WEBVTT - Coronavirus Explained by Ryan Gorman

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<v Speaker 1>Welcome to Coronavirus Explain. Here's your host, Ryan Gorman. Right now,

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<v Speaker 1>the entire world is dealing with the same issue, the

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<v Speaker 1>spread of a new coronavirus. Here in the US, life

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<v Speaker 1>is rapidly changing as communities across the country work towards

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<v Speaker 1>mitigating the spread of this infectious disease. Over the next

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<v Speaker 1>half hour, we'll talk to a medical expert, a government

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<v Speaker 1>response expert, and a financial expert to get you the

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<v Speaker 1>right information that you need to keep yourself and your

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<v Speaker 1>family safe. Our first guest is gonna help us better

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<v Speaker 1>understand the virus itself. I'm joined now by the Chairman

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<v Speaker 1>of Medicine at St. Joseph University Hospital, Dr Bob Leahda

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<v Speaker 1>Dr Lohida, thank you so much for helping us better

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<v Speaker 1>understand COVID nineteen. The first item I want to touch

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<v Speaker 1>on is what a coronavirus is and what makes this

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<v Speaker 1>particular one unique. Okay, a coronavirus, This is a fairly

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<v Speaker 1>easy question. Coronaviruses are RNA viruses. They're very infectious. The

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<v Speaker 1>cousins are measles and viruses that cause the common cold,

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<v Speaker 1>which are also coronaviruses, but they're not novel coronavirus is

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<v Speaker 1>the ones that caused the common cold. We've had around

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<v Speaker 1>for years and years, and when your listeners get sniffles

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<v Speaker 1>and you know, start to cough, etcetera, and and it's

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<v Speaker 1>usually early winter or early spring. Um, this is coronavirus

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<v Speaker 1>as a rule. But the novel coronavirus, the coronavirus of

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<v Speaker 1>is a specific mutant to which we have no immunity.

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<v Speaker 1>We've had heard immunity from the old coronaviruses that infect

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<v Speaker 1>us and cause the common cold, but we don't have

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<v Speaker 1>any specific community to the new coronavirus. Now, these viruses

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<v Speaker 1>are very infectious, so you breathe on somebody and you

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<v Speaker 1>can transmit the disease. The reason you do that is

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<v Speaker 1>because you have receptors for these viruses in your tongue,

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<v Speaker 1>the cheeks, your nose, your lungs, and even in your heart.

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<v Speaker 1>And so when you get loaded with virus, your immune

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<v Speaker 1>system has got to fight this virus that it has

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<v Speaker 1>never seen before. So there's all kinds of new immune

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<v Speaker 1>processes that go in which are very complicated. They go

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<v Speaker 1>into effect to try to overcome this new infection. And

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<v Speaker 1>that is primarily a coronavirus. Now there the reason it's

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<v Speaker 1>called coronavirus is a covering of the virus, and this

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<v Speaker 1>is extremely small um virus which can only see under

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<v Speaker 1>the electron microscope, so it's invisible to the naked eye.

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<v Speaker 1>These viruses have projections that stick out that make them

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<v Speaker 1>look like they have a crown, and that's why it's

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<v Speaker 1>called the corona or crown virus. So how does it

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<v Speaker 1>spread and what's the life cycle like from the time

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<v Speaker 1>of infection to when symptoms may begin to present themselves

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<v Speaker 1>to when someone's all better. Yeah, so that's that's a

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<v Speaker 1>good question. Now, the problem with this virus is that

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<v Speaker 1>you can have it and not know it. Um when

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<v Speaker 1>someone is exposed to somebody who's definitely infected proven infected,

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<v Speaker 1>it takes about five days at the least to show symptoms,

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<v Speaker 1>and the median time is eleven point five days. So

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<v Speaker 1>we like to quarantine people for two weeks because we

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<v Speaker 1>know that within two weeks you're gonna show signs of

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<v Speaker 1>the infection. So that's the rule of thumb. Now, the

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<v Speaker 1>problem with this virus, as I just said, is that

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<v Speaker 1>you can have it and not know it. And about

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<v Speaker 1>of people that are infected with this will have something

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<v Speaker 1>that you would consider a head cold or a mildly

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<v Speaker 1>scratchy throat and that's it. Nothing else. And then there's

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<v Speaker 1>twenty of people who may have what we in medicine

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<v Speaker 1>call coal morbidityes. That is, you either have diabetes, you're

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<v Speaker 1>on chemotherapy, you're an alcoholic, you smoke too much, you

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<v Speaker 1>have bad asthma, you have cop D. If you're older,

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<v Speaker 1>you have emphysema. People like that that get this virus

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<v Speaker 1>from somebody else wind up with bay had kinds of

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<v Speaker 1>respiratory problems, lung problems, and most of the deaths that

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<v Speaker 1>occur from pneumonia and overwhelming lung infection. And that's why

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<v Speaker 1>everybody has to be checked out and everybody has to

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<v Speaker 1>be careful because we don't know who those people are

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<v Speaker 1>that have these these glitches in their immune systems. We're

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<v Speaker 1>talking to the Chairman of Medicine at St. Joseph University Hospital,

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<v Speaker 1>Dr Bob Lajita here on My Heart Radio. There's two

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<v Speaker 1>other types of illnesses that a lot of people are

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<v Speaker 1>dealing with at the moment, the flu and allergies. How

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<v Speaker 1>can people tell them Apart from COVID nineteen well, COVID nineteen,

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<v Speaker 1>as as Tony Fauci, the head of the NIH state,

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<v Speaker 1>is about ten times worse than the flu. That's when

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<v Speaker 1>you get the bad infection. You'll run a high fever,

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<v Speaker 1>but you do that with the flu. If you haven't

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<v Speaker 1>been immunized. You'll get muscle aches and pains, You'll have

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<v Speaker 1>nausea and perhaps vomiting, maybe some diarrhea. All of these

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<v Speaker 1>things are similar to that which you would get when

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<v Speaker 1>you get the flu, and it's ex extremely difficult to

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<v Speaker 1>tell the difference. But the difference is we have a

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<v Speaker 1>vaccine for the flu, and we also have a rapid

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<v Speaker 1>test we do in the emergency room to determine whether

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<v Speaker 1>you have the flu. We can do it on site.

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<v Speaker 1>Most hospitals have flu swabs and flu tests that they

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<v Speaker 1>can do and you can get a result within an hour.

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<v Speaker 1>Um The allergies are very easy. You don't run a

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<v Speaker 1>high fever. With allergies. You you have sniffles, you your

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<v Speaker 1>you know, your nose turns red, you cough up a

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<v Speaker 1>lot of gunk. But that's not the same thing as

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<v Speaker 1>the flu, and it certainly is not the same thing

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<v Speaker 1>as COVID nineteen. You just brought up testing. Can you

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<v Speaker 1>explain for a moment what we should know about tests

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<v Speaker 1>for this coronavirus and why they seem to be a

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<v Speaker 1>bit more complicated than say a test for the flu. Yeah.

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<v Speaker 1>So the reason they are difficult is that the testing,

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<v Speaker 1>because coronas are very common, the regular garden variety coronas,

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<v Speaker 1>we have to be able to discern which one is

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<v Speaker 1>COVID nineteen. There's a very complicated pro sets which revolves

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<v Speaker 1>around the fact that this is a DNA virus, and

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<v Speaker 1>we do something called polymerase chain reaction on the sample.

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<v Speaker 1>That's why regular hospitals don't have at this point the

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<v Speaker 1>capability of testing for this virus. It has to go

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<v Speaker 1>to the state Health Department, and before that, it had

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<v Speaker 1>to go to the Communical Disease Center better known as

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<v Speaker 1>a c DC. You know the PCR, which we routinely

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<v Speaker 1>do for things like diarrheal infections. We do the PCR

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<v Speaker 1>for tuberculosis. Now this has this is a test that

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<v Speaker 1>has streamalized streamlined diagnosis of infections. Thirty years ago, we

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<v Speaker 1>didn't have anything like this. We would have to culture

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<v Speaker 1>you for TV. We would have to find out, you know,

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<v Speaker 1>in your stool if you had organisms that cause diarrhea.

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<v Speaker 1>Now we can do the same thing for coronavirus, but

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<v Speaker 1>we have to be able to produce the markers, namely

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<v Speaker 1>the r N a ribonucleic acid from the virus, which

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<v Speaker 1>we can get. We have to multiply that and then

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<v Speaker 1>we have to create these little tests that will define

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<v Speaker 1>and show us that you the patient has an antibody

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<v Speaker 1>or something that really reacts with this and what's called

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<v Speaker 1>the polymeray chain reaction. The polymeray chain reaction is a

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<v Speaker 1>little complicated to describe for your listeners, but suffice it

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<v Speaker 1>to say that that's the reason we haven't had tests upfront.

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<v Speaker 1>Really quickly, we're talking to the Chairman of Medicine at

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<v Speaker 1>San Choseph University Hospital, Dr Bob Lajida. A lot of

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<v Speaker 1>information is floating online suggestions for how people can keep

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<v Speaker 1>themselves in their families better protected. What are some practices

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<v Speaker 1>or products that we know actually work. Handwashing with soap works,

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<v Speaker 1>purel or hand sanitizers work. If you can get ahold

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<v Speaker 1>of some. We have them on the walls here. I

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<v Speaker 1>have a bottle right on my desk in front of me. Here.

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<v Speaker 1>I have several bottles at home and I wipe my

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<v Speaker 1>hands down. And I also get those you know, those

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<v Speaker 1>wipes we use in the gym wipe things down like

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<v Speaker 1>jim stuff. If you're going to a gym and you're

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<v Speaker 1>working out with a lot of other people, you want

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<v Speaker 1>to really wipe the machines down. You should be doing

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<v Speaker 1>that anyhow, but now you really should do that. If

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<v Speaker 1>you go to the theater, you should wipe the chair

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<v Speaker 1>down before you sit down and watch a movie. And

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<v Speaker 1>most people are going to go to theaters and movie

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<v Speaker 1>theaters and sit with two people today, Nor are they

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<v Speaker 1>going to go to Broadway shows and do the same thing.

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<v Speaker 1>Or flying an airplane, you gotta wipe You should have

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<v Speaker 1>done this before Corona. You gotta wipe the seat down,

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<v Speaker 1>You gotta wipe the tray table down and make sure

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<v Speaker 1>that things are pretty clean because these viruses can stay

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<v Speaker 1>on surfaces for upwards of two days, and some people

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<v Speaker 1>are saying even longer. What about face masks. Well, with

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<v Speaker 1>my patients that have certain illnesses, I make them wear

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<v Speaker 1>face masks. Now, the face mask they wear is the

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<v Speaker 1>cloth face mask. The N ninety five face masks is

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<v Speaker 1>the face mask that grips around your nose and is

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<v Speaker 1>and is seamless. You you you breathe through that mask,

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<v Speaker 1>but there's no leakage of air around it. The regular

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<v Speaker 1>cloth face mask does one thing. It protects you from

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<v Speaker 1>touching your face. Because if you handle uh, some object

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<v Speaker 1>that's been contaminated with the virus and you touch your face,

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<v Speaker 1>that's a problem. You'll get the infection. It'll go right

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<v Speaker 1>up into your narries of your nose or into your mouth.

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<v Speaker 1>And everybody touches their face. So we're saying wear a

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<v Speaker 1>mask of regular cloth mask and will prevent you from

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<v Speaker 1>touching your face. Also, wash your hands as much as

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<v Speaker 1>you can and keep the hands as sterile as possible. Now,

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<v Speaker 1>if you are infected and you're coughing up phlegm and

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<v Speaker 1>you're copping up what you think maybe virus, you should

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<v Speaker 1>wear a nice and mask or at the least a

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<v Speaker 1>surgical mask wherever you go. And frankly, you shouldn't go anywhere.

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<v Speaker 1>You should stay in your house. Uh, don't go to

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<v Speaker 1>the emergency room, don't go to your doctor's office because

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<v Speaker 1>you're gonna contaminate everybody else that's there. If you have

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<v Speaker 1>trouble breathing or you're running a super high fever, then

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<v Speaker 1>you go to the emergency rumor then you go to

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<v Speaker 1>your doctor's office, dial get an ambulance and get over

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<v Speaker 1>there or have somebody drive you. That's my advice. Is

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<v Speaker 1>there anything else about this disease or outbreak that you

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<v Speaker 1>think it's important we know? I think I think there's

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<v Speaker 1>not much we need to know right now. There's very

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<v Speaker 1>little known about the course it's going to take, whether

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<v Speaker 1>it's going to fade away in the summer or whether

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<v Speaker 1>it's going to continue into the fall. I do hope

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<v Speaker 1>that we have a vaccine in the early fall, September

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<v Speaker 1>October time, so that we can all get immunized with

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<v Speaker 1>the flu. At the same time we can get vaccinated

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<v Speaker 1>against Corona UH nineteen COVID nineteen, because that was that's

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<v Speaker 1>the only sure fire way that we're gonna be able

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<v Speaker 1>to control this infection. As you know, it's it's devastating

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<v Speaker 1>certain countries in Europe, like Italy and UH, countries like China,

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<v Speaker 1>and and it's just been devastating to all sorts of populations,

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<v Speaker 1>especially the elderly, those elderly people who are quite ill

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<v Speaker 1>with lung disease or people who chain smoke, UH probably

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<v Speaker 1>even people who smoke pot You've got to be understanding

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<v Speaker 1>that your lungs are irritated. And when you have an

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<v Speaker 1>irritated lung, it sets you up for roaring infection with

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<v Speaker 1>this virus because there are receptors in the lung for

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<v Speaker 1>the virus. Chairman of Medicine at St. Joseph University Hospital,

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<v Speaker 1>Dr Bob Lahda. Dr Lahda, thank you so much for

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<v Speaker 1>your time and thank you for helping us better understand

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<v Speaker 1>everything we need to know about COVID nineteen. You're quite

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<v Speaker 1>welcome and thanks for having me. Next, let's turn to

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<v Speaker 1>someone who can shed some light on the local, state,

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<v Speaker 1>and federal response to the coronavirus outbreak, joining me now

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<v Speaker 1>as a former counter terrorism and community outreach official and

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<v Speaker 1>former chief spokesman for the New York City Office of

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<v Speaker 1>Emergency Management, Jared Bernstein. Jared, thank you for joining us

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<v Speaker 1>here on iHeart Radio. Let's start with the organization's federal, state,

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<v Speaker 1>and local that our front and center in the handling

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<v Speaker 1>of this COVID nineteen response. What can you tell us

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<v Speaker 1>about them? Sure, well, depending upon where you live, you

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<v Speaker 1>will have a city or county or even cown office

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<v Speaker 1>of Emergency Management and Public Health Authority, and they're really

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<v Speaker 1>the front line of defense. They're going to be working

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<v Speaker 1>with local physicians and other medical providers, hospitals, nursing homes,

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<v Speaker 1>skilled nursing facilities to really understand what they're seeing in

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<v Speaker 1>the field in terms of patients, uh, symptomatic, where people

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<v Speaker 1>are coming from, and then they're going to report that

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<v Speaker 1>information up to a state department of health, and then

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<v Speaker 1>the state emergency management or territorial emergency management agency is

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<v Speaker 1>going to be involved, and those all ladder up to

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<v Speaker 1>the federal Emergency Management Agency, the Centers for Disease Control

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<v Speaker 1>and the Department of Health and Human Services, and the

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<v Speaker 1>National Institutes for Health. So really everybody is in this now.

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<v Speaker 1>The entirety of the federal government is involved with fighting

0:12:39.320 --> 0:12:42.320
<v Speaker 1>this outbreak, and everybody has their role to play here.

0:12:42.559 --> 0:12:45.960
<v Speaker 1>So communication is clearly important. So the right information is

0:12:45.960 --> 0:12:49.800
<v Speaker 1>going from local communities to the state level and then

0:12:49.800 --> 0:12:52.480
<v Speaker 1>eventually to the federal level too. Yeah, that's correct, And

0:12:52.760 --> 0:12:55.200
<v Speaker 1>and you know, communicating with the public in an an

0:12:55.240 --> 0:12:59.200
<v Speaker 1>outbreak like this is probably as much as important or

0:12:59.280 --> 0:13:01.920
<v Speaker 1>more important than the actual clinical care that you're giving,

0:13:02.000 --> 0:13:04.080
<v Speaker 1>because this this outbreak is going to infect a certain

0:13:04.160 --> 0:13:06.199
<v Speaker 1>number of people. But what we really need to do

0:13:06.280 --> 0:13:08.840
<v Speaker 1>is make sure that we can focus medical resources on

0:13:09.240 --> 0:13:11.520
<v Speaker 1>people who are most vulnerable, people who may have compromise

0:13:11.559 --> 0:13:14.640
<v Speaker 1>immune systems, people who may be elderly, have other some

0:13:14.640 --> 0:13:17.480
<v Speaker 1>some kind of medical condition going on. And the only

0:13:17.480 --> 0:13:19.200
<v Speaker 1>way we can do that is if they're public at

0:13:19.280 --> 0:13:21.360
<v Speaker 1>large cooperatives. And if you're sick and you think you

0:13:21.440 --> 0:13:25.120
<v Speaker 1>might have COVID nineteen, you can contact your your healthcare provider,

0:13:25.200 --> 0:13:28.079
<v Speaker 1>but chances are, unless you have one of those other conditions,

0:13:28.080 --> 0:13:29.959
<v Speaker 1>they're gonna tell you to try and ride this out

0:13:30.000 --> 0:13:32.800
<v Speaker 1>at home, obviously monitoring if your fever gets too high

0:13:32.880 --> 0:13:35.359
<v Speaker 1>or if you have any other kind of secondary symptoms

0:13:35.400 --> 0:13:38.920
<v Speaker 1>other than than what is you know, generally associated with

0:13:38.920 --> 0:13:41.200
<v Speaker 1>with this virus. And so that's going to allow our

0:13:41.240 --> 0:13:43.960
<v Speaker 1>public help, you know, resources to go to the people

0:13:44.000 --> 0:13:45.760
<v Speaker 1>who needed the most. But the only way we can

0:13:45.760 --> 0:13:49.920
<v Speaker 1>do that is if we are regularly as authorities briefing people,

0:13:50.240 --> 0:13:53.120
<v Speaker 1>and people believe that what they're being told by government

0:13:53.200 --> 0:13:56.600
<v Speaker 1>is accurate and that they're getting accurate and timely information. Um.

0:13:56.600 --> 0:13:58.800
<v Speaker 1>We always used to say that you want to tell people,

0:13:58.840 --> 0:14:01.520
<v Speaker 1>here's what we know, Here's what we don't know. Here's

0:14:01.520 --> 0:14:03.600
<v Speaker 1>what we're trying to find out, and here's what we're

0:14:03.600 --> 0:14:05.559
<v Speaker 1>doing about it, and here's when you will hear from

0:14:05.600 --> 0:14:08.640
<v Speaker 1>us again, and kind of keep repeating that drum deal

0:14:08.960 --> 0:14:12.079
<v Speaker 1>over and over and over again until people can come

0:14:12.120 --> 0:14:13.720
<v Speaker 1>to depend on if you can do it every twelve

0:14:13.760 --> 0:14:16.280
<v Speaker 1>hours or every six hours or every twenty four hours

0:14:16.400 --> 0:14:18.880
<v Speaker 1>and make sure people have the latest and greatest information

0:14:19.120 --> 0:14:21.520
<v Speaker 1>so they can make good decisions for their families. A

0:14:21.560 --> 0:14:25.440
<v Speaker 1>lot of people are hearing about emergency declarations, which can

0:14:25.480 --> 0:14:28.160
<v Speaker 1>sound a little frightening, but there's a purpose to them.

0:14:28.360 --> 0:14:32.920
<v Speaker 1>What actions do these declarations typically lead to. Sure, they

0:14:33.600 --> 0:14:36.760
<v Speaker 1>differ from state to state and from government to government,

0:14:36.800 --> 0:14:41.640
<v Speaker 1>but in general, emergency declarations allow executives, either mayors or

0:14:41.760 --> 0:14:47.480
<v Speaker 1>county executives or governors to circumvent state rules. Usually they're

0:14:47.480 --> 0:14:53.120
<v Speaker 1>related to overtime, to collective bargaining, to procurement. Sometimes they

0:14:53.160 --> 0:14:57.160
<v Speaker 1>involve quarantine, uh suspension of some kind of you know,

0:14:57.400 --> 0:15:00.080
<v Speaker 1>normal civil liberties. But in general, what they're really we

0:15:00.200 --> 0:15:02.440
<v Speaker 1>used for is to be able to buy things quickly

0:15:02.720 --> 0:15:04.800
<v Speaker 1>that we need without maybe going out to a ninety

0:15:04.840 --> 0:15:09.320
<v Speaker 1>day bid process or maybe lifting cap on caps on

0:15:09.440 --> 0:15:14.320
<v Speaker 1>overtime For particular job titles of critical critical employees, or

0:15:14.320 --> 0:15:17.560
<v Speaker 1>maybe ordering people into into work who we need to

0:15:17.560 --> 0:15:21.600
<v Speaker 1>come in and maintain our vital infrastructure like water and

0:15:21.680 --> 0:15:26.080
<v Speaker 1>sewer and electric and so emergency declarations are a means

0:15:26.120 --> 0:15:29.560
<v Speaker 1>to do that. At the federal level, an emergency declaration

0:15:29.680 --> 0:15:33.600
<v Speaker 1>typically means that FEMA is the President has declared a

0:15:33.640 --> 0:15:38.280
<v Speaker 1>major federal disaster, and it frees up FEMA to start

0:15:38.360 --> 0:15:42.960
<v Speaker 1>paying states and localities the cost of dealing with at

0:15:43.000 --> 0:15:44.960
<v Speaker 1>whatever the disaster is. A lot of times you hear

0:15:45.000 --> 0:15:47.280
<v Speaker 1>about it with a hurricane or a coastal storm or

0:15:47.280 --> 0:15:50.960
<v Speaker 1>a tornado, or even a major snowfall. If you get

0:15:51.000 --> 0:15:54.640
<v Speaker 1>a few feet of snow that overwhelms local or state resources, uh,

0:15:54.800 --> 0:15:58.760
<v Speaker 1>you can get a limited federal disaster declaration to help

0:15:58.840 --> 0:16:03.360
<v Speaker 1>reimburse on the back in for infrastructure and for uh,

0:16:03.400 --> 0:16:06.160
<v Speaker 1>you know, the human capital costs of dealing with these things.

0:16:06.320 --> 0:16:10.040
<v Speaker 1>We're talking to former counter terrorism and community outreach official

0:16:10.080 --> 0:16:12.400
<v Speaker 1>and former chief spokesman for the New York City Office

0:16:12.440 --> 0:16:16.880
<v Speaker 1>of Emergency Management, Jared Bernstein here on iHeart Radio. Lots

0:16:16.880 --> 0:16:20.480
<v Speaker 1>of events are being canceled across the country. Large gatherings

0:16:20.480 --> 0:16:24.800
<v Speaker 1>are being banned. What goes into those decisions, well, I mean,

0:16:24.840 --> 0:16:29.160
<v Speaker 1>there's there's lots of consideration, um, but basically you need

0:16:29.200 --> 0:16:32.440
<v Speaker 1>to figure out who's at risk, what the unintended first,

0:16:32.480 --> 0:16:36.120
<v Speaker 1>second and third order consequences are of closing down any

0:16:36.200 --> 0:16:40.320
<v Speaker 1>institution or series of institutions, whether it be public schools,

0:16:40.320 --> 0:16:45.400
<v Speaker 1>private schools, Broadway theaters, large gatherings. Um. Sure, it's a

0:16:45.520 --> 0:16:49.840
<v Speaker 1>very prudent decision to you know, close down large gathering areas,

0:16:49.880 --> 0:16:51.800
<v Speaker 1>but what are you you know, who are going to

0:16:51.880 --> 0:16:53.640
<v Speaker 1>pay the people who work at those places? And how

0:16:53.680 --> 0:16:55.360
<v Speaker 1>are those people are going to afford to feed their

0:16:55.360 --> 0:16:59.080
<v Speaker 1>families if they're not getting paid? So really, uh, you

0:16:59.160 --> 0:17:01.400
<v Speaker 1>try to take as as much of a holistic view

0:17:01.440 --> 0:17:04.440
<v Speaker 1>as you can to any kind of second and third

0:17:04.520 --> 0:17:06.960
<v Speaker 1>order consequences of the decisions you make. But at the

0:17:07.080 --> 0:17:09.879
<v Speaker 1>end of the day, elective leaders and they are appointed

0:17:10.000 --> 0:17:12.399
<v Speaker 1>staffs and teams have to make the call. That's what

0:17:12.520 --> 0:17:15.040
<v Speaker 1>that's that's what they get paid for. And you know,

0:17:15.119 --> 0:17:17.560
<v Speaker 1>sometimes they're gonna be right and sometimes they're gonna be wrong,

0:17:17.800 --> 0:17:19.879
<v Speaker 1>but they have to make decisions and and you know

0:17:20.000 --> 0:17:22.760
<v Speaker 1>that's what they're there for. Uh, And you know that's

0:17:22.800 --> 0:17:24.960
<v Speaker 1>what it is. And I'm assuming in most of these

0:17:25.000 --> 0:17:28.560
<v Speaker 1>instances there's some kind of coordination between public officials and

0:17:28.600 --> 0:17:32.359
<v Speaker 1>the private sector, especially when major sports leagues decided to

0:17:32.400 --> 0:17:36.240
<v Speaker 1>suspend games, which has a huge impact on the community. Yes,

0:17:36.359 --> 0:17:39.159
<v Speaker 1>I think, you know, normally it's made uh at a

0:17:39.240 --> 0:17:43.679
<v Speaker 1>more local level. Um the for example, the head of

0:17:43.720 --> 0:17:46.200
<v Speaker 1>the Madison Square Garden and the New York Knicks would

0:17:46.200 --> 0:17:48.679
<v Speaker 1>be coordinating with City Hall and with the New York

0:17:48.680 --> 0:17:52.439
<v Speaker 1>City Office of Emergency Management on a snowfall or a

0:17:52.520 --> 0:17:56.199
<v Speaker 1>blackout or something like our coastal storm. I think what

0:17:56.280 --> 0:17:59.320
<v Speaker 1>we're seeing here that's quite different is that whole leagues

0:17:59.440 --> 0:18:03.000
<v Speaker 1>or just shut down. Uh. And that's not something that

0:18:03.040 --> 0:18:05.680
<v Speaker 1>we've ever seen, at least in my lifetime, where it's

0:18:05.720 --> 0:18:08.439
<v Speaker 1>being done wholesale. I can tell you that in the

0:18:08.480 --> 0:18:12.840
<v Speaker 1>post nine eleven world, where there was a tremendous impact

0:18:12.920 --> 0:18:16.600
<v Speaker 1>on the financial sector in downtown Manhattan, lots of cities

0:18:16.640 --> 0:18:20.480
<v Speaker 1>and states have made a real effort to engage the

0:18:20.560 --> 0:18:24.359
<v Speaker 1>private sector at every level of emergency planning. In New York,

0:18:24.840 --> 0:18:28.760
<v Speaker 1>it is a very common occurrence to have a regular

0:18:28.880 --> 0:18:33.000
<v Speaker 1>conference call an update for leadership in the private sector

0:18:34.200 --> 0:18:37.080
<v Speaker 1>throughout the year, and especially in times of you know,

0:18:37.160 --> 0:18:39.880
<v Speaker 1>an active incident. I think the only difference we're seeing

0:18:39.920 --> 0:18:41.960
<v Speaker 1>here is just the scale of it because it is

0:18:42.000 --> 0:18:45.720
<v Speaker 1>a nationwide issue at this point. Final question for you.

0:18:45.800 --> 0:18:48.720
<v Speaker 1>We live in an age of memes and viral social

0:18:48.760 --> 0:18:51.320
<v Speaker 1>media posts. How important is it for everyone to get

0:18:51.359 --> 0:18:54.320
<v Speaker 1>their information from the right sources and really be careful

0:18:54.400 --> 0:18:57.360
<v Speaker 1>with what they share. I think that's a great that's

0:18:57.359 --> 0:18:59.199
<v Speaker 1>a great point and a great question. I know that

0:18:59.280 --> 0:19:01.679
<v Speaker 1>there is you know, a lot of suspicion of what

0:19:01.720 --> 0:19:04.520
<v Speaker 1>people call fake news these those but it's really important

0:19:04.640 --> 0:19:08.840
<v Speaker 1>in an emergency situation to get your information from the

0:19:08.920 --> 0:19:12.280
<v Speaker 1>elected and appointed leadership of your city, of your state,

0:19:12.480 --> 0:19:16.520
<v Speaker 1>of the country, and not be taking it from forward

0:19:16.560 --> 0:19:19.000
<v Speaker 1>that somebody may have said, you know, all this is

0:19:19.040 --> 0:19:20.879
<v Speaker 1>from a friend who works at the police department, this

0:19:20.960 --> 0:19:23.359
<v Speaker 1>is from a friend who's a doctor. Well, until that

0:19:23.400 --> 0:19:26.280
<v Speaker 1>person is in a position of authority where they're giving

0:19:26.320 --> 0:19:29.440
<v Speaker 1>direction and they will be held to account if it's wrong,

0:19:30.400 --> 0:19:32.840
<v Speaker 1>you should not be relying on the information. So I

0:19:32.880 --> 0:19:35.639
<v Speaker 1>think we need to, you know, utilize that The Centers

0:19:35.680 --> 0:19:38.879
<v Speaker 1>for Disease Control has an amazing amount of information on

0:19:38.920 --> 0:19:42.439
<v Speaker 1>their website at TVC dot gov. Each state has a

0:19:42.560 --> 0:19:46.200
<v Speaker 1>health department, and they are all using using their websites

0:19:46.480 --> 0:19:48.560
<v Speaker 1>and having a tremendous amount of information up there for

0:19:48.640 --> 0:19:52.400
<v Speaker 1>folks to folks to put on there. And individual employers,

0:19:52.800 --> 0:19:56.240
<v Speaker 1>you know, large companies are all doing really uh good

0:19:56.359 --> 0:19:58.760
<v Speaker 1>job at trying to inform their employees. And then you know,

0:19:58.920 --> 0:20:01.439
<v Speaker 1>individual smaller businesses are going to have to work with

0:20:01.520 --> 0:20:04.480
<v Speaker 1>their local Department of Small Business Services or local health

0:20:04.480 --> 0:20:07.040
<v Speaker 1>department in order to make sure that they have the information.

0:20:07.320 --> 0:20:11.120
<v Speaker 1>Former counter terrorism and Community Outreach official and former chief

0:20:11.160 --> 0:20:14.520
<v Speaker 1>spokesman for the New York City Office of Emergency Management

0:20:14.600 --> 0:20:17.160
<v Speaker 1>Jared Bernstein, Jared, thank you so much for your time

0:20:17.160 --> 0:20:19.880
<v Speaker 1>and insight. Thank you finally to help us better understand

0:20:19.920 --> 0:20:22.480
<v Speaker 1>what's happening with the markets and the US economy. We're

0:20:22.520 --> 0:20:26.439
<v Speaker 1>joined by CNBC contributor Ron and Sanna. Thank you for

0:20:26.480 --> 0:20:28.840
<v Speaker 1>taking the time to break this down for us. First off,

0:20:29.240 --> 0:20:32.760
<v Speaker 1>what sectors of the economy are getting hit the hardest

0:20:32.840 --> 0:20:37.480
<v Speaker 1>so far due to the coronavirus outbreak? Well, certainly travel

0:20:38.280 --> 0:20:43.240
<v Speaker 1>and business, travel, leisure, travel, um, restaurants, retail, anything that

0:20:43.400 --> 0:20:46.320
<v Speaker 1>is a really consumer oriented is getting hit quite hard.

0:20:46.920 --> 0:20:51.280
<v Speaker 1>Amid expectations that as as various cities and states around

0:20:51.280 --> 0:20:53.760
<v Speaker 1>the country declare states of emergency, or in the case

0:20:53.800 --> 0:20:57.000
<v Speaker 1>of New York, shut down things like Broadway um where

0:20:57.040 --> 0:20:59.600
<v Speaker 1>where the consumer directly has to go somewhere in order

0:20:59.600 --> 0:21:01.840
<v Speaker 1>to have an experience or a meal. All of that

0:21:01.960 --> 0:21:05.200
<v Speaker 1>is getting just absolutely crushed. And while we're not seeing

0:21:05.200 --> 0:21:08.200
<v Speaker 1>it show up immediately in the economic data, it's going

0:21:08.240 --> 0:21:10.879
<v Speaker 1>to And so it's that, and it's the fact that

0:21:10.880 --> 0:21:13.440
<v Speaker 1>we're now starting to see schools closed across the country,

0:21:13.520 --> 0:21:17.080
<v Speaker 1>not just universities, but elementary schools and high schools. We

0:21:17.160 --> 0:21:20.960
<v Speaker 1>are seeing disruptions now in workplace habits, where we're seeing

0:21:20.960 --> 0:21:25.520
<v Speaker 1>split teams, we're seeing people hopefully on in an hourly wage.

0:21:25.520 --> 0:21:27.280
<v Speaker 1>We'll we'll get a backstop, but if if they have

0:21:27.320 --> 0:21:29.600
<v Speaker 1>to stop going into work, you're going to have two

0:21:29.600 --> 0:21:31.680
<v Speaker 1>different kinds of shocks. You're gonna have a supply shock

0:21:31.760 --> 0:21:34.720
<v Speaker 1>because we have in some cases too many goods having

0:21:34.800 --> 0:21:37.120
<v Speaker 1>been made, and then a drop in demand and the

0:21:37.119 --> 0:21:39.800
<v Speaker 1>demand shock which could which could throw us pretty quickly

0:21:39.800 --> 0:21:43.000
<v Speaker 1>into recession. There have been a lot of comparisons of

0:21:43.040 --> 0:21:45.679
<v Speaker 1>what we're seeing right now to the financial crisis in

0:21:45.680 --> 0:21:47.760
<v Speaker 1>two thousand seven and two thousand and eight and the

0:21:47.840 --> 0:21:51.480
<v Speaker 1>period immediately after nine eleven? Is this similar or there's

0:21:51.480 --> 0:21:56.000
<v Speaker 1>some significant differences that we need to understand. In many ways,

0:21:56.000 --> 0:21:58.439
<v Speaker 1>what's transpired in the last three and a half weeks

0:21:58.440 --> 0:22:02.840
<v Speaker 1>four weeks is really a combination of multiple different events.

0:22:02.880 --> 0:22:05.639
<v Speaker 1>And in some ways this resembles the crash of seven

0:22:05.680 --> 0:22:09.960
<v Speaker 1>and for its speed and ferocity. In some ways it

0:22:10.000 --> 0:22:12.920
<v Speaker 1>resembles um what we saw at the end of two

0:22:12.920 --> 0:22:16.080
<v Speaker 1>thousand and and and then subsequently nine eleven, and in

0:22:16.119 --> 0:22:19.560
<v Speaker 1>some ways, and it's not quite there yet what happened

0:22:19.560 --> 0:22:21.280
<v Speaker 1>in two thousand and eight and and there are different

0:22:21.320 --> 0:22:24.239
<v Speaker 1>types of events. But what we're seeing here is what

0:22:24.280 --> 0:22:28.320
<v Speaker 1>we call an external shock uh that's affected the global economy,

0:22:28.359 --> 0:22:31.199
<v Speaker 1>starting in China, working its way across the world and

0:22:31.320 --> 0:22:34.320
<v Speaker 1>hitting US. And so we saw a drop in production

0:22:34.359 --> 0:22:37.840
<v Speaker 1>of everything from auto parts to cell phones to even pharmaceuticals.

0:22:37.840 --> 0:22:40.680
<v Speaker 1>In China, you saw most of Asia go through severe

0:22:41.160 --> 0:22:44.320
<v Speaker 1>quarantines and production shutdowns. And now here at home, we're

0:22:44.320 --> 0:22:46.639
<v Speaker 1>going to go through a similar series of events and

0:22:47.040 --> 0:22:50.000
<v Speaker 1>the markets responding to what is likely to be a

0:22:50.119 --> 0:22:55.120
<v Speaker 1>severe markdown in growth estimates and a very severe markdown

0:22:55.119 --> 0:22:58.640
<v Speaker 1>in corporate profits. And it's had to immediately reprice as

0:22:58.680 --> 0:23:01.520
<v Speaker 1>this coronavirus has inten sified. And part of the problem too,

0:23:01.520 --> 0:23:04.000
<v Speaker 1>is that we have not yet had an adequate healthcare

0:23:04.000 --> 0:23:06.679
<v Speaker 1>policy response in the United States. We haven't seen the

0:23:06.720 --> 0:23:09.840
<v Speaker 1>government yet agree on a measurement set of measures that

0:23:09.880 --> 0:23:11.919
<v Speaker 1>will support the economy. Now, the Fighter Reserve came in

0:23:11.960 --> 0:23:15.600
<v Speaker 1>this week and added in excess of a trillion dollars

0:23:15.640 --> 0:23:19.320
<v Speaker 1>of liquidity to the markets because we saw earlier in

0:23:19.359 --> 0:23:23.159
<v Speaker 1>the week a wholesale selling of almost every asset that

0:23:23.280 --> 0:23:25.439
<v Speaker 1>you could find. People were selling treasury bonds, they were

0:23:25.440 --> 0:23:28.919
<v Speaker 1>selling muniscible bonds in addition to stocks, gold, and oil.

0:23:29.400 --> 0:23:31.760
<v Speaker 1>And when that happens, when you get that kind of panic,

0:23:31.800 --> 0:23:36.040
<v Speaker 1>and I would argue that Wednesday and Thursday probably constitute

0:23:36.080 --> 0:23:39.919
<v Speaker 1>a crash in stock prices down about six in two days,

0:23:39.960 --> 0:23:42.560
<v Speaker 1>that you need some sort of intervention to to save

0:23:42.600 --> 0:23:45.479
<v Speaker 1>the system. And the system is not in jeopardy like

0:23:45.560 --> 0:23:48.280
<v Speaker 1>it wasn't two thousand eight, but we're starting to see

0:23:48.640 --> 0:23:51.560
<v Speaker 1>some strains, particularly in the credit markets, that that could

0:23:51.640 --> 0:23:55.400
<v Speaker 1>cause further problems for the financial system itself down the road.

0:23:55.640 --> 0:23:58.960
<v Speaker 1>We're talking to CNBC contributor Ron Insana here on I

0:23:59.080 --> 0:24:02.719
<v Speaker 1>Heart Radio. Why are we seeing the market down quadruple

0:24:02.760 --> 0:24:06.359
<v Speaker 1>digits one day, but then sometimes it finishes up quite

0:24:06.400 --> 0:24:10.000
<v Speaker 1>a bit the next day. This yo yo effect we've seen, well,

0:24:10.320 --> 0:24:13.720
<v Speaker 1>it's it's pretty obvious now that we're having fallen about

0:24:14.920 --> 0:24:17.240
<v Speaker 1>from its most recent all time high, that the markets

0:24:17.240 --> 0:24:19.520
<v Speaker 1>in what they call bear face. It is a bear market.

0:24:20.000 --> 0:24:22.640
<v Speaker 1>And just like in a roaring bull market, you get

0:24:22.680 --> 0:24:27.000
<v Speaker 1>corrections that are short, sharp and scary, in bear markets,

0:24:27.040 --> 0:24:30.960
<v Speaker 1>you get rebounds that they like to call rather ghoulish term,

0:24:31.000 --> 0:24:35.080
<v Speaker 1>but a rip your face off rally. It maybe one,

0:24:35.680 --> 0:24:38.800
<v Speaker 1>you know, one piece of good news and suddenly everybody's

0:24:38.800 --> 0:24:41.560
<v Speaker 1>been short the market they have to cover. Market snaps

0:24:41.560 --> 0:24:43.880
<v Speaker 1>back right in your face, and and it takes everybody

0:24:43.880 --> 0:24:46.840
<v Speaker 1>by surprise. And it's really more of a selling opportunity

0:24:46.880 --> 0:24:49.480
<v Speaker 1>than it is anything else. Just as corrections in an

0:24:49.480 --> 0:24:52.560
<v Speaker 1>ongoing bull market are buying opportunities, we're certainly not in

0:24:52.560 --> 0:24:55.920
<v Speaker 1>that mode right now and and again, and unless, or

0:24:56.000 --> 0:24:59.159
<v Speaker 1>until we see what what you want to call them,

0:24:59.160 --> 0:25:02.879
<v Speaker 1>Manhattan Project, Martial plan, kitchen sink response to these sets

0:25:02.880 --> 0:25:05.600
<v Speaker 1>of problems we're facing right now, it's unlikely that the

0:25:05.600 --> 0:25:08.960
<v Speaker 1>market will fully stabilize. We've done financial crisis before. We

0:25:09.000 --> 0:25:11.480
<v Speaker 1>know how to do that. What we don't know really

0:25:11.560 --> 0:25:14.280
<v Speaker 1>is how to deal with an external shock like this.

0:25:14.480 --> 0:25:18.840
<v Speaker 1>And and everyone's hoping that medical experts and scientists and

0:25:18.880 --> 0:25:21.119
<v Speaker 1>others would would have their hands on the wheel and

0:25:21.160 --> 0:25:25.480
<v Speaker 1>would be unimpeded by the administration in designing a set

0:25:25.480 --> 0:25:28.240
<v Speaker 1>of protocols that would would deal with this problem adequately

0:25:28.359 --> 0:25:31.960
<v Speaker 1>and quickly. So not only would have minimized the human toll,

0:25:32.040 --> 0:25:34.840
<v Speaker 1>but it would also minimize the economic toll that it's

0:25:34.840 --> 0:25:36.760
<v Speaker 1>likely to take over the next three to six months.

0:25:36.920 --> 0:25:39.320
<v Speaker 1>For those who have investments in the market and are

0:25:39.359 --> 0:25:42.359
<v Speaker 1>wondering what to do with all of this volatility, what

0:25:42.400 --> 0:25:45.280
<v Speaker 1>would you tell them? Well, as as we and some

0:25:45.320 --> 0:25:47.560
<v Speaker 1>of my colleagues at the NBC Offen say, panic is

0:25:47.560 --> 0:25:50.280
<v Speaker 1>not a strategy. Um And And here's where it comes

0:25:50.280 --> 0:25:53.720
<v Speaker 1>down to the length of time that you have to

0:25:53.760 --> 0:25:58.159
<v Speaker 1>be invested. If you're ten or twenty years or fifteen ten, fifteen,

0:25:58.160 --> 0:26:01.520
<v Speaker 1>twenty years or longer away from retirement, there is nothing

0:26:01.520 --> 0:26:03.760
<v Speaker 1>to do. Um. You just kind of ride this out.

0:26:03.800 --> 0:26:05.960
<v Speaker 1>You want to make sure that you own high quality companies,

0:26:06.320 --> 0:26:08.720
<v Speaker 1>or that you own high quality bonds if those are

0:26:08.720 --> 0:26:12.400
<v Speaker 1>in your portfolio. High quality assets of any kind um

0:26:12.480 --> 0:26:15.240
<v Speaker 1>and and then you write out the storm. If you

0:26:15.320 --> 0:26:18.640
<v Speaker 1>have anything that is questionable, it's probably a good time

0:26:18.640 --> 0:26:22.120
<v Speaker 1>to just jettis in that stuff. Maybe a little late,

0:26:22.160 --> 0:26:24.880
<v Speaker 1>but again this this could get worse before it gets better.

0:26:25.480 --> 0:26:29.360
<v Speaker 1>But typically financial advisors tell their clients is that if

0:26:29.400 --> 0:26:31.840
<v Speaker 1>you have short term money in the market that's going

0:26:31.880 --> 0:26:34.720
<v Speaker 1>towards a you know, down payment on a house or

0:26:35.480 --> 0:26:38.520
<v Speaker 1>mediate turn needs for a child's education, it never should

0:26:38.560 --> 0:26:40.560
<v Speaker 1>have been there in the first place, So that money

0:26:40.560 --> 0:26:42.480
<v Speaker 1>just gets stripped out of the market and put aside,

0:26:42.520 --> 0:26:45.719
<v Speaker 1>even if you have to take now loss. But again,

0:26:45.800 --> 0:26:48.000
<v Speaker 1>and you know, there's no period in history in which

0:26:48.400 --> 0:26:52.840
<v Speaker 1>the market hasn't been the higher ten years later than

0:26:52.880 --> 0:26:58.080
<v Speaker 1>it is today. There's one actually from the crash of

0:26:58.160 --> 0:27:01.480
<v Speaker 1>twenty nine. The now heaked in September of that year

0:27:01.960 --> 0:27:07.600
<v Speaker 1>at three. It plunged in the July of ninety two,

0:27:08.280 --> 0:27:10.720
<v Speaker 1>and it plunged a forty one, which is the price

0:27:10.720 --> 0:27:13.280
<v Speaker 1>at which had opened in eighteen ninety six. We did

0:27:13.320 --> 0:27:16.640
<v Speaker 1>not see three eight one again until nineteen fifty four.

0:27:17.040 --> 0:27:19.640
<v Speaker 1>So there was one twenty five year period in American

0:27:19.720 --> 0:27:22.760
<v Speaker 1>history where it took that long to go from the

0:27:22.960 --> 0:27:25.960
<v Speaker 1>all time high and twenty nine to recapture that level

0:27:26.400 --> 0:27:28.760
<v Speaker 1>uh in nineteen fifty four. That's the only time in

0:27:28.800 --> 0:27:30.960
<v Speaker 1>history that's been true. Now, had you bought anywhere along

0:27:30.960 --> 0:27:32.800
<v Speaker 1>the way throughout the decline, you would have done five

0:27:33.000 --> 0:27:34.399
<v Speaker 1>if you had the money, and this was during the

0:27:34.400 --> 0:27:36.880
<v Speaker 1>Great Depression. But but again, if you have a long

0:27:37.000 --> 0:27:40.360
<v Speaker 1>term time horizon, particularly if you're young, you should probably

0:27:40.400 --> 0:27:42.560
<v Speaker 1>be throwing a fair amount of your money at the market.

0:27:42.560 --> 0:27:45.640
<v Speaker 1>Now it may go down further, but you'll be buying

0:27:45.640 --> 0:27:48.040
<v Speaker 1>a discounted prices here. And as as as if you're

0:27:48.040 --> 0:27:50.320
<v Speaker 1>in your thirties, this is kind of where you step

0:27:50.359 --> 0:27:52.719
<v Speaker 1>up and buy with both hands. That actually leads me

0:27:52.760 --> 0:27:55.760
<v Speaker 1>to my final question, and again we're talking to CNBC

0:27:55.840 --> 0:27:59.280
<v Speaker 1>contributor Ron Insana right here on I Hear Radio. Are

0:27:59.400 --> 0:28:02.480
<v Speaker 1>there fine ancial opportunities that people could take advantage of

0:28:02.520 --> 0:28:05.800
<v Speaker 1>at the moment? There probably are, But this is one

0:28:05.840 --> 0:28:09.360
<v Speaker 1>of those environments where there's no need to rush. I mean,

0:28:09.359 --> 0:28:11.919
<v Speaker 1>if you're trying to catch the bottom tick in a

0:28:12.000 --> 0:28:15.360
<v Speaker 1>falling market, professionals aren't even good enough to do that.

0:28:15.640 --> 0:28:18.000
<v Speaker 1>So yeah, I mean, you may want to sharpen your pencils,

0:28:18.000 --> 0:28:19.399
<v Speaker 1>you may want to take out a pad of paper

0:28:19.400 --> 0:28:21.919
<v Speaker 1>and look at companies that you love, UM, that have

0:28:22.080 --> 0:28:25.000
<v Speaker 1>long term prospects, very solid balance sheets, that are going

0:28:25.040 --> 0:28:29.440
<v Speaker 1>to eventually recover from the sell off, and be prepared

0:28:29.480 --> 0:28:32.040
<v Speaker 1>to buy. But if you don't catch the first five

0:28:32.080 --> 0:28:34.560
<v Speaker 1>percent of the rebound or we have you know, kind

0:28:34.600 --> 0:28:37.480
<v Speaker 1>of a double dip in the market, there is no rush.

0:28:37.600 --> 0:28:39.640
<v Speaker 1>You can start adding little bits of money to those

0:28:39.680 --> 0:28:42.400
<v Speaker 1>companies and average in. As we like to say, you

0:28:42.400 --> 0:28:45.000
<v Speaker 1>don't take if you had a hundred thousand dollars, for instance,

0:28:45.000 --> 0:28:47.280
<v Speaker 1>you don't put it all in tomorrow. You might put

0:28:47.280 --> 0:28:49.480
<v Speaker 1>in eight thousand dollars a month over the course of

0:28:49.520 --> 0:28:53.200
<v Speaker 1>a year in order to kind of smooth out the

0:28:53.240 --> 0:28:55.800
<v Speaker 1>price at which you purchase the stocks you like or

0:28:55.840 --> 0:28:58.920
<v Speaker 1>the indexes or et s that you like. So no rush,

0:28:59.280 --> 0:29:03.160
<v Speaker 1>take your time. Quality is key. That's both in terms

0:29:03.160 --> 0:29:05.000
<v Speaker 1>of the stock market and in terms of the bond market.

0:29:05.040 --> 0:29:07.760
<v Speaker 1>You should know what you own at all times, and

0:29:08.000 --> 0:29:11.920
<v Speaker 1>UM no reason to to to just go headlong into this.

0:29:12.000 --> 0:29:15.320
<v Speaker 1>I suspect this volatility may go on for a time yet,

0:29:15.600 --> 0:29:17.880
<v Speaker 1>until we know more about the spread of the coronavirus,

0:29:18.840 --> 0:29:21.000
<v Speaker 1>until we know more about the human toll and the

0:29:21.080 --> 0:29:24.560
<v Speaker 1>economic impact it seems unlikely that we're quite out of

0:29:24.560 --> 0:29:27.479
<v Speaker 1>the woods yet, so no rush to buy, but you

0:29:27.520 --> 0:29:30.840
<v Speaker 1>can nibble over time, which would probably be a strategy

0:29:30.880 --> 0:29:32.640
<v Speaker 1>for those people who are trying to pick up some

0:29:32.680 --> 0:29:34.880
<v Speaker 1>bargains in the wake of what has been a a

0:29:35.000 --> 0:29:39.360
<v Speaker 1>pretty pronounced decline in stock this the decline on Thursday

0:29:40.360 --> 0:29:43.560
<v Speaker 1>was the biggest single day percentage decline we've seen since

0:29:43.600 --> 0:29:48.240
<v Speaker 1>the crash. CNBC contributor ron in Sona, Ron, thank you

0:29:48.280 --> 0:29:50.280
<v Speaker 1>so much for your time and expertise. We appreciate it.

0:29:50.360 --> 0:29:52.280
<v Speaker 1>Thanks for having me, a big thanks to all of

0:29:52.280 --> 0:29:54.080
<v Speaker 1>our guests, and of course to all of you for

0:29:54.160 --> 0:29:58.920
<v Speaker 1>listening to Coronavirus Explained. I'm Ryan Gorman on I Heart Radio.