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March 10, 2020 - The Ben Shapiro Show

55:01

The Forces Of Chaos | Ep. 968

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	With the stock market in free fall, the Trump administration floats bailouts, Bernie struggles for traction in final primaries, and Rashida Tlaib shows her anti-Semitism yet again.
	I'm Ben Shapiro.
	This is the Ben Shapiro Show.
	The Ben Shapiro Show is sponsored by ExpressVPN Wall Street.
	Why haven't you gotten a VPN yet?
	Visit ExpressVPN.com slash Ben.
	Okay, so let's begin with the international news about coronavirus.
	The market seems to have recovered a little bit this morning.
	They began up a little bit, so it seems like the market has found its new bottom, but we think that every day or so the markets are really up and down.
	We've seen the markets climb 3%, down 4%, up 5%, down 7%.
	Yesterday, the markets dropped about 8%, which was market correction territory.
	They've been down overall from their highs of about 29,000, which was just a couple of weeks ago.
	They are now hovering around 24,000.
	Probably they will do so unless there's another major shock in terms of the news.
	Let's begin with the international news about coronavirus.
	Now, the reason I start with the international news is because I hear a lot from people who are in conservative media, in the conservative world, that the media in the United States are blowing this thing way out of proportion in order to target Trump.
	And domestically, there's some truth to that.
	Domestically, there's no question that the media would love to see Trump fall flat on his face throughout this entire process, that they can use it as a club to wield against Trump.
	Because the fact is this, Trump's chaotic style, his chaotic management style, the fact that he sounds off a lot, in most areas of American life, that has very little impact.
	I think that most Americans have sort of priced the chaotic side of Trump in.
	And the fact that Trump says a lot of stuff on Twitter, most Americans are like, okay, whatever.
	So long as my 401k is fine, who cares?
	So long as we're doing the right things on foreign policy, let him spout whatever he wants on Twitter.
	I'm not even on Twitter.
	I've got a life.
	I'm not following around the president's commentary day by day.
	When it comes to things like crisis response, where people look directly to government for handling, and particularly in a situation like this where we are talking about pretty significant restrictions on everyday life in the United States, people tend to look to the president for that sort of stuff, and so the media have a new lease On an argument they've been using about Trump for a while here, which is that his chaotic management style and, in fact, his chaotic rhetoric are really bad overall and have some really significant impacts.
	Now, in the end, his rhetoric probably isn't going to matter very much at all.
	In the end, just like every other aspect of American government, what the government does matters a lot more than what the head of the government says and what the president of the United States says.
	Now, again, I'm not somebody who underestimates what the president says.
	I think that half the job is what the president says.
	But again, because people don't take Trump Literally, as much as they take him sort of seriously in Selena Zito's famous formulation.
	In the end, the policy is going to be what the policy is going to be.
	And so people who are informed are not listening to Trump on coronavirus.
	They're instead listening to his people.
	They're listening to Mike Pence.
	They're listening to Dr. Anthony Fauci from the National Institute for Allergy and Infectious Diseases.
	They're listening to the U.S. Surgeon General.
	They're listening to people actually know what they're talking about.
	So the American public are already starting to price in Trump's commentary and ignore Trump's commentary throughout.
	The media would like you to focus on Trump's commentary specifically because Trump has a habit in these particular situations of stepping on rigs.
	Now, all of this is true about the media, that the media would love to see Trump fail.
	But when people suggest that the coronavirus itself is being wildly blown out of proportion in the United States, what they are missing is that it's pretty bad abroad.
	I mean, the fact is that the Italian government is not doing this to hurt Trump.
	The Israeli government is not shutting down travel in order to hurt Trump.
	The Chinese government isn't welding people in their houses in order to hurt Trump.
	And so to understand sort of the balance between what the media are doing, and yes, they have Two mandates here.
	One is to hurt Trump and the other is a much more important mandate, obviously, and that is to provide people with news of what's going around the world.
	You have to understand that this isn't completely made up.
	It's not completely exaggerated.
	And in order to understand that, you really do have to understand the statistics.
	Statistical Sort of inability to understand things.
	Complete illiteracy with regard to statistics is a very bad thing in the media.
	People don't understand how basic statistics work.
	And so people will say things like, okay, only 3,000 people have died so far from coronavirus.
	So why exactly are we paying so much attention to it?
	Obviously, swine flu from April 2009 to August 2010 killed about 9,000 people in the United States alone.
	Globally, coronavirus has only killed 3,500 people.
	So why are we all panicked at this point?
	Okay, the reason that everybody is taking this stuff really seriously is because government action in places like South Korea, in places like China, has indeed tamped down the transmission of coronavirus.
	And to understand how important that is, you have to understand that COVID-19 is significantly more transmissible than other diseases like SARS or MERS have been in the past.
	So it is much more deadly than swine flu.
	It is less transmissible than swine flu, but that's...
	Yeah, we don't actually know that because so many cases have not been reported yet.
	Now, the good news is, I think when all of this is said and done, COVID-19 is going to be a multiple of the flu, but it is not going to be anywhere in the range of the Spanish influenza, for example.
	Right now, here's what is being reported.
	By Business Insider in terms of the number of global cases as of March 6th, 2020 and the estimated mortality rate.
	Now, remember, the estimated mortality rate is probably too high right now in terms of what people are talking about because the number of actual diagnosed cases is absolutely unclear.
	Testing kits have not been available throughout the United States.
	There are only a million testing kits available right now.
	We don't even know where those are deployed.
	Abroad, not everybody has been tested either, but there are about 100,000 cases that have been diagnosed all over the world.
	There's about a 3.4% mortality rate, so about 3,400 people are dead.
	The swine flu, which was from April 2009 to August 2010, some 700 million people to 1.4 billion people were estimated to have come down with swine flu.
	But the death rate in swine flu was 0.02%.
	So the COVID-19 virus is about 17 times more deadly than the swine flu is according to these stats.
	Now, again, those stats are not really as Solid as we would like them to be because we don't actually know at this point how many cases have actually been diagnosed of COVID-17.
	We don't know the answer to that.
	And when you compare it to other diseases, this is why people are worried about COVID-19.
	SARS has about a 10% mortality rate, but there were only 8,000 cases globally.
	MERS had a 34% mortality rate, but there were only about 2,500 cases globally.
	There are hundreds of thousands of cases, presumably, of COVID-19.
	So it's very difficult to tell at this point what the death rates are, but this is why people are worried.
	By the way, it's not 17 times as deadly.
	According to those statistics, it's actually 170 times more deadly than the swine flu if we were to have a 3.4% death rate from coronavirus.
	Okay, so with all that said, that is why people are looking to the government to take pretty significant measures, and that's why the government has been taking significant measures in countries abroad.
	They took significant measures in China, after allowing this thing to flow freely out of Wuhan for a month and a half.
	They finally took some pretty significant measures, and now you're starting to see the number of coronavirus diagnoses going down.
	The same thing happened in South Korea, and you're starting to see the number of coronavirus cases go down.
	That's a good sign.
	That's a really good sign.
	It means that if there is actual social distancing, if people do not go to major public sporting events for even a little while, if you are able to thin people out in terms of sort of aggregating people in small spaces, then you're able to lower the number of diagnoses and hopefully people then outlive their transmission period and the thing basically goes away and becomes a seasonal virus once a year.
	And by that point, we hopefully have a vaccine.
	That is sort of best case scenario.
	Right now.
	But that's why people are worried.
	And that's why to suggest that nothing important is going on, the media is making this all up in terms of the threat level.
	This is basically just like the flu.
	It is not just like the flu.
	It is significantly more deadly than the flu.
	By best available estimates, it's a minimum of seven times more deadly than the flu.
	And we don't know quite how transmissible it is yet.
	And we also don't know exactly how many people have it.
	Now, as I say, all these stats could be totally wrong also.
	I mean, it could be that there are a lot more people who have coronavirus and have not been diagnosed with it.
	And it could be that then by percentage, the number of people dying is a lot lower.
	So it does look more like the flu.
	But because there's this broad range, we don't actually know.
	We do know that it's targeting older people.
	We do know that it is not targeting younger people.
	I believe there have been no cases that I'm aware of of people under the age of nine who have died from coronavirus, which is a good sign.
	People disproportionately, elderly people are being hurt by all this.
	We'll get to more on coronavirus in just one second.
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	Okay, so as I say, the reason I'm looking at sort of the measures that have been taken abroad, is because those at least have nothing to do with Trump.
	That's a good control group for exactly how worried people are across the world taking out the Trump factor and the media trying to exacerbate the situation in the United States in terms of panic in the United States.
	So what exactly is happening?
	Well, there is a massive, severe travel limit imposed across the entire country of Italy, announced on Monday by Prime Minister Giuseppe Conte in a primetime news conference, according to the New York Times.
	With the announcement that Cyprus had confirmed two infections, every country in the EU has now reported cases of the virus, but the approaches to slowing the spread vary widely from nation to nation.
	More than 114,000 cases of infection have now been reported globally, about 4,000 people dead.
	But fear and anxiety are outpacing the immediate danger.
	The speed with which the virus is spreading has left public health officials rushing to catch up.
	There have been over 7,500 diagnosed cases in South Korea, but we're starting to see that decline now.
	In Wuhan province, we're starting to see this decline.
	In Italy, there have been well over 9,000 cases diagnosed.
	In Iran, there have been 7,100 cases diagnosed.
	In many of those countries, basically all non-essential travel has been banned.
	We have seen internationally a lot of school closing.
	Spain has about 1,600 cases.
	They announced that schools in the Madrid area would be closed, adding 1.2 million children to the 300 million, whose education has already been disrupted worldwide.
	The St.
	Patrick's Day parade in Dublin was canceled.
	The global count of at least 114,000 cases also includes more than 64,000 people who have recovered.
	So it is important to recognize that the vast number of people who are actually coming down with coronavirus are recovering from all of this.
	President Xi Jinping actually traveled to Wuhan But we're not going to know how bad this is until the travel restrictions are eventually lifted.
	France and Spain are seeing the biggest surge in new infections.
	Each is now confirming over 1,600 infections.
	Germany is not far behind.
	They have 1,200 infections.
	The Czech Republic has about 41 cases, but announced that all schools aside from universities would close starting on Wednesday.
	That is according to Prime Minister Andres Babis.
	The Spanish government closed all education centers in Madrid from nursery schools to university.
	In Poland, schools in Poznań, a city in the west of the country, were ordered closed after a single case of infection was discovered.
	Austria barred travelers from Italy without a health certificate.
	Switzerland is considering a similar measure.
	Serbia has temporarily barred travelers from the worst affected places.
	Now none of this is permanent, obviously.
	What we are hoping is that If people basically stay where they are, and then they self-quarantine, then after 14 days, they're either recovered, or we know what they have, and then we can move them into a hospital where they actually require the care.
	What you don't want is people circulating around and passing the disease faster than we know how to stop any of this.
	So, the United States, we've seen similar measures being taken on sort of a voluntary basis.
	You're seeing the government take a very heavy role in places like Israel.
	In Israel, they've now said that anyone who enters the country has to self-quarantine for a minimum of 14 days.
	Foreign nationals who are unable to demonstrate to Israeli border authorities that they will be able to self-quarantine for two weeks will not actually be able to enter the country.
	So if you had a seven-day trip planned to Israel, they will just reject you at the border.
	They won't allow you to come into the country right now.
	Everybody is basically just saying, lockdown, sit down, stay where you are.
	In the United States, we've seen some major universities who are canceling classes for the rest of the semester, at least in-person classes.
	You're starting to see people Do online education, which, by the way, would be a good answer to a lot of our problems in the United States generally.
	On Tuesday, the Fulton County school system, which covers the suburbs of Atlanta, became the largest U.S.
	school district to close after one employee tested positive for the virus.
	Schools in Snohomish County, near the center of the crisis in Washington state, were also closed after an employee in the transportation department tested positive.
	Amherst College has canceled classes.
	Harvard College has urged people not to return from campus after spring break.
	Officials in Santa Clara County escalated their recommendations to limit mass gatherings in order to mandatory ban starting Wednesday at midnight.
	So one of the things that the people are worried about with regards to the Trump administration is again, there are no set rules.
	And you are hearing stories about people who come down with a cough or they come down with a fever and they don't know what to do because the instructions are not clear.
	Are they supposed to go to a hospital or are they supposed to stay home?
	Now the answer is if you are young, you are basically supposed to stay home.
	If you are elderly, then you should probably think about going to a hospital, because this is disproportionately affecting elderly people.
	The CDC is now recommending that if you are over 60 years old, you should stock up on supplies and you should avoid crowds.
	Nancy Messonnier is director of the CDC's National Center for Immunization and Respiratory Disease, and she says that as the trajectory of the outbreak continues, many people in the U.S.
	will at some point in time this year or next be exposed to this virus, and there's a good chance many will become sick.
	The reason to stock up now is to kind of stick close to home.
	Missoni said global data from Japan and South Korea show that people younger than 60 generally have better outcomes if they catch the virus, but people older than 60 are at higher risk for serious illness, especially if they have an underlying health condition like diabetes, heart disease, or lung disease.
	Young people with underlying health problems are also at risk, obviously.
	So one of the reasons why you shouldn't have giant gatherings, presumably, is that even if you are a young person, you come down with it, you're now a carrier.
	So if you got a grandpa or grandma, And then you see grandpa or grandma at a family event next week, you could still transmit the virus to them.
	Happily for me, we are now recommending antisocial behavior.
	As somebody who's not a big event guy, I don't think that...
	I benefit from the fact that now everyone will act like me and not want to hang out with human beings.
	So that's a good thing.
	But other than that, obviously this is crimping a lot of people's style and it's having some pretty significant economic impacts.
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	Okay.
	We are hearing sort of all of these conflicting messages.
	People are indeed self-quarantining.
	Mark Meadows, the new chief of staff for President Trump, is self-quarantining because he met the individual who apparently had coronavirus at CPAC.
	He is not the only one.
	There are a bunch of people who have been self-quarantining.
	Obviously, Republican Senator Ted Cruz self-quarantined.
	You saw Paul Gosar from Arizona self-quarantine and then talk about how he would rather die in battle than die of the flu, which is a real weird move.
	They're Washington Post, Politico, and Daily Beast reporters who are all self-quarantining after attending CPAC.
	Everybody is saying sort of out of an abundance of caution, people are staying home.
	Politicos put out a memo saying, we understand this news may be jarring.
	It's important to recognize this was a large conference.
	The risk of transmission for employees who are not in close contact with the infected individual is incredibly low.
	And all of that is true.
	And it's important to hear from sort of the people who know what they're talking about.
	This is why don't rely on politicians.
	Don't even rely on talk show hosts like me.
	Really talk to people who know what they're talking about.
	That would be presumably Dr. Anthony Fauci.
	It'd be the U.S.
	Surgeon General.
	So here's the U.S.
	Surgeon General yesterday explaining that young people Are more likely to die of the flu than coronavirus.
	So if you're young, you don't really have to worry about coronavirus killing you.
	The only thing that we're really worried about is that you become a carrier or transmitter of coronavirus, and then you carry it to an older person.
	Here's the U.S.
	Surgeon General.
	If you are a child or young adult, you are more likely to die from the flu, if you get it, than you are to die from coronavirus.
	So there is something about being young that is protective.
	We want people to be reassured by that.
	We want people to know that we are really focusing in Right, and this is, it's really interesting to see sort of how the societal ramifications of coronavirus go.
	And we'll get to the economic ramifications in just a second, but in terms of some of the social ramifications, one of the big things that has cropped up here is that nursing homes are going to be just ravaged by coronavirus in all likelihood.
	And the fact is that if you have a parent in a nursing home, that these places are just factories for germs in many cases.
	I mean, we've already known this with regard to things like flu, but when it comes to coronavirus, I mean, there's this nursing home in Washington State, and nearly all of the deaths have been at this one nursing home.
	If you have a bunch of elderly people in close proximity to one another in places where bodily fluids are being spread, then the chances of disease are much, much higher, and that's why those areas really should be monitored.
	Our society has really shuttled old people more and more into nursing homes and assisted living facilities, and you may see, I think over time, as the danger of stuff like this becomes apparent, you may see more and more people say, I'd rather keep mom and dad living in the guest bedroom, and we'll get them the help that they need at home.
	Which, by the way, was sort of the model of life for several thousand years, up until we started basically paying a group of people to take care of the elderly in American society and abroad.
	Meanwhile, again, none of this is to suggest that the press has been responsible on all this.
	The press is not being particularly responsible on all of this.
	They're sort of pushing an alarmist attitude toward all this.
	Yesterday, there were headlines suggesting that President Trump had run out of the room when asked if he had come down with coronavirus or if he'd been tested with coronavirus.
	That was absolutely untrue.
	Reporters just shouted it at him.
	First of all, if you think the President of the United States' health is not being monitored, you're out of your mind.
	He's the President of the United States.
	Of course, he probably has been tested for coronavirus if he came in contact with anyone who had it, but it is just indicative of the press coverage, the hysteria of the press coverage, that the headline that came out of this little tete-a-tete here was that President Trump was running away from questions as though the top levels of the U.S.
	government had been infected.
	Thank you very much.
	He took no questions.
	That is obviously not a situation where he is running out of the room.
	Nonetheless, the media coverage was that Trump was running away from questions about coronavirus, which of course is not true.
	Now, meanwhile, the economy obviously has seen itself really get hit hard.
	Yesterday, the S&P 500 dropped more than 7%.
	The Dow dropped over 2,000 points, almost 8%.
	Boeing, Apple, Goldman Sachs, Caterpillar cut the index by at least 100 points each.
	The Dow ended the day below 24,000.
	The Dow Jones Industrial Average has risen, at least in early morning trading, above 24,000, but seems to be stagnating right around 24,000 because nobody knows exactly what is going to happen.
	Originally, the market itself did trigger that key market circuit breaker.
	Like 15 minutes in, there's this new procedure that basically Everybody pauses for 15 minutes to calm their asses down, and then we move on with the trading day.
	That happened yesterday.
	It did seem to calm the market a little bit.
	The market dropped a little bit from there, but that was basically to prohibit a sort of follow-on effect that happened in 2007-2008, when there are all sorts of mechanisms in place that if the market starts to drop precipitously, there are automated mechanisms at a lot of companies where they will just start selling stock because they're afraid of a stock market drop, so they actually cause the stock market drop because of instant trading fears.
	Also, again, worthwhile noting that the market drop was not solely about coronavirus.
	A lot of it was about Saudi Arabia and its ongoing oil battles with Russia.
	Saudi Arabia and the Russians were going to agree to increase the output in order to compete with U.S.
	fracking and drive U.S.
	fracking into the ground.
	Instead, the Russians decided not to do that, and the Saudis were like, okay, well, we're just gonna outpump the Russians.
	Also, the Saudis like hurting the Russians because the Russians have been supporting the Syrians and the Iranians.
	So there are all sorts of international geopolitics issues at play.
	The double punch, according to CNBC, sent crude careening to its worst day since 1991.
	Now, in terms of consumers, that's probably not a bad thing.
	If you get cheaper gas at the pump, that is not the end of the world.
	It's probably pretty good for you.
	But in terms of the energy companies, obviously that is going to pound their stock.
	The economy is also facing some serious headwinds because of the global supply lines that are still throughout China.
	You know, the fact is that we're not going to know the economic impact of coronavirus until China opens up its factories again.
	Right now, China's factories still remain largely closed.
	So while coronavirus diagnoses are going down, the question is, how long are these factories going to remain closed?
	How long are those global supply lines going to remain clogged up before the economy starts to flow fairly freely?
	Again, and this has led some people to suggest, well, globalization was a bad idea.
	Well, no, globalization was a pretty good idea.
	The only question is whether you really should have relied on that factory in China alone.
	What you're not going to see is return to autarky, right?
	We're going to bring all the factories back to the United States.
	Instead, what you're going to see is duplicative factory capacity with flexibility in various areas of the globe.
	So if you're going to build a factory in China, you probably will also build the capacity to have a flexible factory someplace else on planet Earth in case China gets hit.
	You're going to see people create duplicative supply lines in order so that this sort of thing does not happen again.
	Now, does this thing end in like a serious recession?
	Honestly, I doubt that it does.
	I doubt that we're going to end up in a serious recession because of all of this, because I think the coronavirus over the next several months is going to mitigate.
	I think the people are going to get this under control.
	I think the transmissions are going to drop.
	I think the number of cases are going to drop.
	We're already seeing in China.
	We're already seeing in South Korea.
	I would not be surprised if by summer the viral spread of this has dropped, thanks in large part to people taking more responsible action.
	Yes, washing your hands, staying away from other people.
	Staying, not shaking hands, right?
	All of that will help drop the spread.
	If that happens, people will go back to work, people will start buying things again, because they're really not huge systemic economic problems in the United States.
	There are in Europe, there are in China, but those problems have been longstanding.
	You know, the idea that the entire world economy is gonna fall into recession simply because of coronavirus, if this thing only lasts three or four months, I don't think that that is likely to be the case.
	Instead, you'll probably get a V-shaped recovery.
	Nonetheless, people are worried about all of this.
	People are worried specifically about a credit crunch that a lot of businesses that are operating right at the margins are going to go under, that a lot of businesses that can't afford to last three or four months without significant income are going to get hit.
	We're going to talk about all of that and the Trump administration's supposed response to all of that.
	We'll get to that in just one second.
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	Okay, so what are the underlying economic issues?
	Well, again, you have the European governments that have basically been having stagnant growth rates for a decade or more.
	You've had China, which has been wildly overestimating its growth rates for a very long time based on debt-led growth.
	In the United States, we've been spending out the wazoo, right?
	These debt issues eventually are going to come due because what exactly is the appetite for more debt if it appears that we're never going to pay it off?
	With all of that said, If this thing were to mitigate in fairly short order, then you will see a V-shaped recovery and it will not be an issue by the time of the election.
	You're starting to see the Trump administration talk about what government measures they are looking at.
	Some of these are a good idea, some of these are a bad idea.
	Some of the good ideas are, for example, Barack Obama did this in 2011-2012, would be a brief payroll tax holiday, meaning you get to delay paying your taxes on a quarterly basis if you're a small company.
	This makes a lot of sense, because the government doesn't need to suck up more of your taxpayer dollars, they actually need your dollars to go to your employees.
	You need to continue paying your employees.
	They're saying, you're still going to have to pay taxes on the back end, but we're going to take a payroll tax holiday for the moment.
	That is a good idea, for example.
	Anything that lowers taxes in the face of this is a good idea, so we can continue paying our employees, for example.
	Anything that is a specific subsidy to specific industries, that is a bad idea.
	The reason that's a bad idea is because it is now suggesting that some industries are more important than other industries, which is not true.
	It is creating a perverse incentive for industries to operate right at the margin, right at the margin.
	So if they take a real hit, then all of a sudden they're looking to the government for a bailout.
	And that's not how you want to run a business.
	You want to run a business in both a risk-seeking fashion where it is appropriate, but also a risk-averse fashion in terms of making sure that your business remains profitable.
	Creating incentive structures where businesses are right on the verge of going under every other minute, and then they look to the taxpayer to bail them out is a real mistake.
	It's a real mistake.
	So President Trump yesterday did a press conference.
	He laid out some of the government measures that were possibly on the table.
	Here was the President of the United States yesterday.
	We're going to be meeting with House Republicans, Mitch McConnell, everybody, and discussing a possible payroll tax cut or relief, substantial relief, very substantial relief.
	That's a big that's a big number.
	We're also going to be talking about hourly wage earners getting.
	Okay, so some of these ideas are fairly good.
	I don't know what that hourly wage policy that he's talking about actually looks like.
	Is he just talking about, again, delaying taxes on companies so that the companies can afford to pay their hourly wage earners?
	If so, again, I don't see that as a huge problem.
	If we are talking about the government stepping in and basically increasing unemployment, even that is not necessarily the end of the world for the moment, but that's not, like, I'm not clear on exactly what the policy is.
	Hopefully we'll see some details and then we'll know where we stand on all of it.
	He said he was seeking to provide assistance.
	This is the part where I start to get a little uptight.
	The president also said he was seeking to provide assistance to the airline, hotel, and cruise industries, which are all suffering as Americans rapidly cancel travel plans.
	And the answer on that is no.
	First of all, we shouldn't be helping the cruise industry.
	They're all foreign-flagged anyway.
	It doesn't make any sense for us to be bailing out cruises that are flagged in Norway.
	Why exactly are we bailing out cruise industries?
	I understand they are disproportionately elderly.
	I understand that elderly people don't want to be on cruises right now.
	I get all of that.
	But we shouldn't be bailing out the cruise industry thanks to coronavirus.
	As far as the travel industry, I'll tell you, right now is a great time to buy airline tickets.
	I'll tell you that.
	And by the way, the airline tickets, they are priced down and out.
	Meaning that if you buy tickets like seven months from now, then now is a great time to buy those tickets.
	And I'll be honest, I just bought some airline tickets yesterday.
	I mean, I looked at the prices and I was thinking, okay, where do I want to go on vacation with my family later this year?
	You know, assuming the coronavirus lets up, which in all likelihood it will, the prices are going down, right?
	I mean, the market is taking an effect.
	Prices are going down, and that means some buying opportunities for people.
	By the way, this is also true in the stock market.
	You saw a lot of headlines yesterday about investors losing billions and billions and trillions of dollars yesterday because of the stock market dropping.
	Okay, if you're a smart investor, I'll tell you how much money you lost yesterday.
	Big old zero.
	The reason you lost big old zero yesterday, and maybe you made money, is because if you are a major investor, you did not sell your stocks yesterday.
	It is probably marginal investors who largely sold their stocks.
	It is not major investors who are, like Warren Buffett was not sitting around yesterday going, oh no, the stock market's dropping, I'm selling all of my stocks for less than I paid for them.
	I remember Buffett once got asked about 2007, 2008, how much money he lost.
	He said, I didn't lose an arm, I didn't sell anything.
	It's like when the real estate market goes down, if you own a house, did you just lose money when the real estate market went down if you didn't sell your house?
	The answer is no, you didn't lose any money because you didn't sell your house.
	Right, the price is independent of you actually realizing the price in the open market.
	Now, it's unclear, based on President Trump's comments, whether he's going to ask Congress to help these industries or if he thinks he can do it on his own.
	But again, bailouts are a bad idea.
	I thought they were a bad idea in 2007, 2008.
	They do create moral hazard.
	In certain crisis situations, there's a case to be made that the bailout of the banks was simply necessary in 2008 because all of these banks were already government dependent.
	And because they were already government dependent, and because the risk had already been diffused throughout the economy thanks to government malfeasance over the past decade and a half, That the government basically had to step in at that point to prevent complete collapse, but that is just because the government intervened too much in the first place.
	The fact is, if you are in the airline industry and you are taking a hit, well, them's the consequences of living in a real world where sometimes demand goes up and sometimes demand goes down.
	The same thing is true of hotels.
	And if, by the way, these businesses were operating at the margins, if these businesses were operating in irresponsible fashion in the sense that they're gonna go bankrupt if they are not bailed out, guess what?
	I promise you, there are plenty of people who are willing to buy hotel chains and are willing to invest in hotel chains and buy a share and re-infuse with cash on the assumption that coronavirus is gonna let up in six months.
	So bailouts, this is one of the great misnomers about bailouts, is that bailouts prevent companies from going completely defunct.
	When the auto companies were bailed out, the choice was not between those auto companies being bailed out and the auto companies simply not existing anymore.
	The choice was between the auto companies being bailed out and investors coming in and buying the auto companies and treating them in a different way.
	Chapter 7 bankruptcy.
	When a company goes bankrupt, that does not mean that the company closes its doors.
	It just means they have to sell off their assets in order to pay off debtors.
	And it also means that somebody comes in and picks up the company.
	Somebody new comes in and invests in the company.
	So, bailouts are not the answer to this particular problem.
	A payroll tax holiday is a different sort of thing because that is just the government saying, we're not going to... That is the government taking its boot off your throat.
	That is not the government actively injecting you with steroids.
	So, there's a big difference in kind between those two things.
	In just a second, we're going to get to Chuck Schumer, who's ripping on Trump, and we'll get to the politics of all of this in just one second.
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	Now, again, the Democrats are trying to make hay out of all of this.
	They're suggesting that Trump has completely botched the response.
	Again, Trump's public attitude toward all of this has not been wonderful.
	I mean, you don't want him tweeting, you don't want him... I talked about this yesterday.
	He really should be quiet and let his experts talk.
	His experts know what they are talking about.
	But the generalized perception that the Trump administration has blown it That obviously is not true.
	Chuck Schumer is trying to promote that idea, of course, because the opposition party always tries to make it seem that the party in power is blowing it when it comes to public crises.
	Here's Chuck Schumer trying to call Trump's response slipshod.
	The federal government's initial response to the coronavirus was slipshod, at best.
	It has greatly hurt the country, and it falls at the feet of the president.
	The buck stops with him.
	Now I know President Trump will dismiss these criticisms and accuse Democrats of playing politics.
	That's what he always does when there's legitimate criticism.
	Because in President Trump's world, there's no such thing as a legitimate criticism of his administration.
	That is not having much impact.
	Now, here's the deal.
	Everybody is sort of assuming that the coronavirus stuff could really hurt Trump.
	The more Trump talks about it, the more it hurts him.
	But, all in all, the approval of his actions is exactly equal to his approval rating.
	In other words, everything seems to be priced in with Trump.
	Like, literally all the things seem to be priced in with President Trump.
	A new poll from Quinnipiac shows President Trump's overall approval rating at 54% is approved to 41% approved.
	The poll finds that 53% have confidence in the Fed's responsibility to handle the response, the federal government's ability to handle the response.
	Only 43% do not.
	As far as Trump, 43% of voters approve of his handling of coronavirus.
	49% don't, which looks exactly, exactly like his approval rating.
	87% of Republicans approve of Trump's job performance.
	83% of Democrats disapprove.
	Half of independents disapprove.
	So basically everything is already baked in with regard to President Trump.
	By the way, there are polls showing that congressional Republicans are more popular than congressional Democrats right now.
	So it seems like the voter polarization that has hit the country so hard is not waning in the aftermath of coronavirus.
	It was an opportunity for Trump to do better, but he didn't.
	And he's not also, he's not doing worse.
	He's not dropping precipitously in the polls so far as we can see for now.
	Meanwhile, today is a big primary day for the Democrats.
	So it is a, it is the end of the road, presumably for Bernie Sanders.
	There are several primaries today.
	And these primaries do not look good for Bernie Sanders.
	I mean, they're sort of a disaster for Bernie.
	This is particularly true in Michigan.
	In Michigan, he is just getting skunked.
	So remember, he won Michigan in sort of a shock last time around.
	People expected Hillary Clinton to do really well in Michigan.
	That, of course, did not materialize.
	The last poll had her up.
	He ended up winning Michigan, Bernie did, by about 25 points.
	He's not going to win Michigan today.
	He's going to get skunked in Michigan.
	So according to the latest RealClearPolitics poll averages, Michigan, Biden is leading Sanders by 22 points.
	22 points.
	In Missouri, Biden is leading Sanders by 30.3 points.
	30 points!
	So Biden is going to finish Bernie off today and that will be the end of Bernie Sanders.
	Meanwhile, some of the further states like Florida are really, really looking bad for Bernie Sanders.
	So Bernie is desperately trying to regain momentum, but he basically has nothing.
	It's important to remember, guys, that the Bernie Sanders popularity in 2016 was largely based on running against Hillary Clinton.
	It turns out the best thing you can ever do is run against Hillary Clinton.
	With the exception of Rick Lazio, every other politician who has ever run against Hillary Clinton, Barack Obama, The Barack Obama, Bernie Sanders, Donald Trump, every politician who has ever run against Hillary Clinton has done really well.
	People do not like Hillary Clinton.
	I mean, here's a good indicator of that.
	Bernie Sanders yesterday did a town hall on Fox News and he's asked about Hillary Clinton and the crowd boo's Hillary because people just hate Hillary Clinton.
	I mean, there's just no two ways about it.
	He was a career politician.
	He did not work until he was like 41 and then he got elected to something.
	It was all just baloney and I feel so bad that, you know, people got sucked into it.
	Wow, that's strong stuff.
	What's your reaction?
	Unlike Secretary Clinton, I don't want to relive 2016.
	We're in 2020 now.
	So half of Bernie's popularity was based on the fact that people hated Hillary Clinton.
	Now that Bernie is seen in a vacuum, people are not super fond of Bernie.
	And there's a reason for that.
	That's because Bernie is awful.
	He's truly awful.
	Now, Bernie is starting to... Bernie is still shying away from a couple of the attack lines on Joe Biden that might actually be telling.
	Like he said yesterday, he won't question Joe Biden's mental fitness.
	Well, good luck with that.
	But it's the fact that people are finally examining Bernie Sanders' agenda that is sending him to the political graveyard here.
	And the fact is that Bernie was leading up until the point he became the frontrunner.
	And then as soon as he became the frontrunner, sort of like Elizabeth Warren, people started examining him.
	And then they're like, well, well, and there's a reason for that.
	Last night on Fox News, Bernie admits, yeah, you know, there's going to be a giant price tag to all the programs that I'm proposing.
	How can you pay for all this?
	Good.
	All right.
	Now, I don't have the teleprompter, but all right, but I'll do my best.
	All right.
	I wish to get the numbers right.
	Okay.
	Good question.
	All right.
	Let's deal with it.
	Fair question.
	Bernie, you're proposing bold ideas.
	How are you going to pay for them?
	Right?
	With a big price tag.
	Yes.
	All right.
	Let's deal with them.
	Okay.
	And then he never deals with them.
	What he means by big price tag is like giant, giant price tags.
	One of the best moments of his Fox News His Fox News spiel last night is Bernie was talking about socialism.
	And he says, well, people keep talking about socialism like socialism is Cuba or like it's the Soviet Union.
	Well, it's not.
	It's Sweden.
	And then he is hit with the fact that Sweden is not, in fact, socialist and he has nothing to say.
	Here is Joe.
	Here's Bernie Sanders being completely disarmed on national TV.
	I'm talking about Finland.
	I'm talking about Denmark.
	I'm talking about Sweden.
	I'm talking about countries all over the world who have used their government to try to improve life for working families, not just the people on top.
	If you look at examples in Sweden and Denmark, They have been lowering or cutting property taxes, lowering corporate taxes, allowing vouchers for schools, for public schools.
	So they appear to be moving away more towards market reform and not towards what you're describing you'd like to see here.
	And Bernie's like, well, I don't know about that.
	One of the most hilarious things about Bernie Sanders' socialism is that he picks a bunch of capitalist countries and then says how wonderful their socialism is.
	By the way, all the talk about the Trump administration mishandling coronavirus, it is largely focused on Trump's rhetoric for a reason.
	And the reason that people are largely focused on Trump's rhetoric with regard to coronavirus is specifically because if they focused on his action, the Democrats have nothing better.
	In fact, Bernie Sanders' program, he says, I should be the head of the government because I'd handle coronavirus better.
	And then he proceeds to say one of the dumbest things in human history about Coronavirus and how to fight it.
	He says he would not close borders in the face of coronavirus, which is a genius move.
	Just every other country in Europe is doing it.
	You have an entire travel shutdown in Italy.
	You have an entire travel shutdown in Israel.
	You're seeing every major country in Europe closing its borders to people who are not tested.
	And Bernie's like, no, I would allow everyone to travel in.
	First of all.
	I mean, is Bernie aware of his age and health condition?
	Like, Bernie is on the hit list for coronavirus.
	Bernie checks every single box for vulnerability to coronavirus.
	He does.
	I mean, older people are really, really vulnerable to this thing.
	I'll say this for the man.
	I mean, his ideological purism apparently has no bounds.
	Here's Bernie saying he wouldn't shut borders in the face of coronavirus.
	If you had to, would you close down the borders?
	No.
	I mean, what you don't want to do right now, we have a president Who has propagated xenophobic anti-immigrant sentiment from before he was elected.
	What we need to do is have the scientists take a hard look at what we need to do.
	There are communities where the virus is spreading.
	What does that mean?
	It may mean self-quarantining.
	It may be not having public assemblies.
	But let's not go back to the same old thing.
	Yeah, the premise of the question, Bernie, was if you need to shut the borders, will you do it?
	And you started off by saying no.
	So I think that this sort of undercuts your own credibility.
	Also, you do have to love Bernie Sanders shouting that coronavirus vaccines should be free for all.
	He promises absolutely free coronavirus vaccine if elected.
	How does he think the coronavirus vaccine is going to be developed?
	It will be developed by private pharmaceutical companies, in all likelihood, who then charge either the U.S.
	government or actual individual consumers or health insurers.
	Why does he want to unburden health insurance companies, by the way?
	I keep hearing that health insurance companies are the worst thing in the world.
	Why wouldn't he force health insurance companies to cover coronavirus vaccine?
	He apparently just thinks things get created out of thin air without any profit margin attached to them.
	The people sit around in their basement and, for fun, create coronavirus vaccines.
	That is not the way the economy works.
	There's Bernie Sanders being a complete fool.
	Trump's people were saying just a little while ago that, yeah, we're working on a vaccine.
	Hopefully they are.
	But!
	But!
	This is how crazy it is.
	We couldn't guarantee that when that vaccine is developed, they couldn't guarantee that people would be able to afford it.
	I mean, this is how sick this system is.
	So let me tell you, if elected president, everybody in this country will get that vaccine absolutely free.
	Is that a radical statement?
	Okay, first of all, flu vaccine costs like 25 bucks a pop.
	It costs like 25 bucks a pop.
	I'm fairly certain that health insurance covers things like flu vaccine for the vast majority of Americans.
	I'm sure that Medicaid covers flu vaccine for people.
	The notion that people are going to go unvaccinated is simply ridiculous all the way throughout, but that is Bernie Sanders' campaign.
	And the good news is it's basically over today.
	Which is great, because his campaign is so radical that he had an imam open his rally yesterday.
	That imam has declared that the Jews are basically the worst people on planet Earth.
	He actually suggested that the Jews created ISIS.
	That guy opened Bernie Sanders' rally yesterday, that imam.
	He also suggested that Bernie is trustworthy, quote, even though he is a Jew.
	Which is always a great way to...
	To term that sort of thing.
	Meanwhile, Joe Biden continues to stumble around the country.
	Again, his big picture is that he is not Trump.
	So yesterday he was on MSNBC and he says about coronavirus, I wish that Trump would just be quiet.
	This is the area where Biden is going to do fairly well.
	If he can make Trump's chaos and sort of volatility the issue, then Biden does well.
	The problem for Biden is that Biden actually is kind of chaotic and volatile himself, as we'll talk about in just a second.
	Here's Biden attacking Trump over coronavirus.
	There's no confidence in the president in anything he says or does.
	He turns everything into what he thinks is a political benefit for himself, and he's actually imploding in the process.
	But there's a lot of innocent bystanders that are being badly hurt.
	And I just think it, I mean, I wish he would just be quiet.
	I really mean it.
	I mean, that's a really awful thing to say about a president.
	We should be quiet.
	Just let the experts speak and acknowledge whatever they suggest to them is what we should be doing.
	OK, there's only one problem with all of this for Joe Biden, and that is that Joe Biden is not the world's most stable dude either.
	OK, Joe Biden is not Captain Stability.
	First of all, man cannot string a sentence together.
	I mean, truly cannot string a sentence together.
	He is.
	Well, people are now attempting to suggest that it is somehow ageist to point this out.
	It is not ageist.
	People are suggesting that that Biden's lack of verbal cogency and coherence at this point is due to the fact that he has overcome stuttering, which is an amazing achievement.
	It really is.
	It's amazing that Joe Biden overcame stuttering.
	This has nothing to do with his stuttering.
	I've been watching Joe Biden for years when he was vice president.
	The stuff he is doing now is not a result of stuttering.
	The stuff that he is doing now is a result of the fact that he is in cognitive decline.
	I think it is very obvious to everybody who's been watching Joe Biden, he is not the same person that he was eight years ago.
	And that is not a rip on Joe Biden as a human being.
	That is a fact of life.
	As you age, once you get beyond a certain age, the possibility of cognitive decline is certainly on the table.
	And it's weird to me that all the same people who were suggesting that John McCain was in cognitive decline when he was running for president, and he was significantly younger than Biden in 2008, are now like, oh well, don't talk about Joe Biden.
	Don't talk about Joe Biden's age.
	Don't talk about his inability to speak clearly.
	It also happens to be true that Joe Biden is a volatile dude himself.
	Today, Joe Biden was speaking to blue-collar union workers in Michigan, and they were asking him about guns, and he just started shouting at them.
	Like, really shouting at them.
	Like, these are his prospective voters.
	He called some of them full of bleep.
	He told them to shush.
	He told them they don't need an AR-14, which is not an actual gun.
	That'd be an AR-15 that he's looking for.
	He told somebody, don't be a horse's ass.
	He said an AR is a machine gun, which it is not.
	He said, I'm not working for you.
	They're voters.
	So that's that's sort of confusing.
	So as the campaign goes on and we see more of Joe Biden, his campaign, no pun intended, is not going to age particularly well.
	OK, time for a quick thing I like and then we'll get to a quick thing that I hate.
	So things that I like today, I may as well mention it since everybody is apparently watching it.
	The Steven Soderbergh film Contagion.
	Is it in fact a very good film?
	It is a film about what would happen if there were to be coronavirus, but actually as deadly as people seem to panic that coronavirus is.
	If SARS, for example, with a 10% death rate had been, or rather MERS with a 10% death rate, if those, no, SARS had a 10% death rate.
	If SARS with a 10% death rate had hit millions or billions of people instead of hitting a very tiny fraction of the population.
	Here's a little bit of the preview for Contagion, which actually is a very well-researched film in terms of how the federal government would respond to the possibility of something like this.
	Watch this.
	It's transmission.
	So we just need to know which direction.
	On day one, there were two people.
	And then four.
	And then sixteen.
	In three months, it's a billion.
	That's where we're heading!
	They're calling out the National Guard.
	They're moving the president underground.
	People will panic.
	Get away!
	People tip over.
	The truth is being kept from the world.
	Cook your samples.
	destroy everything hello I need you to get me the names of everyone who serviced this room.
	It's an emergency.
	There's a reason why this film is doing so well right now in terms of people renting it, and that's because people are freaking out that this is exactly what's going on.
	And again, the depiction is actually fairly accurate.
	It was commented on at the time how well researched this whole thing was.
	Is this that?
	No, it is not.
	It is not.
	Okay, so just know that contagion is not what is actually happening on planet Earth right now.
	We've had a grand total of like 4,000 people dead across the entire planet.
	We've had 100,000 infections, not a billion infections, but that's why people are worried.
	So if you want to watch a super creepy movie that'll scare the living crap out of you in the middle of a panic, then absolutely go check out Contagion.
	Otherwise, maybe avoid Contagion until everybody is done with their panic.
	Okay, time for a couple of quick things that I hate.
	So I am deeply pleased, deeply pleased that Bernie Sanders' campaign will come to an inglorious end today.
	As I've said before, I think it is very good for the country that Bernie Sanders is not going to be the Democratic nominee.
	Having half the American population rally around an old communist who hangs out with people who hate the country and also happen to hate allies like Israel, it's a very good thing we avoided that fate.
	It is.
	And I think that Donald Trump is in fairly good position against Joe Biden.
	In all the latest polls, he's running even with him in all of those battleground states, which is kind of where he has to be.
	Okay, but the fact is that Bernie Sanders has surrounded himself with the worst people in American politics.
	One of those people, of course, is Representative Rashida Tlaib, who keeps insisting she's not an anti-Semite, even while wearing a shirt that literally erases Israel from existing.
	There's a picture of her holding up Linda Sarsour's new book.
	Okay, Linda Sarsour is an awful anti-Semite in her own right.
	She has stood with actual anti-Semitic terrorists.
	Rashida Tlaib took a picture of herself holding up Linda Sarsour is in the book because they're besties.
	And she's also wearing a shirt that has a picture of the entire land of Israel with Palestinian symbols over it.
	So when she suggests that she is in favor of a quote-unquote one-state solution, right, this is what she said.
	She's not in favor of a two-state solution.
	She wants a one-state solution.
	That shirt makes it fairly obvious exactly what kind of one-state solution she is looking for.
	Namely, she's looking for a one-state solution where the Muslim Arabs run things and the Jews don't exist.
	I mean, that is what the shirt is.
	The shirt literally has, there's no separation between the West Bank and Gaza Strip.
	This is why when people suggest, why doesn't Israel just make territorial deals with the Palestinian Authority, and with Hamas, and with Hezbollah, and with all of these various entities?
	Well, the answer is, because those people want to kill them.
	They want to destroy them.
	Rashida Tlaib would love to see the Israeli state wiped completely off the face of the earth.
	There's an online advertisement for the shirt, according to the Free Beacon.
	Stand in solidarity with Palestine by wearing this beautiful Palestine t-shirt.
	An outline map of Palestine is filled with red, white, and green Arabic letters that look stunning from a distance and spell the word Palestine up close.
	A patterned shemach wraps around the neck of the Palestinian state like the brave soldiers whose boots stand on the dusty ground.
	Those brave soldiers, presumably many of those would be terrorists.
	So just what a wonderful, what wonderful people Bernie surrounds himself with.
	Really are a joy.
	By the way, just to note, the people that Bernie Sanders and Rashida Tlaib have sympathy for are the same sorts of people who literally have been sending party balloons bearing bombs into Israel.
	This is a thing the Washington Post reported yesterday.
	From Netivot, Israel.
	The moment Meirav Hania's daughter stopped loving kindergarten came when a cluster of colorful orbs floated toward her playground during recess.
	Balloons had a pleased young Emma, her mother recalled, but another child, one who'd heard warnings from local police, knew better.
	That's a bomb.
	In recent months, hundreds of booby-trapped balloons, sometimes bearing the messages, I love you and happy birthday, along with small IEDs dangling by a string, have descended on this or other communities downwind of the nearby Gaza Strip, according to Israeli police.
	They're not seeking to kill Israeli soldiers.
	They're not seeking to do military damage.
	They're seeking to kill children.
	When you set balloons that say happy birthday on them into populated areas with bombs connected to them, can you think of anything really more evil than that?
	It's hard to think of things that are more evil than that, really.
	Most of these are landing in open countryside.
	None has just caused injury or death.
	Residents know the balloons are not as dangerous as the rockets fired by militant groups in Gaza.
	That'd be terrorist groups.
	Still, the escalation of this drifting menace has taxed police departments, disrupted daily life, and taken a psychological toll who live within reach of the Gaza Breeze.
	The purpose, of course, is to kill children.
	That is the goal of these things.
	But don't worry, there's a peace deal to be made and it's only Jewish intransigence that is causing all this.
	Probably Israel should just open its borders.
	Probably Israel should just let all the people who are floating balloons with IEDs cross the border or at least let in groups of people without any sort of screening so that those people can just enter Israel.
	Makes perfect sense to me.
	These are the people that Bernie Sanders has sympathy for.
	These are the people that Rashida Tlaib has sympathy for.
	Now, I would be remiss if I did not note at this point that it is the Jewish holiday of Purim today.
	Purim is a fantastic holiday.
	It's a really interesting holiday.
	It's the holiday where Jews read the Megillah.
	The Megillah is a story of an anti-Semitic regime that seeks to wipe the Jews off the face of the planet and is thwarted only by the decisive action of Queen Esther, who is a Jew who's roped into marriage to the king of Persia, is how the basic story goes.
	And her uncle, who's advisor to the king, Mordecai, stops another advisor, Haman, from carrying out this genocidal wave of hatred against the Jews.
	And the reason that Purim remains a relevant holiday is because the name of God is not mentioned anywhere, anywhere in the Megillah.
	It's really interesting.
	I mean, it's a religious text.
	The name of God is not mentioned anywhere in the entire Megillah.
	The reason being, it is the most modern of all of the Jewish texts in terms of its content.
	Meaning, it basically suggests That antisemitism is only thwarted on a realistic level in today's world by the concerted action of politically oriented people who understand true threats and who are not going to be put off by lies.
	So the fact that we read the Megillah every year is a reminder that genocidal antisemitism still exists.
	It exists in the Gaza Strip.
	It exists in Iran.
	It exists in the West Bank.
	It exists in southern Lebanon.
	And that anybody who refuses to acknowledge that is going to have to be convinced on a political level of the reality of that situation.
	Because people tend to believe that evil anti-semitism is only a figment of the past, or that anti-semitism only exists when it's an a-hole waving a Nazi flag at a Bernie Sanders rally.
	But the fact is, anti-semitism is very alive, it is very well, and genocidal anti-semitism is overlooked by large swaths of the West, particularly at the highest levels of politics.
	We need to remember that.
	Because Bernie Sanders, who has been called a victim of anti-semitism, Which on a broad level is ridiculous.
	Bernie Sanders is a propagator of anti-Semitism.
	I am very, very glad to see Bernie Sanders' campaign end today.
	It is well deserved, and hopefully he goes back to the earned obscurity that he so richly deserves over the course of 80 useless years on planet Earth.
	Worse than useless, counterproductive years on planet Earth.
	Alrighty, we'll be here a little bit later today with all of your updates, and then we'll be back here tomorrow.
	I'm Ben Shapiro, this is The Ben Shapiro Show.
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	Audio is mixed by Mike Koromina.
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	The Ben Shapiro Show is a Daily Wire production.
	Copyright Daily Wire 2020.
	Democrats in six states head to the primaries today, and polling shows Biden might blow Bernie out of the water within just a matter of hours.
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