>> that kind of permanent jobs destruction is taking years to come back from, and we are just now getting a sense as to how much permanent damage has been done to the economy. >> you have a fed that has literally looked into a television camera and said we are just printing the money. >> it is not a discussion about whether there is going to be a recovery or not. let's not confuse a bounce with recovery. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. it's really you are with us. "bloomberg surveillance" on radio, on television as well.

we've already had some great conversations this morning. we drive that forward in this hour, and out to jon ferro's "the open" at 9:00. we are really going to focus on the dominion/warren buffett transaction, which i find absolutely fascinating. within all of this is a lift to the market because the government has the back of the financial system. the dominant feature right now is the certitude of $1 trillion here or $1 trillion they to buoy the economy up into the end of the year. jonathan: maybe another $1 trillion this month as well. there's a huge debate taking place in washington. it is not a matter of when. they will do this. it is not a matter of how big. it will be large. it is a matter of the composition, what they agree on a moment. i am edging there is going to be some pushback down in washington in the next several weeks.

futures up 38, dow futures up 374, so a real lift to the has as aea all of this backdrop dependent. it is really a mixed picture. there's no russian about that area speaking to the lieutenant governor of new york, things are in new york state, but for the rest of the country, there are some real challenges out there. exactly why wanted to go. we got a record number of cases in the united states over the weekend on that daily count. cases in the sunbelt absolutely surging. it is raising a question about that stimulus bill that will get past. it will be big. it just depends on the composition. it goes to catherine mann's point. people have cash in their balance sheet, but you have a situation where who is going to go out and spend if people are worried about getting sick?

it is increasingly the reality. it will get worse in the fall. tom: no question about it. i'm tom. he's jon, lisa. [laughter] lisa: i know you guys are getting matching tattoos this weekend. tom: actually, i got mine. i forgot to tell the lieutenant governor. it looks quite good on my arm. it goes next to my tottenham tattoo as well. my tots tattoo, jon. [laughter] it is a spurs tattoo, before they lost. jonathan: carry-on. tom: let's go to the news. our first word news in new york. here's ritika gupta. sorry. that was my fault, folks. i'm thinking of the way we do things at 6:00 versus the way we do things now. right now we are going to bring in alicia levine. she is wonderful on the equity

markets, and really a more holistic view of what to do. you have been absolutely wonderful at bny mellon on the idea of staying in the market nervous. how do you accomplish that to the end of the year? alicia: good morning. great to see you as always. nervous, the market that is still our message. .t is extraordinary i think we are all stressed the -- we are all scratching our heads. i listen to the asset classes, and that is what they are telling us. jonathan: something you said over the last couple weeks that i think is really important, not about the pace of the recovery. just about the direction. i think that is something a lot of people have failed to appreciate. the direction of travel has mental left of this market. -- has meant a lot to this market. alicia: that's right.

with think this summer could be a test in some consolidation, not least of which that the third quarter tends to be the worst performing quarter historically, so when you add that with some of the news items you three have been talking about, you can get that here. however, the direction of travel is upward overall, and i don't think this should be shaken out here. and change the sectors you are interested in. our many sectors that simply have not participated yet. but the direction of travel for the economy is, even if shallower then we hoped two weeks ago. jonathan: the consensus is that this is the bounce, then the recovery starts to slow in late summer. i keep coming back to whether anemic growth the future is sufficient to carry out driving equity gains. do you think it is? alicia: i think we have to separate what the supports for the market and the economy are

versus what the fundamentals of the corporate sector are. in the end, the overwhelming amount of stimulus coming from the fed and from congress, and we do have the fiscal clip -- and by the way, because the resurgence in cases is happening nexte south, i expect that stimulus bill to be larger than $1 trillion because it is going to hit home for many more people in the senate. there's an understanding that what has kept the economy going are the transfer payments from to households that have been out of work. the fed has been out there having every single asset classes supported. even if it is a nema gross, markets will be support -- even if it is in anemic growth, markets will be supported. lisa: balance sheets on the

consumer side are strong, and their own are flooded with cash. we saw warren buffett take a stab over the weekend, and uber said to be agreeing to buy postmates. uber shares up nearly 8% ahead of the open. how much will consolidation really be the hallmark of the companies lookas for any advantage in this economy? alicia: i think you will see a lot more m&a simply because the primary funding markets are open and cash is available, and there are going to be winners and losers. this is the kind of economy and market where relative strength matter more than if you had a decently growing economy. that is positive for the market. i think the berkshire hathaway news is also very positive. i think that is the reason you

are seeing positives. lisa: when you said you were looking at your outlook and said the economy of 2030 was brought forward 10 years, what does that mean in terms of where you want to invest? alicia: the structural changes we have all been aware of, the kind of consumer behavior that we are slowly happening in creating some shakeout now have been turbocharged. so whatever you thought the economy was going to look out -- 2030ok like and 23 v -- in , we are getting it now. you have already seen certain kind of businesses that can simply not survive this going forward. consumer behavior will not change entirely, but it will on the margins. i think the health care sector is a huge place to invest here.

you will see so much money and investment coming for both biotech and large-cap pharma to deal with some of the data issues that you need to get health care right. that is all going to be accelerated. will corporate behavior change? is the thing that we are missing here that we are going to see an m&a boom like we have never experienced before? alicia: this is the interesting question, and i think this is where politics comes in. i think you will see an m&a boom. there's not a lot of time left to get these deals done before the election. own, theret to their has to be some eye to what the regulatory picture is going to look like a five november -- going to look like after november. cash is plentiful. levine, lovecia

getting you on the program. thanks for your time this morning. i think the point she was trying to make, and forgive me if i am wrong, but is that come november, a new administration is maybe not likely to allow some of the big m&a that we have seen over the last years. tom: no question about that. that is part of the reason i am moving the question forward, and it works off of this $9.7 billion transaction of mr. buffett this morning. i will agree with that. you get out front and political , mr. trump has a viable path to reelection if he chooses. jonathan: what was it about the past week using get some important now? tom: i think the democrats are a

little bit in chaos. a lot of this will be clarified with vice president biden's vice presidential pick. we talked about that earlier. i think it is really front and center. and it is a convention-less election, which is really remarkable. jonathan: that campaign for him really hasn't started in a traditional sense. from new york city, good morning to you all. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. your equity market pushing higher come on the s&p 500 come on this be --s pushing higher, on the s&p 500, i 30 points. non-ism manufacturing coming up. this is "bloomberg surveillance

." ritika: with the first word news, i'm ritika gupta. for the 27th day in a row, the u.s. that a coronavirus record. new cases reached another high yesterday. india noweekend has the third-largest number of coronavirus cases in the world. only the u.s. and brazil have more. india failed to suppress the virus despite implementing one of the world's most expensive lockdowns at the end of march. president trump sounds as though he is changing his position on masks. the president will hold a rally saturday in new hampshire and face coverings are "strongly ."couraged

the u.k., it is injecting $2 billion in an attempt to rescue the country's arts and culture sector from the brink of collapse. chancellor of the exchequer rishi sunak tweeted, "the show must go on." he is trying to protect jobs from being lost. uber is expanding its food delivery business. the delivery business has agreed to buy postmates in an all stock takeover. uber recently failed to complete the takeover of another food delivery service, grubhub. 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. gupta.ika this is bloomberg. ♪

>> in the united states, we spend $3 trillion now. that is good. to keep that level of stimulus up next year, you not only have to replace the $3 trillion, but

add more on top of that. i think there's a reality check here that in order to give the public sector pushing the economy forward, there has to be more and more amounts of money, and i don't know if it is finance of all. jonathan: carl weinberg on "bloomberg surveillance" earlier this morning. we will face another test a little later on this month, may be later into the summer, when washington is another push for another fiscal package. from new york city, good morning to you all. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. 40 points higher on the s&p 500, up 120 5%. the message from alicia levine i thought was plain and clear. if buffett is back in, it can't be that bad. tom: absolutely. i am frankly in that camp at that gives a general lift to

positive construction to the day forward. the best article over the weekend on the virus was from the wonderful william booth of "the washington post," writing on the science of vaccines. not behind their, not the political debate -- not the hot air, not the political debate, but actual scientists sitting in labs working. we've made every effort at "bloomberg surveillance" to speak to these experts. of baylor was in the article, and of course, deborah fuller of the university of washington, one of the world's experts in how you test vaccines. how you do it in people, how you do it in primates. deborah fuller joins us now. dr. fuller, we are to the testing season. will this be a normal testing for vaccines, or will this time be different? dr. fuller: this is a very

different season for testing vaccines as it has accelerated much quicker than we have ever seen any vaccine tested before. most vaccines would take between five to seven years to go through clinical trials, and what we are looking at here is an accelerated timeline that is 18 months to two years so you can weaken -- so we can get these vaccines up to people as quickly as possible. we are looking for predictions for some of the earliest vaccines to be available and into the population as early as and early into 2021. tom: you say there is no silver bullet. do we assume that there will be a vaccine, and then booster shots were booster vaccines along the way? number of: there's a

vaccines being developed, i think greater than 150 current vaccines in various stages of the pipeline. some are in clinical trials. some will enter clinical trials very soon. there's a lot we don't know about this infection yet. don't know what kind of immune responses we need. there are studies to suggest that there's not just atibodies, but potentially piecemeal response. as different vaccines begin to roll out, we start to see how well they work. some vaccines may not work as well, for example, in the elderly. it is known that most vaccines don't work as well in older people. yet, we have a lot of different strategies going forward, so you might see some gun scenes -- some vaccines work that are -- work better, some are able to be produced at mass doses.

the first ones that come out may not be the best ones we have, so as we begin to see additional ones, we might see populations taking booster immunizations that raise their immunity and sustain their protection from the infection. lisa: defective, there is an ash this isut -- de facto, nature according to a number of poles. how concerned are you around the push around that to convince americans this is safe? dr. fuller: there is quite an accelerated timeline, but one of the things to keep in mind is for all of these clinical trials, they are still checking .ll the boxes not skipping any of the

safety print. -- the safety criteria required to release a vaccine into the population. so if we have a vaccine first available in late fall, it is important to note that that is not going to be available to all 5 billion people in the world. they are going to roll those out in hundreds of millions of doses populations,tain what high-risk, say in areas where there's a lot of infection going on. first responders and the like. this is going to actually have quite an important impact in helping to slow and moderate the pandemic, even as we are starting to scale up and bring anyone that would be able to offer globally to the population. jonathan: on the outside looking in, it seems like there's a term in this amount of confidence

that we can develop a vaccine and that we can do it a whole lot more quickly than we typically would take. take us in your world. what underpins the confidence that we can do this on a much tighter time for -- time frame? we were quite a bit in preclinical studies, where we .nvestigate we have seen a lot of promising data to indicate that the vaccines are inducing the kind would expect to provide protection. with that said, we won't for sure until it is actually in efficacy trials, where it is .oing to you compare it to people who get placebos to see whether or not it is truly efficacious. we don't know until we actually

see human trials whether or not antibody response, which is the primary immune a response we are targeting with our vaccines, are really going to be sufficient to provide protection. how durable is that antibody going to be? if you vaccinated population, you can just have antibodies around for 30 days and expect that to protect. it is going to have to be sustained, at least for six months during a season. so there's a lot we don't know yet. jonathan: we appreciate your time this morning. hopefully you can come back soon and keep us up-to-date on everything. deborah fuller, microbiology professor with the university of washington school of medicine. we cannot normalize this economy until we get a view on dependent. he joins the program next. in your equity market, up 41 on the s&p. add some weight to the rally last week.

it is a global equity market rally, ones of the chinese media fully endorses overnight, with the shanghai composite is delivering a major gain. this is bloomberg. 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. -- this is bloomberg. ♪ 120 countries. -- this is bloomberg. ♪ the best tv experience just got better

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jonathan: the equity market rally goes global this monday morning. good morning to you all. this is "bloomberg surveillance." together tom keene with lisa abramowicz, i'm jonathan ferro. equity features of 41 the s&p. the shanghai composite up 5.7%. a reminder of that bubblelicious episode in china. treasuries and south, yields head north. 69 basis points on a 10 year maturity. ahead of the economic data this morning. pmi's and then at 10:00, nonmanufacturing ism.

your dollars weaker, your euro is stronger. we: let's pick up on what have learned since the jobs report in your interview with mr. kudlow, thinking over the weekend about where are we. i know jonathan wants to talk about the dynamics with our next guest, ethan harris of bank of sophisticatedng economic coverage at the bank. let me get sophisticated for you. what is the difference between a furlough and a layoff? any idea? furlough is what happens before you get laid off permanently. no. a cruel comment. the furlough is where you explicitly expect your job to is morek and layoffs likely the job does not come back. what is happening now is whereas at the beginning of the crisis most of the people who were laid

off expected to be rehired because they hope to the virus would calm down, now the layoffs are more permanent. this is now company saying the economy is picking up, but i will do layoffs anyways. it feels more like a more permanent situation. tom: to me this is amazing and this is the mystery for the end of july. the july report we will get the first week of august and maybe we can get to labor day and have some understanding of the dynamics. jonathan: this is why the churn beneath the surface is so important. we focus on every single month on friday on the net change. ethan, i know you guys are looking at the churned beneath the surface. what does this beat to? -- what does this speak to? dr. harris: you have crazy crosscurrents in the job market. massive layoffs. companies have brought back

about one third of the people they fired in march and april. we are moving quickly in the right direction, at least in may and june. on the other side of the break and you have the ongoing forward -- onmove the other side of the break wage and you have the ongoing new layoffs and as we move forward that is where the real concern is. jonathan: are you seeing early signs of scarring? dr. harris: we need to remember this economy in this story is moving 1000 miles an hour. whereyroll report on data the survey was done in early june is almost a month old. what we are looking at in terms of the weekly indicators is a stalling out. the claims numbers remain high. surveys are starting to turn a bit.

daily stuff and weekly stuff we look at that engages the measures of re-engagement in the economy starts to flatten out. it does feel like what was a positive v story in may and june is now turning ill, and that is a real concern. lisa: let's talk about one aspect of scarring we are seeing . wages are starting to decline more significantly, assigned some of the lower paid individuals are starting to get rehired, and higher paid individuals are getting laid off as companies reassess the landscape. how much are you expecting that disinflationary trend in wages to continue through the rest of the year? dr. harris: in the short run there a lot of distortions in the data like everything else. when you would layoff a low-wage person, average wages go up because you have fewer people. when you rehire that person,

average wages go down again. the firing and rehiring of the low-wage workers is causing upward and downward biases in statistics. if you step behind the scenes and think about the underlying process, we are definitely in a period of slower wage growth going forward. the unemployment rate is too high. i would not take literally the recent data. it will be gradual disinflation process going forward. can we afford a new trillion dollar stimulus? .r. harris: we can it is not great to be pounding out these massive budget deficits, but we have a lot of room to borrow. capital markets have not penalized us at all for huge budget deficits. in evenfrom japan has

bigger debt than the u.s. and markets continue to allow them to borrow. you are creating a burden on future generations, which is not great, but if we will keep the economy on track we do need another trillion dollars. we cannot go cold turkey on the stimulus right now. we need it badly. tom: what is the number you see unemployment at next year? 9.2, houses are talking maybe 9.0. should we be optimistic and breach the 9% level? dr. harris: those numbers are the ballpark we are in. below 10% year end. we have made a little progress in last couple months and now we get the real test. there is tremendous uncertainty. one thing we can be confident about is we are not going back

to normal this year. we will have sustained high unemployment well into next year and perhaps beyond that. forecast, i your wonder what underpins them on the fiscal side. is your base case the enhanced unemployment benefits get extended? if they do not, will you have to change something? what are your thoughts on that? dr. harris: we assume we get a number of elements in the next package. right now there is a lot of political posturing, but ultimately they do pass a big package that includes further support for small businesses and extend some of the unemployment benefits. that help state and local governments. if you do not get that kind of trillion dollar type package, we will have to cut our forecast because the economy is not ready to be taken off the ventilator. we are still hurting. of these small

businesses are facing insolvency and a lot of the bigger players are seeing an opportunity to pounce. besought uber said to consolidating with postmates this morning. warren buffett taking a move. what is the net effect on economic growth when you get waves of consolidation like the one expected later this year? dr. harris: this is something not fully appreciated by investors. right now the focus is on the rehiring and getting the economy back on its feet story, which is correct. we had two good months for the economy. as you go further forward and companies have to deal with the new reality that we are not going back to normal, and then they make those painful choices about cutting capex budgets and a laglayoffs, so there is

headwind to the economy. in every recession. recessions can start from all kinds of shops. this happens to be a health crisis shock. the original shock gets things going and then there are secondary shocks as companies have to deal with the scars of the crisis. it will make it much harder to get back to full employment, these ongoing adjustments. debt,an: the scale of the the bill on the others have all of this, the deleveraging you expect, how big of an effort in on years to come deleveraging, paring down the debt accumulated through 2020? dr. harris: i do not think it will be dramatic. there will still be an extremely low interest environment. you turn over debt at low service costs. that helps to stretch out and need to refinance.

-- that helps to stretch out a need to refinance. i do not believe arguments that say we will have a big tax increase next year, typically in the case of a democratic sweep. i think it would get a small tax increase under democratic government and likely little if any increase under a government. if you have a split government you get a freeze up in activity. i do not think the politicians have the appetite to do big tax increases at the markets are not demanding it. markets are saying we will keep borrowing at high rates. i think regardless of what happens in the election, the rise in taxes and the next couple of years will be small. jonathan: ethan harris of bank of america, fantastic to catch up with you. good morning to you and the team. your equity market up 41 points on the s&p 500, advancing 1.3%.

one more conversation that comes back to that one single thing -- the next fiscal move. does nots point, if he see what he expects in washington, those forecasts for economic growth year end will get revised lower. tom: i agree. the character of the pop speaks to me of an enthusiasm in this crisis of some form of business as usual. by thehat is underscored dominion berkshire hathaway transaction. think about it. if you are a cfo or operator of private equity, you have to make note of that transaction. jonathan: one piece of it this morning lifting optimism. we talked about a couple times of the last couple hours. it is not about money costing nothing, it is money earning nothing pushing people to make questionable decisions. warren buffett is a behemoth in the investing world.

there is a question of how much conviction is behind the rally at a time of such questionable economic and health uncertainty. jonathan: equities up. we advance one .3% on the s&p 500. from new york city on bloomberg radio and bloomberg tv, this is "bloomberg surveillance." coronavirus is skyrocketing and republican leaning sun belt and interior states. that could mean trouble for president trump's you wretched -- for president trump's reelection campaign. new cases have exploded in arizona and florida, both battlegrounds. polls show the president support is slipping in places with high rates of infection. jp morgan says wall street is too negative about what it would mean if joe biden were elected. the strategist said numerous factors can make biden more market friendly than investors think.

the finance industry is ramping up the pressure on the european union over brexit. the association for financial markets in europe warns there could be disruptions by the end of september unless there is progress on a trade deal by then. recent talks between the u.k. and e.u. and it was little movement. argentina has come up with an improved offer to restructure $65 billion of bonds. the proposal seeks to reduce credit losses. in may argentina defaulted for the nighttime in his history -- for the ninth time in its history. warren buffett is making a bet on u.s. liquefied natural gas. berkshire hathaway has agreed to faith $4 billion to dominion energies -- that creates a 25% stake in the company's liquefied natural gas export industry. 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.

i am ritika gupta. this is bloomberg. ♪

theeople underestimate fiscal stimulus is extraordinary. the amount married to monetary stimulus is a one-time increase to the money supply of

extraordinary proportion. jonathan: blackrock's rick rieder talking about the fiscal effort of the last several months and the effort still to come. a huge focus of the equity market. we advance 40 points on the s&p 500, futures advancing 1.3%. live on bloomberg tv and bloomberg radio, i will step away and just a moment to prepare for "the open." at the top of the hour. erin browne of pimco joining us on this equity market rally as it goes global in a big way. tom: it is a big jump, but i want to make clear we have seen this through the morning. you wonder where we will be at 9:30. right now what we want to do, and we can do this with michael mcglone, bloomberg intelligence and commodities, but he is focused on the things you would expect. gold a little bit off the radar is what mr. buffett is focused on. natural gas.

not oil, not brent crude, but the cleaner fuel. the quixotic element of the last 30 years, lng, liquefied natural gas. that is the transaction for dominion. that gas we are basically giving away. what is the value for anyone of a distribution system of natural gas if the commodity is imploding in price? michael: one thing about natural -- forit has been deflationary trends. a few weeks ago u.s. traded natural gas. -- u.s. traded natural gas reached a 25 year low. that has been good is a precursor for fed easing. the key thing is massive supply. lng, but the u.s. is exporting that. the same thing and energy.

a massive increase in supply and demand cannot keep up in price, despite the fact that we know natural gas is one of the cleanest forms of energy. it is interesting, warren buffett betting on natural gas. the pipeline storage facilities are moving away from fossil fuels and trying to plot a cleaner future. does this indicate warren buffett -- or indicate a lot of people are betting the bet against fossil fuel's has gone too far, too fast? michael: there two different bets. he is betting on the pipeline. there is naturally increasing demand for natural gas. from a producer standpoint, is there too much supply. the price -- i look at the outlook for prices. it is still somewhat bearish. he did not want to get bearish on a 25 year low. getting the natural gas much above to does not have much of a

chance. we have very large inventories. there is not as much is there used to be. lisa: you did have warren buffett adding into occidental. assetsould be some bet are undervalued. where you see the potential for upside in the fossil fuel industry at a time when most people are running it off with a lack of demand from the global economy as well as the shift towards a less carbon heavy footprint? michael: that is the key thing. the decarbonization. if you look at the california energy prices. $40 -- the proved new $50.40 is the there'll be more supply. it will be replaced by technology. decarbonization. then we have global recession. i view crude oil and copper as

hitting expense levels -- ,om: the heart of the matter is this is the k.g. warren buffett. he is not buying shale fields in the permian basin. he is buying a distribution system. what is the economics of pipelines, 7000 plus miles of pipes? he is not going out and doing exploration. he is buying the distribution system, right? michael: absolutely. you are not replacing the need for natural gas anytime soon. i think he knows that. you need those pipelines. that is an astute investment from his standpoint and the actual price does not matter. from a pipeline standpoint, you need the pipeline. ona: i know you focus a lot call. i would be remiss if i did not ask you about it. how high will we see gold get going forward given the degree

of uncertainty in the bear market we are seeing in marty's? -- seeing in commodities. key level everybody is watching his $1900. that is the old high. as a consolidated bull market. it is a perfect storm for higher prices. we have an election coming up. money earns nothing now and gold as the counterpart. i do not see gold doing anything but going higher. support around $1600. in the meantime it will drive people crazy and go higher. i do not see what will make it go lower as we enter into this consensus election. tom: michael mcglone with bloomberg intelligence. and nice primer on natural gas and the distribution of the natural gas system. plus 9.7 billion

dollars transaction. lisa abramowicz, i am looking at a market that is extraordinary. we need to go back to february and the pre-pandemic low, and then the shock of it all. over three or four weeks, how we plunge down. i will put a single point. march 23. we will frame what it is like to go up 50% off of a bottom. we are not there yet, but it is amazing how close we are getting. lisa: this is the heads you win, tails you cannot lose market. we have a virus count that is surging. we have a situation where the economy is limping along. goldman sachs downgrading expectations for growth and people are getting even more excited about stocks. the reason is the fed's guns blazing and the federal government's ready to act again with another stimulus. what can go wrong if you have all this liquidity? wrong?at can go

within the mix of the pandemic our guest made clear there is a fact of much more increasing cases and much fewer deaths as a general statement worldwide. the big shift would be if we continue to see the deaths pick up as the cases pick up. he is not predicting that, but he is noting that has been the globe that has allowed for the bull market to occur as he predicted. let me do a data check. futures up 41. that gets your attention. 3170. up 389 point,, and the vix comes in nicely, almost 28. 27.44. lisa was quizzing mike mcglone on gold.

$1795 an ounce. this is bloomberg. good morning. ♪

♪ jonathan: from new york city for audience worldwide, good

morning, good morning. "the countdown to the open" starts right now with equity futures up 1.3% on the s&p 500. equity markets worldwide pushing higher, continuing to climb the wall of worry. >> we've been enthusiastic. >> most likely on the road to a virtuous cycle in a long recovery. >> you will see a faster recovery than many of expected. >> we are expecting a lot of hiring in several months. >> liquidity has lifted all boats. >> we have all of the right facilities in place. >> we are still dealing with massive structural problems. pricehave replaced recovery. >> cyclical policies. >> the rate of acceleration will start to flatten out. >> the economy will be changing. people's behaviors will have changed. >>