Mottek On Money (March 20th, 2020)

The coronavirus crisis hits consumers, businesses and the financial markets hard this week despite dramatic new efforts from the Fed, the White House and congress to control the economic damage. The Dow wraps up another extremely volatile week marked by thousand point swings with another closing loss of 913 points to 19,174 for a drop of 17.3% for the week and 35% from its all time high achieved last month. The Dow is now more than 10,000 points below its February 12th high in what has been the fastest turn from bull market to bear market in Wall Street history. This week's momentous events discussed with Dr. Mohamed El-Erian, Chief Economic Advisor, Allianz, former PIMCO CEO in Newport Beach and leading influencer in the financial world. And Jim Hausberg, Managing Director and Partner, HighTower Advisors in Los Angeles. Los Angeles philanthropist, business and civic leader Rick Caruso, CEO of Caruso, developer of shopping destinations including The Grove, Americana at Brand, Palisades Villages in Pacific Palisades and others, discusses the decision to keep his properties open to the public during this unprecedented time. He also shares his insights on what needs to happen now to bolster consumers, retail, business and the economy.
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