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Even though the gains have been so big, up until now it doesnt mean you should bail out and not get in on the game. I do wonder, jon, especially if we dont get a fiscal support package, especially if we do get increased deterioration in the economic data, i do wonder if well see a change in sentiment. Jonathan what if we get more restrictions . California, the governor, mr. Newsome had this to say yesterday. If these trends continue well have to take much more dramatic, arguably drastic action. If hes implying they might have to have a shelter in place order like back in spring or a flavor version of that, how do we get through that if we dont have the fiscal hand down from d. C. . Thats the question going into december and 2021 . Lisa the markets have shrugged this off completely. The deterioration some of the High Frequency data. If you want to look at the v shape recovery check out manufacturing which brings us to what we are l ....
Say about how gop leaders are reacting to the election outco outcome. The president does not like to lose and never admits loss. I more troubled by the fact that other republican officials, who clearly know better, are going along with this and humoring them in this fashion. It is one more step into delegitimizing, not just the incoming biden administration, but democracy in general. That is a dangerous path we. We would never accept that out of our own kids behaving that way if they lost. Right . I mean, if my daughters in any kind of competition pouted and then accused the other side of cheating when they lost when there was no evidence of it, we would scold them. I think that there has been this sense over the last several years that literally anything goes and is justified in order to get power and that is not unique to the united states. There are strong men and dictators on the world to think that i can do anything to stay in power. I can kill people. I can throw them in jail. I ....
The next four years and what it can reasonably be expected to achieve. Number what, largely, to be a steward of the nations recovery. Having to reconcile with an agenda that formally biden cant begin to implement it until january 2020. That leaves time for the Trump Administration to steer the agenda to our they favor. Covid cases are trending higher. There are signs that Economic Growth is showing some strain. When we talk about what good potential he talk about, Mitch Mcconnell is on board for some fiscal stimulus. Jay powell out there also making comments about what could potentially be done. Carolinerobably why sort of stormed off the set. Ratio, a lot of people in washington, look where the budget deficit is. I know you are a closet mmter, joe. Explain to me how you get a major fiscal stimulus done. Joe you ....
Credit spreads really came in a lot. Basically, this tugofwar. Do you look at nearterm challenges or 2021 . Jonathan looking forward to this conversation. Gershon distenfeld is with us. Good practice social distancing. You can take it off for the interview. Great to catch up. The shortterm risk versus the longterm risk. That is a part of the conversation at the moment. One thing that you said that is important, you cannot draw a hard distinction between the shortterm and longterm. Shortterm can actually shape the long term. Can you walk me through your thinking at the moment . Gershon absolutely. The mask is not what you think. It is a plea for you to come home. Know howuse we dont to run elections here doesnt mean that you cannot come home. You may have voted for brexit over there, but you dont really know what you are doing over there. Jonathan i dont think you want me to weigh in on the election right now. You dont need the view from london. I will come home soon. Can we start with ....