE 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, WE’RE ABOUT

ANNOUNCEMENT, WORLD, WE’RE 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 WE’RE SUCH BIG OIL

BUT NOW THAT WE’RE 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 YOU’RE

SHALE OPERATION, AND YOU’RE 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 WE’RE TELLING PEOPLE TO DO,

WE’RE 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