fuhrman could join us this morning.s never been a next 10, whether you do it virtually in class. how do we come out of these magnitude of changes, the magnitude of fiscal policy, the magnitude of monetary intrusion into our system? jason: first, it would come out a lot better if we had a big magnitude than if we do not. we have to admit we are uncertain. we do not know the path the virus will take. we do not know what the pace of the recovery is going to be. it is very different in different states. you need to build that uncertainty into your policy, have it adjust automatically based on economic conditions. labor economics one from furlough to layoffs to outright firings. give us the tone you see in the american labor economy. in the coming months, will there be a wave of terminations? i think there will be different downturns. one is the temporary layoff downturn. that is a national disaster. there is a second downturn, which is people who have been fired, people whose businesses have gone bankrupt. that downturn is

fuhrman, do you agree with that assessment, or do you think it's a bit more dire than that? remember vividly after the 2004 election, the picture of a dead donkey on "time" magazine, the elephant, the dead donkey, these things i think are very much cyclical. i think also the party of the president in power is shaped for however long they are in office by the leader of the party. we had the bush republicans, now the trump republicans, who knows what comes after. one thing i do worry about for the next four years, you're starting to see republicans i talk to get a little worried as the campaign has progressed. it's almost like a band with a smash single, one-hit wonder and they are struggling to write a follow-up album. the trump campaign over the months has struggled to come up with a clean message, clean action items. that's what worries republicans not just for the next four months to make sure they can be there, senators who are up in the fall for the next four years. >> to that point, michael, it seems like increasingly there's a lot of concern republicans are going to lo