david zervos who you just had on, a very, very smart guy, in my mind, made some observations about things like asset-backed securitization that those markets are completely dysfunctional right now. so there is no liquidity there and we rely upon the securitization market to provide capital for not only credit card -- >> scott, i'm sorry to jump in on you, buddy. it's harder to jump in when we're both remote, but i understand what you're saying and some of the stuff i heard anecdotally last week and the beginning of this week was downright scary and i also heard that things are opening up a bit in terms of liquidity. are you not seeing that from your perch >> yeah. we're definitely seeing it, but it's a world of haves and have notes. the have nots are in the high-yield bond market and thes have are in the investment-grade bond market. okay, we've got that propped up, but the bond markets in the united states are a lot bigger and broader than corporate bonds and a large part of the market are still not propped up and it will take a massively, i think, a massively larger set of programs to a

> i want the whole crew to stick around and i want to come and let's welcome in from jefferies david zervosnks for being on cnbc i wish it was under better circumstances. >> we're throwing around the three-lettera being rouyn ims, clo, cds that we haven't talked about in three years with the fed action and what we saw with the relief bill, are we seeing the credit markets react positively >> well, yes, sully. i think -- it's great to be back and talking with you under unfortunate circumstances, but there's certainly a lot to talk about. instead of getting caught up on these acronyms it's easier to explain the top end of the aa stauf and t space. as you get into private label cmbs and these are places that are really, really struggling and i mean really struggling and even the top end of the capital structures are seeing some extraordinary moves. so i think what you have to kind of put in perspective is the fed can do a lot to fix well functioning and balance -- fixed balance sheets that are in a pretty good place, but when it comes to the energy patch and the leisure and hotel business it w