, guy . S going on Europe Vincent we are seeing stocks guy we are seeing stocks turning around. Makes you wonder how bad they whisper number must have been for everybody to react positively to a 3. 2 number. Stoxx 600 in positive territory. Travel stocks leading the move. The big move in many ways has come from the ecb, announcing , theetails of its pepp pandemic emergency purchase program, which is it is using to buy bonds. It is basically tearing up all of the old rules that use to apply to ecb emergency purchases. As a result, we are seeing a big move on the italian 10 year, and massive move on the spanish tenure. Downw the bank of england today, and some really interesting comments out of the bank of england. Brent crude a little softer today, 27. 13. What a week it has been for stocks. There does seem to be much more positive sentiment towards the equity market. The question is how long can it last. Guy exactly. Vonnie exactly. Those jobless claims did serve four times the previous record, at 3. 2 8 million. Business is laying off workers so they can apply for unemployment assistant, so it is all part of this coronavirus story, and the human toll is getting worse day by day. To analyze, lets bring in Bloomberg International economics and policy correspondent michael mckee. It is almost we. 3 million. What do we read from these numbers . Michael that the economy was going on at a very fast clip and suddenly ran into a brick wall. That is a different kind of situation that we have ever seen before. Go back and look at that truck that you were just showing. On the far left side, 1982 was the previous record for the largest jobless claims filing in one week in history, and that was 690 5000. This is four times that amount, and we are probably not done. We will see a similar number next week because they couldnt process all of the claims they got this week, plus more people will be going on unemployment. We are going to see jobless numbers like weve never seen before. The question is, how long does this last . That is the problem. Nobody has any clue how long the economy is going to be on hold, and how fast it can get back. Allpowell saying this is going to depend on the virus itself and how long it takes to a thing wish that to extinguish that. He said dr. Knows more than i do. He said dr. Fauci knows more than i do. Guy lets listen to some of what he had to say. Chair powell we set the Interest Rates in time at what we think is right, giving the economy the right level of support. If we raised Interest Rates more, Economic Growth would have been a little bit slower, so it wouldnt have mattered in the end. We really are always setting our just rates at the level we think is appropriate. Jay powell talking about Interest Rates being appropriate. Central banks are doing an awful lot. The ecb out this morning with details of its pepp program. Weve got jay powell basically trying to communicate with main street as well. Regarding the relationship between what they are doing and what is happening with the claims number and the unemployment numbers we are seeing, are we moving too slowly . We all got really excited about this to trillion Dollar Program taking place in the United States, but the bank of england highlighted there could be lasting damage. Theres been a lot of criticism over here that the covering program to help Small Businesses is simply too complicated and too slow. In the United States, it is going to take a long time for checks to go out and for Small Businesses to be helped. Are the Government Programs we are getting simply too, located and too slow to help the economy where it needs it, right here, right now . Michael i dont think anyone would argue with that, and that is a historical norm. Andal policy takes a while, Monetary Policy can be put into place immediately. There just is no demand right now. The fed and the ecb have instead turned their focus to keeping the markets moving, and in the ecbs cased, keeping Interest Rates lower in peripheral countries so that they can borrow to try to improve their economies. The Monetary Policy aspect of it is always going to take time because it has to be put together by legislatures and passed, and then they have to put it into practice. It is one thing to just lower Interest Rates. It is another thing to write a check to billions of people, which is what the u. S. Is going to try to do. It is a much slower process. It has more power in the end. It is just going to take a while. Of course, the history of things over and over again is that some parts of it are going to work, some parts are not. Some parts are complicated, some parts are fairly simple. We wont know until they actually get them out there and try to get them working. Vonnie lets leave it there. Michael mckee, thank you for joining us. Go now to washington, where the u. S. Senate has approved an historic 2. 2 trillion rescue plan. Anna edgerton joins us over the phone. What happens next . Do we get this done and dusted, signed by the president by market close tomorrow . Anna probably by the time markets close. This is still scheduled for a vote in the house sometimes tomorrow. President trump said yesterday he would sign this immediately, as soon as it gets to his desk. The question is how the house is going to vote. They are going through a few different parliamentary procedures to make sure that the vote cant be blocked by any objection, but also not having to bring every Single Member back to washington to physically cast the vote. We were just talking about this with mike mckee. How quickly is this actually going to have an effect . How quickly, once the house passes at, rb going to see money in peoples pockets . How quickly are we going to see businesses helped . The economy is hurting right now. Can the economy wait two or three weeks, four weeks, for this to actually have an effect . Anna that is an excellent question. For the direct payments to individuals, it depends on whether or not the person filed a tax claim already this year or last year. People who have filed tax returns will get their checks faster because the irs has their data. Guest anchor people who receive monthly has their data. People who receive checks monthly from Social Security or theirns affairs will get checks faster. But the people most at risk who maybe didnt pay taxes in 2018. It will be a rush for the irs to get these out, and the irs is working not at full capacity. They have their offices staggered halfstaff so that they dont violate any social distancing requirements. They are also dealing with a normal tax season that has kinda been thrown up in the air by extending the payment and filing deadline until july 15. Theres a lot of uncertainty at the agency, but they are still the best positioned to get this money into american pockets quickly. Vonnie what happens next in washington, d. C. , assuming this all gets passed and signed and delivered into law . Do representatives go to their home districts and sort of isolate at this point . How many weeks does that go on for . Do we have any visibility . Anna sensors left town last night or this morning. They are pretty access to leave, especially after one senator tested positive for coronavirus and a few others have gone into selfquarantine. Had a previously scheduled recess for easter that was do to end april 20. Mitch mcconnell said last night they are not planning to come back before april 20, although they could if there was some dire need for the senate to act quickly. The health hasnt been in session since march 14, and we dont expect them to come back for fridays boat. They probably also will be out of town until april 20. However, nancy pelosi has also said if there is some dire need for the house to come back, she will call members back into session. We do expect there to be additional fiscal stimulus, but that probably wont be until the end of next month, just as we get a better sense of where the economy is and what it actually needs. Guy we are going to get a policy press conference fairly soon. Theories as to why aoc and sanders are doing what they are doing in terms of holding this thing up . Anna no. They have to make a point. Some of their points are good, that there is concern that you are spending 2 trillion. How much of that actually goes to people . It is not just the very progressive members. Weve also had people like justin amash, a very conservative member and former republican, who has now left the Republican Party an independent. He said for 2 trillion, it would be much better to just give every american 7,000 rather than the 1200 in this bill, and just give the cash directly to people. That would be a better option than feeding it through corporations, companies, and government bureaucracy to hope that it trickles down. It is not just the progressive members that have raised issues with this. There are also other members of congress who are uncomfortable with just how much money is going to be sloshing around government bureaucracy. Guy great stuff. Thank, indeed. Thank you very much indeed. Lets check in on the first word news. Here with the details, viviana hurtado. Viviana jp morgan slashed its outlook for the u. S. Economy for the first and Second Quarters. The bank sees gdp shrinking in the Second Quarter in an historic 25 decline. The bank says the federal stimulus package will only partially offset losses. The World Health Organization warning the u. S. Could become the next epicenter of the global coronavirus outbreak. Italy has suffered from the highest death toll. More than 7500 people there have died. A 22. 6 billion stimulus package. The measures will include cash transfers, as well as food security. Workers will be among those receiving help. India is on a total lockdown for three weeks. 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 viviana hurtado. This is bloomberg. Thank, indeed thank you very much, indeed. Coming up, we are all learning a great deal. We will talk about winners and losers next. This is bloomberg. Guy this is bloomberg markets. Lets figure out what is happening with these markets. A turnaround when it comes to equities post the claims number. Lets get detail nose taylor riggs. Lets get details now with taylor riggs. Taylor youre seeing a lot of green on the screen. Not the case in europe, where pressure is starting to turn around a little bit. The u. S. Leading the gains there. Lets take a look at an intraday chart because this is incredible. You hit the lows right before that jobs number, and then despite the record surgeon jobless claims, you are near the highs of the day. 500low on the 2020 s p forecast is actually above where we are currently trading now, so strata list so strategists are pretty optimistic towards the end of the year or so. Broadly speaking, it is a pretty risk off day despite the green on the screen. Yields are following. That shows the underlining nervousness despite the headline numbers in the s p being good. You mentioned the tech sector. I want to end on that. Take a look at zoom video sinceications, up 300 ipo. Just this morning, Morgan Stanley raised the price target on record usage and adoption as everyone is working from home. They are saying that zoom is now becoming the default for videoconferencing, and this pandemic is changing the way with think about videoconferencing and raising that total addressable market. Vonnie taylor riggs joining us on the markets. Thank you for that. For more now is Scott Kessler come the global sector lead at Research Firm third bridge. What are the Silver Lining for media, entertainment, telecom . T thanks a lot for having me. The reference to the notion of more and more people being at home, working at home, learning at home, and there are Certain Companies that have been serving that marketplace for a relatively long time that are being discovered and seeing their products and Services Increasingly in demand. I think that is one way to look at it. The flipside is that companies that are very reliant on a strong and booming economy bably are molar for noble are more vulnerable, as many suspect we are in the midst of heading to a global recession. Vonnie that said, how much welded us how much will this disrupt supply chains, and how much will this disrupt a Global Economy that is operating remotely right now . Bridge, weved talked to almost 150 experts when it comes to the impact of the coronavirus around the world. We obviously saw initial impacts, as you indicated, in primarilycting hardware supply chains. It is one of the reasons that apple preannounced and microsoft preannounced. Now we see that apple has closed all of its retail stores, and microsoft is really, to some extent, benefiting from prior investment in the cloud, offerings that are cloudbased, and collaboration offerings like teams. It is interesting because there are a lot of companies that, while they are benefiting, i think there are some negatives as well. That isomic strain being placed on corporations and individuals clearly is going to have a negative impact on overall purchasing. The question i think a lot of people are asking is to what extent companies are in a position to take share as people rethink the way that they engage in business and education, for example. Kids are literally on a zoom call right now with their teacher, so technology is certainly being widely used. Of the customers that zoom and the other video apps are attracting now do you think they are going to keep, and what are the longterm implications of it . Do i want to be long zoom and short the airlines . Are people going to travel less because of this . Scott we talk with a lot of experts around the world, and one of the observations that we have gleaned is that this is not necessarily just a temporary change is much as a lot of us are looking forward to returning to more normal life. The reality, it seems, and this is based on a number of interviews we have conduct it, is that this is probably going to mark a sea change in terms of the role of remote work and Remote Learning around the world. So you very well could see corporations relying less on traditional travel and more on, say, videoconferencing and Collaboration Tools like offered by zoom or other companies that people have been talking about. Slacks another company is another company that comes to mind. Weve conducted interviews with experts related to aws and google cloud, as well as micro soft azure as well as microsoft azure. I think the cloud is becoming more accepted as a way to execute and make content applications available in home environments. Guy it would be nice if there were some interoperability, though, because you spend your life logging into various videoconferencing apps. That seems to take an awful lot of time, i can tell you. Just in terms of the gig economy, it was fascinating to see uber calling on the government to help its workers. How does what is happening right now, and the government has put a lot of emphasis on helping gig workers, how does what is happening right now the longterm trajectory of Companies Like uber and all of the other companies that rely on these gig workers . How does that relationship change, and how does that affect their Business Models . Scott i think it is interesting. We have had a number of conversations with experts in and around Companies Like uber, lyft, and the gig economy more generally. On one hand, there clearly is a decline in demand related to people staying in their homes. People arent leaving their homes. They are not going out. They are not traveling. Extent, that is going to normalize. The question is how much return, change the way they are living daytoday. It is really open question. I dont have an answer for you. I think it is fair to say over the near term, this has had a pretty substantial negative effect on a lot of these companies, although i would point out that there could be positives related to food delivery, and a lot of these bothnies are involved in ridesharing and food delivery. What weve learned in having a lot of conversations related to the coronavirus and a current state of the economy around the world is that there are puts and takes. The lower Economic Activity in a lot of context is a negative, but a lot of these companies are poised to gain mind share and market share. We will see how that plays out, but my experience having been in the Financial Services industry for a couple of decades is that these types of events tend to trigger really significant shifts in the way people think and engage in products and Services Every day. We will see what the impact is three, 6, 12 months down the road. Guy it is fascinating because we are all seeing that it works, which i think is the biggest take away from all of this, and it can be done. Scott, thank you very much, indeed. Third bridges Scott Kessler going us on the tech sector. This is bloomberg. Vonnie live from new york, im vonnie quinn with guy johnson in london. Stay tuned. Howdy Banking Sector is faring with coronavirus. We will have a conversation with ubs ceo sergio ermotti, coming up on the show. This is bloomberg. Vonnie a little bit of breaking news, the u. S. Has indicted venezuelan president Nicolas Maduro on Drug Trafficking charges. Questioning the timing of this particular action right now, but there it is. The u. S. Has indicted venezuelan president Nicolas Maduro. This is all according to the associated press. We will have more details for you a little later on. We are seeing the epicenter of the coronavirus outbreak shift to the United States. The human crisis continuing to unfold in italy and in spain. Absolutely harrowing pictures. Viviana hurtado joins us to walk us through the develop mens. Viviana we are going to begin with those numbers. Global cases top 480 thousand. Than 21,500. E the u. S. Has been identified as the next global epicenter. The death toll topping 1000 115,000 topping 1000. 115,000 have recovered. Italy has suffered the highest death toll, more than 7500 people. Spain reporting a surge in cases, although there are fewer deaths than a day earlier. In europe over the past week, the number of infections has tripled. Europe now accounts for seven out of 10 fatalities. The concentration in spain and italy. The original epicenter of hubei province, china reporting last week, new infections dropped to zero. But in other parts of asia, fatalities and infections are rising, and indonesia, malaysia, and thailand. In tokyo, residents will stay at home as the Cherry Blossoms appear, attracting crowds. Back here in the u. S. , Federal Reserve chairman Jerome Powell told nbc the fed will keep credit flowing. He says, we are not going to run out of ammunition. Surged tobless claims a record 3. 3 million. On capitol hill, the pressure is now on the democraticcontrolled house after Senate Lawmakers unanimously approved an historic to trillion dollar rescue plan to shore up the economy frozen by the pandemic. The house voting on the bill on friday. Guy thank you very much, indeed. Central banks from the fed to the boj to the ecb have taken action to try to blend the blow of the pandemic. The question is, is it working . Manus cranny posed that question to ubs ceo sergio ermotti. Vonnie we are going to come back to that in a couple of moments, but first, our stock of the hour. For that, we go to dave wilson. Dave micron technologies came out with fiscal secondquarter results, the quarter ending in february. The effects of the coronavirus to some extent limited to asia in terms of their results, but they did see some pluses. , smartphones,s consumerelectronics, and chip demand for those products were down. If you look at earnings and revenue, they were down as well, but not as much as analysts were looking for in the bloomberg survey. They saw more demand for gaming consoles, the gaming consoles, notebook computers, and especially chips used in data center technology. As far as the fiscal Third Quarter goes, their earnings and is justprojections ahead of analyst average estimates, so that was definitely taken as a positive for memory chip demand. They are looking at a return to Revenue Growth this quarter. Earnings will be down, but if you look at the analysts, they are anticipating that they see renewed profit gains in the. Ourth quarter you see Western Digital a whole lot higher, and chip stocks more broadly. On the philly semiconductor index, they end up with the biggest weekly gain since 2001, a real rebound from a 35 decline for this index in the space of a month. Micron helping things along here. Recoverys an amazing and an amazing turnaround. It is going to be fascinating to see exactly how strong the demand is Going Forward in what is happening with the Technology Space in working from home. The technology sometimes works, and sometimes it doesnt. I am hoping it does this time. As we were saying, manus cranny spoke to the ceo of ubs sergio ermotti, and started by asking whether Central Banks have harmed markets. That weree actions taken are unprecedented, and they have been quite effective ofbringing down the funding markets, particularly on the dollar side. I do think that there are may be some small technicalities that need to be addressed, but i think that Central Banks and been actinghave very efficiently at this stage. Of course, there is little anybody can do about fear, and of the mostably one dangerous sentiments you can environment. Particularly, it is not fear about environment. Ands fear about health their lives. There is little Central Banks can do to alleviate this major issue. Manus that fear has given rise to a huge implosion in risk assets and haven assets. As you look at the markets recovering in the past couple of days, and i emphasize the past couple of days because we have seen these reprieves before, are we moving from fear and irrationality to perhaps slightly more rational moves . What is your interpretation of this recovery . To callit is difficult a rational move 10 options down on the s p every day, so i would say our assessment is that the market is trying to stabilize and find a new level after a major correction. We are almost down 30 worldwide this morning and across credit and all of the asset classes, moving so rapidly that it is very normal for the market to try to find a new level. So it is way too early to predict which direction we are going to go next. Draghi wrote an oped this morning, which i know youve had a chance to glance at. Thanks need to lend funds at zero cost. This is the way of becoming a publicpolicy vehicle. On collateral rules should stand in the way of creating all of the space that is needed in the bank balance sheet, and that guarantees should not be based on the credit risk of a company. Can i ask you, as a ceo of a major bank doing Major Lending around the world, would you sign onto this prescription this morning . Will this gather momentum . Yes, butn principle, in the details, i do think that are not part time of the problem, definitely now part of the solution. We want to be part of the solution. We are actively working with all governments and agencies that are involved in these initiatives worldwide as a global bank, particularly in switzerland. We are supporting what the swiss government hasnt lamented. For us, it is very clear that out of this program, we will make no profit. We dont want to make a single cent of profit, and therefore, we are there to function as a mechanism for policymakers to transmit the liquidity that is necessary at this stage to act. What we have to Pay Attention to whyo exactly making sure banks are coming strong into the cycle, that we dont affect the Banking System with problematic problems that we need to be resolved in the future. But we take very seriously our role, and we are well prepared for that. Vonnie ubs ceo sergio ermotti. Coming up later today, its been a wild week in distressed investing. Im going to be speaking with bruce richards, Marathon Asset Management chairman and ceo, to give us an idea of how everything has been going down. Its his is bloomberg. This is bloomberg. Guy this is bloomberg markets. Coming up in the next hour, we are going to hear from congressman patrick mchenry, the republican leader of the house Financial Services committee. From new york, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. It is time for your latest Bloomberg Business flash. Goldman sachs warns that even a price war halt cant save oil from a huge glut. Lockdown in countries around the world is creating a drop in demand. Cutsworn any production would be too little, too late. Bonuses could drop 40 or more across the financial industry this year. Alan johnson of Johnson Associates says a perfect storm is taking shape. He says the global recession and broader industry shakeup will crush bonuses. Morgans equity derivatives traders are making a haul in those violent price swings. They generated roughly 1. 5 billion in revenue so far this year, and that is almost what jpm reported from all equity markets in last years first quarter. It is a snapshot of the way the Coronavirus Crisis is shifting fortunes on wall street. That is your latest Bloomberg Business flash. Raise 1hoping to lion before this new idea to help with coronavirus treatment and other infections. The aim would be to great 300 be to create 300 million prefilled syringes. We welcome now the chairman and , and sonalijet joins us as well. How is it being used at the moment to help with the Coronavirus Fight . It is not being used at the moment because weve never had to have this kind of surge capacity. Essentially up to now, we have seen the problem in masks and protective gear and ventilators. That is the first surge. When we have a therapeutic drug or vaccine, we are going to have another surge. We are not going to be able to put drugs in these glass vials fast enough. It simply cant be done. This is how we are going to do it. We are going to put it into plastic files, where the government has said we can do emergency work at an enormously high speed. It is about a supplychain problem. We wont be able to do it without some complete changeover in the drug packaging supply chain. Vonnie in a publicprivate partnership, jeffries is ceding you 10 million, but hoping that will be 1 billion in clients involved, potential he. How is that going . It is just beginning. We are bringing the power of the government to bear, the fda, the resources, and you bring the private sector in so that together, we can get it done. You can build up to 30 selling lines, and you have to do it fast. We are just beginning to raise the private capital, but with the green light from the government picking this as the priority, we will be off to the races to get this going. Sonali Something Interesting about this venture, you were in talks with hhs well before the pandemic even started sweeping the nation and the world. How much were you and how much was hhs already aware that this type of pandemic would be such a threat . Jay hhs is always planning ahead. The assistant secretary of preparedness, that is his whole job. They have been working on pandemic flu, so when they approached us when they saw this technology, they said we could use this if the flu virus mood tainted flu virus mutated. Who knew at the time that the coronavirus would be just around the corner . So the government gets real credit here. They put together the partnership to get ready for a flu pandemic. Suddenly the coronavirus jumps on the scene, and now they have accelerated massively and said go as fast as you can. We are going to need to package therapies this summer and a vaccine sometime next year. We could meet up to a billion packages like this to get everybody in the United States at least two injections, and maybe more. The game here is volume and speed, and thats whats got to happen. Sonali you work with some any different drug providers right now. The is your expectation on best case and worstcase scenarios on how soon a therapy can be made available . Jay the best scientists currently believe we will find a therapy by this summer, a combination of one or more current drugs in a cocktail. I expect and believe that by this summer, we will have something to blunt the death rate. That is the goal. We will need tens of millions of doses because we are going to have millions of cases, but at the end of the day, we have a lot of reason to be hopeful on a therapy. A vaccine is trickier because you have to inject a vaccine in everybody, which means you have to be absolutely sure it is safe. That we are hoping for the middle to end of next year. Guy say that happens, we get that vaccine coming through. How quickly can the whole process be put into place to get those vaccines out . Just give me a timeline. I discover it on day one. Seeay what will i start to vaccines going out the door in significant numbers . Jay how it works is simply this. Vaccines are candidates. Just like candidates for president , theres a lot of them. You put them through a process. Only after phase two, which will be the summer, do you say we are pretty sure this works. Now we have to make sure it doesnt hurt people as much as it helps people. However, you start to manufacture volumes of that vaccine in the hope that it will pass those tests so that when you are ready, you have big vats of vaccine. Those still have to get into an injection format where you can get it into people. Vaccines dont save lives. Vaccinations save lives. That is the bottleneck in supply chain. Guy what is the difference between in vitro and plastic . Jay in vitro just means you are doing it in a dish. Plastic is actually the packaging technology. When people say they are doing something in vitro, it means they are doing it into ap tradition, either into into a petri dish, either into an animal or a human. You can put drugs in plastic or in glass. You can make this part of the container at very high speed, literally 10 million a day. You attach a needle hub much like insulin, and suddenly you have an induction to you have an injection device that people can use. Point, youvonnies did partner with jeffries on this initiative. You are looking to raise 1 billion from private investors as well. As you are moving so quickly to deploy resources, is this going to be profitable for those new investors . Jay i honestly dont know, but longterm, you need plastic packaging. Even if we dont make money initially, that is not important because longterm, you are going to need plastic packaging. Right now we are focused entirely on getting the capacity built, which is why we have created a Public Benefit corporation right from the start. We know this is the time for everybody to come together and step up. Its not about profits. Its about scale and making it work. Vonnie jay walker, thank you. Guy thanks very much. Jay thank you for having me. Apiject walker, the chairman and ceo, and our thanks to bloombergs sonali basak. Still ahead, our interview with House Speaker nancy pelosi as the house takes up a historic stimulus package that has cleared through the senate. Will it get through tomorrow . Nancy pelosi is going to be joining balance of power. This is bloomberg. Live from london, im guy johnson, with vonnie in new york. This is bloomberg markets. Time now for futures in focus. Lets talk to bob iaccino of path trading partners. I want to talk about what is happening in the crude market. All data points to the fact that we are going to see considerable slowdown in demand. Plus, weve got what is already happening on the supply side. Do you think the lows are in . Is there downside from here . Bob good morning. It is difficult to say that the lows are in. You have to look at the perspective of the shortterm shock we just got with the spr funding being taken out of the stimulus package. I dont think that was much. I actually learned it on bloomberg on hour or so ago. Weve already taken most of that back. So i have to think it is going to be lower than here. My shortterm target is about 17. We dont have really reliable figures on what potential demand is going to look like Going Forward, but also, given the structure on the way that things are working out, Companies Getting more used to teleconferencing, etc. , theres some longterm demand destruction going on. 1631. Gold is trading we are starting to see the stock market come back a little bit. Do you think that continues . Do we put downward pressure on gold . Bob i think it is difficult to look at the downside for gold in the same way it is difficult to look for the upside for crude oil. My colleague pointed out to me that if we get a new high today, we will have an outside range day, and that could be a potential move above 1700 in very short order. So the suffering that the gold longs took when it was all about waiting for cash, we have now seemed to stabilize with volatility falling for the last few days, we are seeing that in the physical market, where there is just no gold that can be purchased, even if you want physical gold. That demand will likely go into other avenues like etfs, futures, etc. Guy we are seeing an amazing week for equities broadly. Risk seems to be coming back a little bit. Do you think the market is getting ahead of itself right now on the upside . Bob i looked at the last three bear markets, and you are looking at a very diverse picture for getting back to the bear market entry. In other words, down 20 from a recent bear market. We have seen moves that have taken 14 months to get to the low of the bear market, but 1987 took two days. From that point on, it only took about four months to get back to that entry point. I am not ready to call a bottom, but i feel like this looks more like 1987 then it does like 2002 or 2008. I dont necessarily think the lows are in. Rifts get sold when people have delayed selling , but i think we might be nearing the bottom. It just might take a little bit longer to recover all the way back up to that bear market price on the s p, somewhere in the range of four to six months. Guy always appreciate your time. Thanks for that. Bob iaccino, path trading partners, joining us from chicago. Vonnie coming up, balance of power and an exclusive interview with House Speaker nancy pelosi. Shes planning a vote on the historic stimulus package in washington, so you want to tune in for that interview. That is in just more than 30 minutes time. David from bloomberg World Headquarters in new york to our audience worldwide, im david westin. Welcome to balance of power. The Senate Approved that 2 trillion spending package yesterday, and now it is time to the house, something i will be speaking to House Speaker nancy pelosi about later in this hour. In the meantime, we welcome our bloomberg chief washington correspondent kevin cirilli. Tell us about this package. Is it going to be approved tomorrow in the house . Kevin yes it is. Headlines crossing the terminal virtually as we speak that Speaker Pelosi says this is going to happen with strong bipartisan support on friday. The house now, according to the speaker, saying there is going to be this vote on friday, and that she expects it with strong bipartisan support. The senate really giving no wiggle room for any progressives in the house to dissent, on a resounding 960 vote in the senate. The senate was able to send it to Speaker Pelosi, so again, the big vote happening tw