Trish Regan: Coronavirus finally gives us the bipartisanship we needed
Democrats, Republicans putting aside political differences for the good of the country
Coming together is something to be proud of. The left and right joined hands as corporate rivals teamed up because everyone recognized there is still much much to do. The President of the United States declared coronavirus is a national emergency on Friday.
The markets recovered, up 9.4 percent on the Dow, leading to the best trading day since 2008 amid news the pharmaceutical company Roche received approval for a coronavirus testing kit that is 10 times faster than anything else on the market.
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Meanwhile, the State of New York, thanks to Governor Cuomo, is becoming a template on how to test - setting up drive-through stops where people can be swabbed for the virus. Eventually, this will be put in place nationwide.
The president praised Cuomo's efforts. Cuomo, earlier, doing the same for Trump.
This is the kind the bipartisanship we need right now.
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It's critical we know who has this virus. We must test for the virus in order to stop the spread. South Korea is the model to follow. They helped stop the spread of the virus by discovering who has it.
Our path forward is together: The left and the right united to fight this crisis.
This is what government is for, to be our ultimate safety net. We've got $1.5 trillion from the Federal Reserve and hopefully more on the way.
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Meanwhile, the federal government needs to be proactive in finding ways to help people through what could be a great recession, if not depression.
I've explained before the power psychology has on the markets. Consumer spending accounts for two-thirds of our economy. And, at present, we have a real shutdown in consumer spending. Sure, they're buying supplies, but they're not going out, and discretionary spending will take a massive hit. For how long is the unknown.
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On Friday, news hit that arthritis drugs may be able to assist in reducing the coronavirus death rate. But, nonetheless, until we are able to stop the spread of this virus, we'll continue to struggle.
A vaccine from a company out of Canada is in the works, but, that may not be available until November in the best-case scenario.
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In the meantime, the bipartisanship on Capitol Hill is being echoed on Wall Street with companies like Target and Walmart, well-known rivals, joining hands to open their services up to our nation, and CVS and Walgreens doing the same.
We're all in this together.
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And we must stay safe. We must socially distance ourselves, and we must stay vigilant. If you can work from home, do so. If you can avoid going out to big gatherings, do so. Control who is in your presence, not just for your benefit but for theirs.
Like I said, we're in this together and we'll get through this together.