Greg Davis: Joe, when we think about the fiscal response that's going to take place here in the U.S. How significant when you think about it as a percentage of GDP? Do you think that type of policy would need to be to actually help us return to recovery in the economy?
Joe Davis: It’s actually one of the most important questions right now facing the markets. You know, if you would have asked me this time a month ago, I would have said 5% of GDP, which in the United States is one trillion dollars because our GDP is roughly 20 trillion dollars. That's a significant response. But I think today given the severity of the closures we're seeing across business activity, I'm more inclined to at least 10%. Again, to some that may seem like a lot. I will tell you, however, having studied financial crises and economic crises, the one common truth that I have been able to find is that when countries of any stripe are facing this sort of shock, the one lesson is: whatever you think you need to spend from a policy perspective perhaps spend a little bit more. And only for no other reason that you overwhelm the issue and then you prevent the so called second order effects. In other words, if jobless rates increase, well down the line there is potentially delinquencies on loans and more agents, so you're trying to overwhelm the response and effectively fill the void that the business sector has been forced to retrace from. So you know 10% is a bold response. I think we will see some more boldness in Europe, which in the past has been reluctant to have fiscal policy responses. So I think it's encouraging that we're seeing a very serious conversation on this front, even with some of the economic data not even showing the recession that we anticipate.
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