harris, comment on that. ethan: another record we did not want to make.bviously the case the u.s. is coming out of this recession very fast compared to our trading partners. the growth is in goods demand, which is traded, services tend to be domestically delivered. you have had a massive sucking in of imports. you talk about this. china in particular is a big beneficiary. our exports are not growing quite as gangbusters. you will have a record trade deficit and it will get bigger going forward. it is because the u.s. is so exceptional in the stimulus it is doing. jonathan: i think that is the story. it is a reflection of the massive demand shock we are experiencing in this country. other countries are not going through. we are getting all of their exports and they are getting none of hours because demand is not there. europe is a case study to look at. ethan: if you compare or contrast u.s. and europe, the amount of fiscal stimulus and the u.s. is three times bigger than what they are doing in europe. europe has a pretty small next generation stimulus com

jonathan: ethan harris of bank of america just publishing. let's bring into our audience.tely there is a trade-off between the speed of the recovery and its length. it goes through a number of bullet points. ironically the much faster economy means a shorter -- reflecting on the exceptionally long cycle we had in the previous one. i want to bring you in on this. morgan stanley push this idea. shorter, hotter this time around. dana, what is your view? dana: that makes sense given the fact this was a recession unlike any other. we essentially cut the spigots off, and we are turning them back on. it was not the case we had asset price blowup or something major underlying structural factor that caused the recession. it was a pandemic. government said this was dangerous so let's shut off half of the economy, the services sector. now we are turning things back on. things will be hotter for shorter periods of time but most likely we will probably get the pre-pandemic levels of activity and settle in at a lower growth rate, a growth rate more consistent with where the economy was