Framing is important, time is relative, lots to talk about every week, while we are in the midst of what I think we will look back on and say is the first hopefully, only depression of our lifetimes.

This is getting much more politicized in the United States. Because there's an election coming up, but also because politically there's almost no way to turn. On the one hand, the death toll is going to be well over 100,00, and that was the frame of reference that President Trump said it would be a good job. We see Jay Powell, head of the Fed, who I think has done a very credible job through all of this, and speaks about it very credibly, and saying going forward that he thinks the third quarter, in fact, all of this year, is going to be economically very painful.