Weakness. We had massive Dollar Strength in the last few weeks, given the funding issues, and everyone just wanted hands on dollars. The fact that that is easing a little bit could give us some hope that may the funding issues have worked themselves out. What is not working out is big tex. I was innto this year, san francisco. You had rbc saying google, facebook, top calls for the year on ad spending. It was an election year, the olympics, it was all going to be a huge advertising year. As we know, the olympics were delayed. Facebook coming out and saying they are seeing a big uptick in usage of whatsapp. The demand for news is there, yet it is not translating into ad sales. The first thing you cut when things are tough is discretionary spending, so firms are starting to pull back on some of that advertising revenue. That is why youre getting at uptick in usage, but it is not translating into sales. I wouldnt be shocked if we got a lot of analysts revising after the olympics are delayed, what that means for some of the revenue. David thank you so much to taylor riggs for that report on the markets. The Coronavirus Crisis has brought a whole new meaning and importance to working from home, provides so much of the backbone for that work. Robbins,e now chuck chairman and ceo of cisco. Lets start with that issue. Cisco is so integral through your webex platform and things like that. What kind of traffic are you seeing, and how are you holding up . Chuck first of all, thanks for having me on, and thanks for all you are doing to report on this situation. We have seen unprecedented volumes. We are, to your point, Critical Infrastructure for working from home, and the Internet Service providers servicing all of us who are trying to work from home. I will give you some statistics. We launched free Cloud Security offers and webex offers, and in the first 24 hours of putting that off or out, we had 240,000 new users signed up. This is a platform that, before this crisis, was running 300 million users per month. We are now at 4. 5 million meetings a day. That doesnt even include one on ones occurring on the platform. We are at 12 billion Meeting Minutes through march so far. Just to put it in perspective, in the United States during 81 hours, we will do 100 million Meeting Minutes in just one hour in the United States right now. Our teams are tired, but when you are talking about a platform now trying to support three to four to five times it was ever five times the volume it was ever bit for it was ever billed for, we are thank to be where we are. Ford no one was prepared this type of onslaught. Have you noticed any type of witnesses you can be improving any type of weaknesses you can be improving . Chuck primarily it is about capacity. We have tremendous relationships with the large Service Providers around the world, and they have been incredible partners for us. One of the major ones in the u. S. , we needed capacity this week. I sent him a text at 6 00 at night, and by midnight, they had done the work and increased the capacity. It is related to that, and there are minor things that will happen during the day. We need everybody to be patient as we are seeing these platforms. I joke with my team, i should have told you that you need to build these to have everyone in the world working from home. Clearly, we didnt do that. But i have to tell you, i am so proud of what our team has accomplished. Is work david what is your own experience on working from home . Has that given you a different perspective on the work you produce . Chuck first of all, i think we all like working from home periodically. I think we all miss the office tremendously. But for our employees, we have look at this across three vectors. What are we doing for our employees, for our customers, and for communities . Even from home, we are able to execute on all of that. We have all of our employees working from home. We will continue to pay are contracted and hourly workers. We are doing a video meeting with all of our employees every week right now, the entire company. We have medical experts that are on. We will have one later tonight for a q a. We had 28,000 employees joining these q a sessions just so we can keep everybody up to date on what is happening. It is working fine for us right now. I think everybody is anxious to get back, but right now it is working great. David youve got your hands full just daytoday, but is it too soon to start thinking about longerterm implications for businesses overall . I wonder if everybody who has learned to work from home will go back to the office once we are passed this. Chuck i think the capacity and the ability to work from home will continue, and i think what this is helping people understand is that it is possible, and you can be productive from home. I do think this will change how we think about it in the future, but it is too early for us to really understand, and i told our Leadership Team yesterday, we are not going to understand any of the structural changes to our business until we get to the other side of this. The big thing we are really worried about beyond our customers, beyond our employees, our our communities. It is great to see the package being passed in washington today, but we have been trying to spearhead, using about what is happening with our homeless communities, with what is happening when we are one financial crisis away from being on the streets, this is what we have to focus on right now. We have been working very hard in Silicon Valley with our counterparts to make sure we are taking care of them as well. David i know that cisco has made a substantial contribution to try to help the effort. Stalk about your employees. At the same time we need you more than ever, you also have to worry about the health and safety of your own employees. How do you strike that balance . Chuck we are on the side of safety for our employees. We are making decisions around the globe as we saw the virus spread, and candidly, we were very quick to say everyone is working from home. We are blessed that we have and our employees have been in the middle of this crisis response. We had employees in the hospitals being built in china, helping standup networking equipment, delivering video units. We have been doing it in countries around the world. We are working on trying to network enable these parking lot labs being put up right now. Our teams, many are working from home, but there is a small percentage of employees who are working in the middle of this crisis right now, trying to help get us to the other side. We continue to do everything we can to take care of them as well, but we also have to make sure we are doing our part. David do you have a sense of what this means to cisco as a business in terms of revenue, cost, things like that . Demand is way up, as you have described. Are you concerned about the ability of some of your customers to pay . Chuck to be honest, we are not worried about it right now. We are just trying to get through it right now. Historically, we would prioritize our biggest customers who are the loudest, and now we have but a whole process in place to prioritize our supply chain capacity for those companies who are in the middle of trying to solve this crisis. We are not thinking much about what happens longerterm. Were just trying to do our part to get through it right now, and we will continue to do that and figure it out later. The 2youve mentioned trillion spending package that apparently has been agreed to now in washington. We hope it will get signed soon by the president. What do you see what do you want to see from the government at this point . Chuck i think we need to see speed. I think about this crisis in three ways. Theres the medical response, which we need to continue to support those heroes who are out there, these people are doing unbelievable work. Theres the financial response which we now have, and we need to get that money into the hands of the people who need it. The third is making sure our customers and all of the companies around the world can remain as productive as possible as we go through this different way of working. We need speed, and i think to the extent these Small Businesses can have a degree of confidence in these individuals can have a degree of confidence, it will take the stress out of the system. David one of the things reportedly being considered is rolling back the tariffs. Where are you on that . Chuck we would certainly be supportive. I havent heard that. We are basically not worried about the tariffs. Wherever we need to get our equipment from to meet the needs of customers, we are getting it. I think most companies right now have basically said we are trying to do everything we can to get through this crisis. We are not worried about the shortterm impact. We need to do what we need to do, so the tariffs are somewhat irrelevant to us right now. David thank you so much. That is cisco chair and ceo chuck robbins. We turn now to ritika gupta for first word news. Ritika Senate Republican leader Mitch Mcconnell says the senate will vote today on the historic submittal is package historic stimulus package that provides 2 trillion to rescue the u. S. Economy from the coronavirus outbreak. Most americans will get payments and Small Businesses will get on thekeep employees payroll. The house will also have to pass the measure before it goes to President Trump. In germany, and deliverables government has unlocked a historic rescue package. Lawmakers voted to allow additional borrowing to combat the Coronavirus Crisis. The new borrowing of 169 billion will be used to protect german jobs and businesses. Askingo, officials are officials to stay indoors amid a jump in coronavirus cases and warning the city could face a lockdown if the situation doesnt improve. Tokyo has been able to keep its numbers low, but has seen an uptick in cases during the past three days. There are 212 cases in tokyo among a population of almost 14 million. In russia, Vladimir Putin has pushed off a public vote on constitutional changes that would let him stay in power until 2036. It will now be held at a date to be determined later. Russia is trying to stem the spread of coronavirus. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. David thank you so much. Coming up, we talk with former Energy Secretary ernest munis on how to manage the global crisis. This is bloomberg. David this is balance of power. Ernest munis is a Nuclear Physicist ernest moniz is a Nuclear Physicist who became secretary of energy under president obama. Welcome. One of your colleagues had a report last fall warning that we were not prepared for a pandemic. Based on that research, what should we be doing now . All, the report was a joint effort with Johns Hopkins school of Public Health. You are absolutely right, the overarching conclusion was that the world was not really prepared for a pandemic. Unfortunately, we are seeing some of that play out. Certainly we are taking lessons from the international response. For example, countries like south korea and singapore that showed great speed in reacting to the virus have certainly done relatively well in its containment. But as you say, we are where we are now today, and today in the United States, the major issue right now, i would argue, is the personally of protective equipment, masks and ventilators and the like, getting that supply to scale very dramatically, frankly much more than we are seeing today is very critical. Secondly, both for controlling the health impacts, but also for facilitating the pathway back to economic recovery, we just need millions and millions of tests with fast turnaround times so that we can manage that return to the economy, and again, it is good to see that we are ranking up we are ramping up, but i think we need a dramatic increase in the logistical coordination we are seeing currently in response. David from your experience in the government and elsewhere, what could we do that we are not doing . You said both the personal protective equipment, we are not where we need to be. Should we be singing of this as a war of sorts and just say we need this many bombers, this much ammunition, and say we will do whatever we can to get there, rather than a bottom up, seeing how many of the masks can be produced by various companies . Ernest i think that is absolutely correct. Of course, and those kinds of major mobilizations, managing logistics is an enormous part of the issue. I think we have the talent in this country, and the military and the private sector, to manage largescale logistics. We need to do that, and we need to do that by first identifying where is the equip meant we need today, and i think a big part of that answer is china. We should be talking about how to coordinate with our states, with our governors, how we can have a massive supply from china today, but also then preparing our own industry, whether it is the defense production act or not, our own industry to start manufacturing at a very large scale because this is not going away tomorrow. That is something we need for ourselves and we need for the world because china and the United States, for example, will certainly be two of the hotspots for manufacturing, we would hope, of all of the necessary equipment. So i think this is what we dod, and what we are seeing in terms of mobilization is right on mark. David as a practical matter, how do you balance this, on one hand, the Public Health crisis, with the economy . The economy is clearly being decimated around the world by this. We hear the president of the United States adjusting maybe we need to bring people back by easter. From your point of view, do you try to balance those and bring some of the economy back, or did you take the more extreme measure like singapore did . But lets be frank, singapore is economy aunt limited economy, not what the United States. Ernest i cant back the idea of naming a date that is independent david i think we might have lost secretary moniz. This is one of the problems we have with all of this remote work. But we will have more with him coming up on Bloomberg Radio in the next hour. Still ahead, we will be hearing from olaf scholz, germany finance minister. Germanys lower house of Parliament Just voted to eliminate debt of 750 billion euros. This is bloomberg. David this is balance of power. Its time now for a check on the markets. Right now they are a bit higher. What is going on in the market . Kailey we are a little higher. It has been coming all over the place. Equity markets really struggling to find a footing here. Obviously we had a really strong day yesterday. The dow, the best day since the Great Depression era, but again, the nasdaq is slightly in the red. On the one hand, you do have stimulus coming. 2 trillion is about to be thrown at the u. S. Economy. On the other hand, you still have the ongoing pandemic, more cases piling up each and every day. I think the market is trying to counterbalance those to. I will say that the specific companies that are going to aid in the stimulus, airlines, boeing reportedly targeted in this bill, those are the stocks that are leading the equity market today. You have boeing up by more than. 25 those stocks are getting a lift because they are being targeted. Youre getting specific relief, but is this going to lead to a broader economic recovery . That remains another question. We have small gains for equities today, but you are still seeing that bid into the bond markets. U. S. 10 year yield is down by about six basis points today. This is the first time we have seen this happen. We have kind of been seeing a lot of it lately. The fact that you still have money flowing into fixed income indicates that things are more risk off than they are risk on at this point. David clearly there is going to be a lot more issuance, so that would drive down the price of bonds, you would think. Kailey yesterday, we saw mnuchin say we would issue longer dated debt to pay for the stimulus, and you saw yields pop back up. But then you have to counterbalance with liquidity issues getting figured out, still a desire for safety on the part of market for dissidents, and that is what you are seeing play out in the bond market at this point. David if you watch the market, is it responding more to the coronavirus news then what is going on in washington, or whipsawed between the two . Kailey when we saw futures and stocks really rollover this morning is when we saw an uptick in cases in spain and the worst day in italy. I think those are reminders to this market that whether or not we are getting action from monetary policy, whether or not we are getting trillions in fiscal stimulus, the virus is still spreading across the world, and it is those constant reminders that remind Equity Investors we still dont know what is going to happen and what is going to be enough to fix it. David do we have a sense of volume . I am curious about where the volume is. Friday was a quadruple witching day, and volume has been up in general. Kailey over the past 30 days, volume is about 36 above average. Granted, the past 30 days havent been your average 30 days, and for the past several weeks, we have been seeing wild swings in the market. Interestingly, when we saw the highest volume, looking at my terminal, was right at the open, when we actually went lower. F throughoutled of the day as we flicked to a between gains and losses. David coming up, with the Trump Administration and the senate reaching a deal on a historic stemless package, we will go through the details. This is bloomberg. David from new york, this is balance of power. I am david westin. The u. S. Economic stimulus package will provide muchneeded aid to American Companies hardhit by the coronavirus, but as always, there could be some people who are left out. Koching in now bloombergs s panova. It seems like bloombergs katia. It seems like people will be left out. It is a pretty big package, but the problem is, as always, the details and the caveats. For example, one of the big things is individuals will get the 1200 checks in the mail, and those are supposed to go out by april 6. That is the rumor from chuck schumer, who heard it from donald trump. The question is will that actually happen . We know the last recession took up to 15 months for that to go out. About 350 portion billion dollars, but how quickly will those go out, and also, how accessible is it . We have been talking to Small Companies that dont know how to navigate the system. It is also limited by how many employees they have, right . So there are all of these technical issues that remain to be seen, how they will get worked out. , put you, katia on the spot, doesnt matter the overall size . It is a little more than a months worth of shutting down the economy. It looks like it may be longer than that. Katia it really depends on who you ask we have been talking to a lot of economists who say it has to be the case of the government stepping in and taking care of all of the loss demand, so you heard from the st. Louis fed president bullard who said it should actually be a holiday. We do not know how much that would be. It would be in the tens of trillions of dollars, if not more, when you think about it. Measure, of bandaid but everyone we have spoken to so far is saying that they need to start thinking about fiscal stimulus part four, so this could be potentially the same size bill or even bigger. And again, it is not even the size, it is thinking about the details, how quickly they are taking about who it applies to, so we are just thinking of those details. Ok, that is our very own koch a demetri koch a demetri dmitrieva. Ia phone isng us by congressman Trey Hollingsworth, a Small Business owner himself. Congressman, thank you for joining us via phone. What is this for . Rep. Hollingsworth we want to make sure we are doing everything to help our employees, and to help everyone busygh this stressful and time. We need to make sure that the devils in the details here, that we get this money out as quickly as possible to those that needed as soon as possible, because ultimately, time matters here. This is a liquidity crisis for businesses that have seen all of the revenues dry out for the last two weeks but still have fixed obligations, so getting them as quickly as possible is key, just as katia said. David how is it going in indiana . You are a Small Business owner. How are your fellow Small Business owners . Rep. Hollingsworth it is a challenging environment. I think not only with the lost revenues over the last couple of weeks but also the prospect of an unknown period of time for which they are going to lose revenues going forward. Everyone is scrabbling to meet their fixed obligations. Everyone is scrambling to keep as many employees as they can, but i will tell you, hoosier hospitality, hoosier resilience remains a strong. Everyone understands that what we are doing is going to slow down, just as we have heard fauci talk about over and over again. Everyone needs to do the right thing for themselves, their businesses, their employees, the economy, and for those in hospitals right now. David slowing down the peak is critical. We do not want to overtax our hospitals, like we have seen in italy. At the same time, President Trump said he wants to see business back by easter time. Do you think he is rushing it a bit . Rep. Hollingsworth i think it remains to be seen. We have a lot of factors in how social distancing is affecting the major transmission of disease. At the same time, we have seen new and promising trials begin for therapies or for vaccines. We have also seen new diagnosis test that could speed diagnosis faster. All of those things play a part in this, and we want to make sure we do exactly the right thing for the American Public and not go into early but also because of the economy, not going into late. I think it is a balancing act. Day by day, lawmakers, the president , Health Care Workers have to keep in mind everything but i. David how confident are you that the every single day. David how confident are you that the federal government will marshal everything, things like personal protective equipment for the Health Care Workers, to make sure we have enough test kits. Are we doing everything we can . Rep. Hollingsworth we are. I think even more importantly, what we are seeing is the private sector beginning to leverage their resources even more. We have seen Great American manufacturers step up. We have seen Great American made fractures step up and say we can make m95 masks. I think what we see is the inclusion of infusion of private and public, to slow this curve down, to flatten it out, and to save as many individuals as possible. That is something i am truly proud of. When i continue to read stories about Companies Leveraging all of their resources, developing new techniques, therapies, vaccines, i continue to be proud to be unamerican and the americans that are standing up for our frontline workers, that are risking their lives, day in and day out. David congressman, how do you get information of the coronavirus come as a legislator, as a lawmaker, how accurate do you find it to be . How reliable . Rep. Hollingsworth first and foremost, i am calling all across the district everything but they. I am talking every single day. I am talking to hoosiers, those business owners, first responders, and asking, what are you seeing . What are you hearing . And then we are taking actions, whether we hear about a particular action, whether that is ppe or food supply, concerns about access to tests, to the loans we are making available through legislation, we jump on that immediately, because, as katia said before, this is a race against time. We need to get the tools in everyones hands as quickly as possible. First and foremost, it is information that comes from districts that is most valuable. These are the frontline individuals, whether they are employers, employees, Health Care Workers, first responders, these are the individuals that are seeing it firsthand. David how worried are you about running short of the critical medical supplies in indiana . Rep. Hollingsworth i believe that we will find a way to continue manufacturing. You know indiana state gdp has the highest proportion derived from manufacturing. Many of whom have stepped up and said we can make this, we will make it, and we will dramatically increase production, so i continue to believe that though this peak is coming, though we are riding through the acceleration phase right now, we will find a way to manufacture the ppe that is required for our hospitals, for our frontline workers to remain safe, and to remain giving the care that they need to do. David if you can have us do everything we are not doing right now, what would it be . Rep. Hollingsworth i think we have to continue to abide by these restrictions. I continue to see and hear stories about people that are going out, going into larger crowds, that are continuing to go out and have conversations with other individuals. We need to abide by these restrictions, to lower that basic transmission rate, so that we can get back to our normal life as soon as possible. We need to buy our Health Care Workers time. We need to buy our drugmakers time. We need to buy our Great American innovators time, and the only way we are going to do that is to abide by these researchers in the short run so that we can all. Be better off in the long run. David congressman, what about the monetary side . Are you comfortable with what the fed is doing . This is going a long way, even in this to trillion dollar bill, it allows the treasury to loan money to the fed. They can leverage to make a lot more loans. Rep. Hollingsworth i do. I believe the fed is taking very switch swift action they learned a lot in the last crisis about taking action early, serious and significant action. I think they have done that. They have worked very hard to make sure the plumbing of the Financial System continues to operate, and i think you have seen markets began to stabilize. I think you have seen markets began to get the grasp of that the fed is going to do what it takes to ensure that these markets continue to function, irrespective of what level they are at, they are going to continue to function, and i think that is usually important, over the weekend, over the past week im a that the fed has stepped up and said whatever it takes to ensure the markets continue to operate, we will do, and i think it will be the first huge step in this significant lesson coming out of the last crisis, where we were too slow to act. David what about the Congress Working . Are you confident we are equipped now to have the congress function, no matter what happens . We have already had some cases of coronavirus and the congress, house and senate side both. Rep. Hollingsworth we will find a way to continue to function. We will ensure that Congress Continues to operate and that the federal government leverages every single resource at its disposal to keep americans safe and to keep the american way of life safe. I absolutely believe that america will find a way, period. America will find a way to treat this disease. America will find a way to beat this disease. I believe congress can play a role in this, but every american can also play a huge role in ensuring that we are doing everything we can to slow that basic transmission rate, such that we get to a longer peak rather than a shorter, higher peak, such that we can protect our Health Care Workers. David ok, congressman, thank you for joining us. Let us congressman chair hollingsworth Trey Hollingsworth of indiana. Lets get to ritika gupta. Ritika thanks, good to. Pushing back nearly true trillion dollars stimulus 2 trillion stimulus plan through congress. The amount of americans who need the direct payments will get them, so aid may be needed to help a wider range of people and companies. Mortgage applications in the u. S. Were last week by the most since the financial crisis. The mortgagebacked association fell more than 29 . Coronavirus shutdowns in the latest financial turmoil pushed borrowing costs higher. Took a smallerce step toward a rescue package today. They were able to put some detail to activate the bailout fund. Still, they have not been able to settle the differences. In the u. K. , Prince Charles is testing positive for coronavirus. That is according to the press association. The prince is 71. Milds been displaying symptoms but is otherwise in good health. Global news 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. And riddick a good i am ritika gupta. This is bloomberg. David . David the u. S. Is not the only country pushing out a stimulus package. Germany is pushing a 750 billion euro plan. We get details from the countrys finance minister next. This is bloomberg. David this is balance of power. I am david westin. Lets get a view of the coronavirus. Yesterday, i got to talk to the chairman and ceo of 3m, mike roman. Making personal protective equipment for healthcare workers across the country. We talked about how they are working at 3m. Here is what he said. Mike well, we have been working closely with the government, with Vice President pence, from his business, looking at how we can shift what has been the intotrial m95 respirators health care, so i really appreciate the emergency use operas asian, the amendment which enabled us to deliver our industrial respirators, that n95 , so that was the first big step. The defense production act has really enabled us to Work Together on making sure we are getting the respirators to the most critical need of our own country, and our teams are working together with fema come up with health and human services, making sure that we are delivering where the needs are greater, so it is a has beenip that really very effective as we have come through the month of march. David moving beyond the n95 is something i am learning about,he power pure aspirator reporting at the uaw today to explain with those devices are and what the nature of this joint venture is. Ike that is a great example of how the companies have stepped up, they have responded to the call of action to help serve Public Safety and the needs of Health Care Workers. This is a great example. Ford reached out to us to Work Together on anything we could do to increase our capacity and the solutions we can bring to the market, and this powered air purifier is an area that is an important product for use in some of the health care environments, and ford can bring expertise, they can bring skills where it is needed most for us and help us increase our production of those powered air purifiers, so i am really pleased with fords response. David are there other possible joint ventures like that that you may be working on or that might expand capacity, with giving protective equipment to Health Care Workers . Acrosse are looking supply chains peered what can we do to increase capacity . We are working with a number of companies, how can we increase output of our lines, how can we bring new production faster . That is one of the things we can do, with normal or longer lead time. Companies are stepping into that. Theres also the logistic side. Normally the supply chain is efficient, but in times like this, where they are changing daily our working environments, we are finding people that are stepping up to help us. We now of ability to ship directly from our plans to areas that we need, really expedite overnight orders that are critical to needs on the front line. So it has been across that whole supply chain spectrum, and maybe most important, expanding vasily but all the way back to Raw Materials has been very important, the Way Companies have stepped up. David that was part of my interview with mike roman, the 3m chairman and ceo. Coming up here, we will go over europes economic engine, as we go live in germany in berlin with the countrys financed ministry. A big a stimulus package coming down the pike. This is bloomberg. This is bloomberg. David this is balance of power. I am david westin. German parliament voted earlier today to approve an historic 750 billion euro stimulus package. Bloombergs matt miller is live. Matt . Matt david, thank you very much. I am here with olaf scholz, the finance minister of germany. Eurospackage, 750 billion in aid and in stimulus has just passed through the bundestag. This isthrough how going to work. How much is actual stimulus, how much is liquidity, how much for the people on the streets, how much for companies . Mr. Scholz first is the credit line for the federal budget, which is 150 6 billion, and this will be enough to find all the needs that we have to give support to Small Companies, to have closed shop, because they cannot operate anymore, but we have to pay the rent. We have, for instance, extra money, which we get through our social insurance system to make it feasible to support those that are now in the situation that they dont have any work. Scheme, whichial helps to give money to the companies, that they could be together without putting them out of the job, and we pay for the wages. And we have a lot of money, which we will use with our social system that is already existing, giving people access to income, which they need if they, for instance, are selfemployed and dont have any income anymore, so we can give it to them, and this will also be extra money. We have extra berserkers, which are in this package. Whichhave extra perks, are in this package. We can support the economy with instrument we already have. There is the commercial bank, with the ks w, which we get the opportunity that they give loans to all the business, together with usual banks, but still there is no risk for the banks, and they can give the liquidity to the companies matt because a 500 billion euros i mean, even big packages, big numbers, if you put them altogether, it totals well over one trillion euros, what you did today and what you did at asw last week. Yeah, but really the chance that we made it feasible this was the background of the promotion bank, and so the same as for the other decision, we used the funds, which we had during the last crisis, 2008 and 2009, the Financial Market stability fund, which was drawn to give the chance to finance stocks or other ways of giving money for the companies of the Financial Sector at that time, and we now changed it and moved into the real economy, and so this will again have the possibility to give money to companies to buy stocks and give them the strength to sustain the crisis. The let me ask you about actual cash, though, because i think it is only 156 billion that you are borrowing a new money, fresh stimulus, they are calling it. Is that enough . Mr. Scholz this will be enough for the next month, because we have to make it feasible that the economy survives, and you should always understand that there is a very successful system of social welfare state, which keeps working as an automatic stabilizer. The robust system of germany is i think one of the most effective systems in the world to deal with a crisis, and they can seize that people do not themtheir income and give confidence in a very difficult situation. So the question of stimulus is coming when we are through the situation. Then i think it is necessary that we just wait for the economy to run again. Matt so on the others of this crisis, you mean, after you have got the spread of the coronavirus in check, then germany is going to have to think about you are already working on another stimulus package. Mr. Scholz this is something we could do then, and we are thinking about the possibilities and what would be very effective. Theresres some some sense in what the economists tell us, telling us it must be timely, targeted, as well as temporary, so instrument like this help the economy to start again. Matt what kind of size are you thinking . Germany has a love for the 50 billion number. Packagehat, 2008 crisis was 50 billion, the last environment a package was about 50 billion. Are we talking about more than that now . Can you break out of that number . Mr. Scholz we will do the necessary things, and we are able to do the necessary things, and this will very much depend on the situation we will have we are insituation now. I think the more important thing that we get through this situation, to be able to do things like that, because in the situation right now, it would be a bit ridiculous to do some isivities so that business booming tourism is booming at the same time that we start tourism. Matt of course, but you bring up an interesting point germany has given itself the ability to do this you brought your debt down to 50 of gdp. A lot of companies have had difficulty on that. How much firepower does that give you . How much space do you have now . Mr. Scholz i think we have all the firepower we need, and we will use it. This is the message we give to anyone, and this is always the idea behind our fiscal strategies. Big reason why it makes sense to reduce the public debt. Of course there might be a crisis, then we need to do the necessary things. Now we are in a crisis. It is something that came to mankind all of a sudden in a way, but now we have the strength, and we will use it. Matt so how hi can you go . Will you, if necessary, go to 90 of gdp or 100 of gdp . Sense toz it makes no speculate about numbers like this. Not to not be enforced do something, which we understand is hopeful, because all of the things that are necessary will work. Matt you mentioned it does not make any sense to try to boost the Tourism Industry right now. That is certainly true. Companies like lufthansa have seen their ratings turned to junk. How do you make sure that credit continues to flow to Companies Like that, that they dont fire workers, that they dont need to reduce capacity during this crisis . Any company,o anyone to chance, basically liquidity with shortterm employce, the ability to the people, though there is no work, because we give them the money to do so. Matt so when they get that money, do they have to also agree to not lay off workers . They do at that time, and on the other hand, we have the instruments of liquidity that we talked about, also the instruments to give money to the company, which is more in the way of stocks, and there are different and several instruments, just to make it feasible for them to get through the crisis, so that they can start after the crisis, again, and our aim is not to make to continue with the government stocks or so. It is just that we say we are able to help you with all the different needs, but afterwards, we will put all the money up again. Matt so you dont expect be actually taking stakes in these companies when you rescue or when you bail them out i hate to use that term, because it is pejorative, but when you save them, you dont then take a stake in the company as part of that deal . Mr. Scholz so we might buy stocks or so, but it is not for all the time. If the situation of the crisis. Matt i see. Speaking of blank stocks, when i look at the drop in the value of these companies that we cover on a daily basis, they have lost onethird, sometimes half of their value to are you worried that other investors and other countries for example, china has recovered fairly ugly, and germany is just at the start of this or a going to be able to come in here and acquire german assets at a discounted value . Mr. Scholz we will be able to react to that. With all of the fiscal money we could use. Matt what are you considering nationalizing some German Companies in order to save them from warren takeover foreign takeover . Mr. Scholz i think this will be not really necessary, because we will have ways to avoid the situation like this. Uh, the money that is earmarked for bailouts now, how do you expect that to, uh, how much do you expect to spend