Leigh Matthews, Mercer discussed on Glenn Beck

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It's the drive with Leigh Matthews we are now looking at the Dow down seven and a half percent it's the largest drop in stock market history far as points it is now eighteen eighty four looks like they just shut the market off a possible the numbers of just stopped time is frozen I know could could be that it could be that is it a seven point drop I thought it was a five five do we know I will you I thought you said was seven point drop Mercer was engaged eliminating this to a seven point I think it's seven percent think they stop treating for fifteen minutes I believe if it goes down to thirteen percent they stop for another fifteen minutes of it was down twenty percent in danger of closing for the day that's the and that's based on the S. and P. five hundred looking currently at the Dow was down seven point three percent seven three point three percent would be the if it's if it's finished here would be the thirteenth I guess drop in history when it comes to percentage however as far as points go it would be the biggest drop in history by about fifty percent I mean that the the biggest trust don't count I mean remember it what I have in thousands it's good there's a dramatic factor two thousand some psychological value I think yeah so that a point but the biggest drop ever you may remember this it's it's kind of like a really good remembrance of history you may remember this is from February twenty seventh two thousand twenty so I don't you can go back that far in your memory banks but that was one thousand one hundred and ninety points cross lawsuit it was coronavirus related yeah so I mean it's a part of this year right is the fact that the market is up so much that these drops of seven percent are a lot higher point value that being said you still there's a psychological I mean eighteen hundred points in it's been what markets were open and how many it was five it was it was under five minutes they closed it yeah so seven percent for level one level two level three at seven thirteen and twenty so declined seven percent they just stop the market for fifteen minutes let everybody catch their breath let's have phone calls happen Hey Hey don't panic everybody then they'd if it opens if it if it's down thirteen percent then they close it for another fifteen minutes if it goes down twenty they closed for the day this is this is a wild ride and the the good news here is is that if somebody announces a vaccine this pops right back up it is some of this now is just freaking out anybody who is listening on I gotta get my four oh one K. that's a freak out the numbers that have been coming and softening are two fold one there needed to be about a ten to fifteen percent correction in the market we been do that for a long time so maybe as high as twenty percent of the market that's a pretty high one but it could have been just corrected because it needed to correct add on top of it what is what's feared coming our way because of the consequences of isolation global travel canceling everything all of that stuff because of that you are you are looking at the Dow adding to that correction this now is panic and it's stupid I think this is the thing that I keep trying to talk people through when they ask me about this because this is of course something that now I don't know about you but I was being constantly every time you go out to any gathering with people you're asked constantly about who's going to win the election was delayed I'm going to be that switch to corona virus over the past week or two yeah and one of the things that people I think get freaked out about is not it's it's not the health effects necessarily that are the thing to be worried about you can really make a legit legitimately easy logical case that it the health scare is overblown yes with this the issue is the other side of it which is the panic that is tied to that and the panic and the steps that need to be taken by governments all around the world when it comes to breaking up supply chains and things like that create a legitimate and real financial problem which listed which I you know not only leads to major problems when it comes to your four oh one K. and you know your potential job status in orders coming into your business and all these things but also has a massive political effect as well you know I mean one of the strengths that the that the trump presidency is hanging on here with with its you know and I think being a slight favorite right now a trump for being reelected is based on he has a very high approval what reading when it comes to the economy now look at virus is not something that that is you can do anything about when you're president out of state you can go in there and he's not going to they're curing viruses and coming up with vaccines himself that being said the perception of people if there's any perception that anything has gone wrong that the president could have done better wants to me he will do everything they can to do that will and it will and it will right and then when that does happen he'll get the blame there and I mean this is why I was so nervous about Sanders beating yeah I did and I'm less nervous about that now I don't I don't think it's gonna happen but this is you know you don't want Bernie Sanders being the only other alternative when something like this is going on it's something that's completely out of control of the presidency yeah we got to get a pedestal here's here's the scary thing you're looking at the president of the United States being either a socialist or a guy who really is struggling to keep his own mental yes ylides I mean every two so easy I I don't see a string changing horses unless the unless the president is not on top of it which I believe they are Mike pence is on top of it remember when you watch the president the president's job is to keep calm it is to promote domestic tranquility especially in times of trouble that's what the fire side chats were about to promote domestic tranquility the worst thing the president can do is to send a message not only to you but to the rest of the world we're panicked we're freaking out there's a reason his job is to say nothing to worry about and we've got it taken care of Mike pence is the one you should be listening to on this the president's job right now is to just make sure that everybody feels normal and safe and no panic my next job is to tell you all of the facts and make sure the government is running its most efficient way but you have to understand mistakes are going to be made like crazy we've never been through this before we've never been through this before and anyone thinks that we're going to come out of this unscathed the reason why the market is panicking is not because of the corona virus it's because the world for the very first time said quarantine shut down cities over the weekend Italy shot half of its population and said don't get in your car and drive don't get on a train don't get on a plane not in a box not with the fox you're not moving half of the population tell me historians in the audience when's the last time you ever saw that happen because I can't recall it when you are closing borders not in one country but in multiple countries we know you know we can't have a closed border we shouldn't have border security look at what they're doing all over the world they're closing their borders when these things happen we are trying now the world is trying now to stop the spread of this and the reason why they're saying everyone stay home is not because we're all going to die but because we can't have the stress on the medical facilities stay home don't get sick well viruses coming a vaccine is also coming but in the mean time everyone who has the Sniffles everyone who has a fever if you are in danger of not being able to breathe if you have other complications if you are over sixty you have reason to be concerned if you have other complications and your anywhere in your seventies and eighties you have real concerns everyone else please don't clog the hospitals please don't freak out we don't want to spread this because we don't want to hurt to the elderly population but think of think of what's going to happen in our health communities you're going to work at a nursing home it's a job for you yeah you're a nurse in yeah you wanted to do this but it's still a job for you you're going to work are you going to work because you know those patients are gonna get it and if they get it they die are you going to work hopefully the answer is yes but we're going to lose some people just in nursing just because they don't want to get sick we're gonna lose people who are first responders because they don't want to get sick then we're gonna have to double up on those people that do remain and they are going to get sick and one of the reasons why they are going to get sick is because everybody bought the N. ninety five mask those were the first responders need them you don't don't believe this bull crap that they don't work of course they work what do you think they're saying we are the hospitals need them because the hospitals like it is a fashion statement they work you just don't need them if you stay home so all of this is designed to stop the stress on the medical community because we can't have some thirty percent of our doctors and our nurses sick or out of play because then the whole thing collapses and it's not because it's capitalist it would already be gone if it was socialist Hey Bernie Sanders had his way you would already be having all kinds of shortages I want to show you what you need to know about your own business and your own economic future and how you need to start preparing here in a few minutes if you mean if you're going if you're going to miss any of the show today go and get it on a podcast you can get it at iTunes or soundcloud wherever you get your podcasts subscribe and get this podcast 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