dan alpert has a longer view, and it is codified in his classic "the age of oversupply."t was one of the two or three prescient books of the financial crisis. the supply disruptions are tangible. mr. albert joins us this morning -- mr. alpert joins us this morning. in your book, you talk about fed policy, denial and decline. are you that gloomy now? do we have denial and decline operating in 2021? dan: no, i think we have actually been fairly reactive to the facts on the ground, and our policy is rather progressive relative to where we were back then. but just look at where we are from the standpoint of the fed's tapering. contrast what you are seeing right now to what you were seeing in 2013. you have equities selling off, a bunch of media headlines say that the equities are worried about tapering, and yet the bond market is demonstrating something completely different than what it did in 2013. it is rally. and more -- it is rallying. and more importantly, you've got execs at what i think jon was talking about before, you've got things going on in china and europe that a

jonathan: with dan alpert at the top of the hour, westwood capital founding managing partner.-0.7% on the s&p 500. yields come in three basis points on tens to 1.2283%. a defensive posture this morning. from new york city, this is bloomberg. ♪ laura: with the first word news, i'm la right -- i'm laura wright. the imf says the new government in afghanistan is cutting off -- is cut off from using reserve assets. that deprives the taliban of key resources. the imf says afghanistan can't use the money because the new regime lacks international recognition. in haiti, the death toll from that earthquake last weekend has risen to almost 2200. meanwhile, tensions have been rising over the slow pace of aid reaching victims. they have complained of inadequate food and material needed to temporarily repair damaged homes. there are more than 10,000 firefighters battling wildfires in california, but that isn't enough, and the state is having a hard time fighting more wildfires as they rage across the western u.s. and canada. 12 major wildfires are now burning in california. the rout in chi