Yeah, look, we saw the market rally and the vibs rally earlier this week. Just a terrible sign the 6 0 the vix the vix is the gauge, supposed to go in opposite direction. And spear downturns. That said, over bought as we are, its actually good. I went back to 1985 when you have periods where you are as overboard as we were, you tend to have 3 corrections and no more so lets have the 3 correction. Lets watch out for the stocks trading. David portnoy, the most important force i believe in the market by gunning the cruise ships and in gunning the airlines oil. At least his cohort was doing so watching the robin hood margin features again, this is wa we have to do. If we think the market is run by people who trade through Goldman Sachs were fools. The people active, the people trading retail, trading cruise, airline. Trading low price oils its fun for them and great. A lot use big margin calls that are coming, but the market became fun now, the reality is, and david, you know this market w
We still cant hear you. I wonder if we should try having you sign in again or have you call in rather than just a video link and we could hear you by dialing in. I will let my staff interact with you directly and in the meantime we will begin with some questions. My apologies, Mister Morrison, we will get this worked out. Let me look for any of our witnesses that can be heard. The current pandemic began in china. If possible the next pandemic may begin somewhere else. If the pandemic were to begin or begin spreading in africa what level of confidence do you have in our ability to identify that it is taking place, what transparency would we find, given there was not much transparency out of china in some critical early days and weeks, how would you assess the threat of a pandemic coming from the african continent . Can i start . Sure. Im confident that should such a pandemic start in africa we would have tremendous cooperation. I look back on the situation with ebola in west africa wher
That is where we are at the moment. Another down day for crude. Brent also down. Tom lets get more analysis on the market. When you look at what happened with help things are playing out in asia, is it taking offer a stellar quarter . Probably a bit of both. Concern withys the cases we have seen. In cases like texas. They have a bit of a crisis going on there. The fact that new york, new jersey, and connecticut have now set a quarantine for people who travel from these hot zones and the rest of america. Imposing an economic constraint. They are worried there will be another abruptness to this. That the Economic Growth that america had. In states of new york, when they take this action, that is a worrying time. That would hurt businesses on a much bigger basis. That is what wall street is concerned about. The hit to the economy. There has been talk the u. S. Government is getting ready to do a fourth round of fiscal stimulus. There has not been any details yet. The market would be conce
Time those are good too if demand from the treasury doesnt come back in coming months, whats the longer term implication for Interest Rates i know youre reticent to give any forecast on Interest Rates, which i understand, but give us a tone about the impact, the correlation there. There seems to be flying of demand for our paper i wouldnt want to speculate about what Interest Rates might do were the worlds reserve currency and in times of stress people want to own u. S. Treasury obligations and thats been the way that is for a long time. Even if some of the problems as in the last crisis, problems originated here, notwithstanding that we have the strongest, economy, most liquid markets. One last question ill yield my time back. Youve been gracious with your candor and your time i heard a conversation in this hearing about labor. Our state was one of the first ones to reopen one of the inhibiters to supplying the demand that i think is out there and i think were proving that is getting
If demand for that paper does not come back in the coming months, what is the longerterm implication for Interest Rates . I know you are reticent to give any forecast on Interest Rates, which i understand. Give us a tone about the correlation there. Chair powell there seems to be plenty of demand for our paper. I would not want to speculate on what Interest Rates might do. They are the worlds reserve currency, and particularly in times of stress people want to own u. S. Treasury. That is been the way it is for a long time. Even if some of the problems, as in the last crisis, love the problems originated here, people wanted u. S. Treasury, and that is because we have the strongest economy, the best institutions, the most liquid markets. One last question. Youve been very gracious with your candor and your time today. I have heard a conversation in this hearing about labor. I hear all over my state, our state was one of the first ones to reopen. One of the inhibitors to supply and demand