we have been talking about consolidation since the gfc. since the gfc.his is one of those points i'm going to want to laugh about in a few years time from now, but i actually think as we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, i think -- and the multiples that we are starting to see coming down, i think this could be an interesting time for consolidation. francine: but why has it been a long time coming? is it regulation, or there was just no appetite? robyn: i think -- i think when cash is free, it softens that. i think the moment where people need to deploy at scale in liquid markets has been something that has softened. if you look at trends, the trend has been in passive, it has been in private equity. if you think about the assets that no longer sit in the public domain, that has been our themes over the last 10 years. i think when private equity does not have quite as much cash, when that raising is harder, when lending is harder, these

i think we can kind of forget about fiscal stimulus post-gfc.on't think that's going to be the case. we will see further rate cuts, i think i'm pretty sure that, that's going to come. whether it comes quickly or is going to take time is another day's work. . but what we see at the mom is definitely a policy pivot and questions how quickly they are going to continue that pivot. haslinda: if it's china characteristics, it's probably going to take some time. the question also is about how the property sector turns. because i think the recovery of china hinges on the property sector. peter: for sure. what we know about when bubbles burst is that they take a long time to heal. we saw it in europe, it took at least four to five years before we saw the plateauing in activity and so on and it will probably be similar in china. we have a huge overhang of unsold properties and incomplete properties. that all has to be dealt with. you got to get liquidity back into the system. they are doing all of that at different times in different stages, some quicker

this isn't something that's new, this is a pivot spain has made post gfc where they have actively investedn industry and financial services pivoting. that's a change for the way spain is operated from a more domestic and were looking country. now to focusing on what they can offer the rest of the world. tom: they are seeing that demand for their debt, the economy is performing better on many metrics versus france and germany. why can't they just get this dusted off in a relatively good position. and get it squared away since the eu done. kriti: it's not happening because they can't seem to get a budget together. still very fragmented domestic situation and the situation plays a role in to it. i won't get into the nitty-gritty of the spanish constitution, as tempted as i am, but this is crucial because in spain you see a marriage of the two issues we see in europe, which is the budget situation. and also the ev heads you see in germany. spain is not only a major manufacturer of financial services and exports. it is also the second-largest auto making industry in europe. so issues hitting ge

an trktrk t attractive for investors >> it depends where you pick your spots.toric highs since the gfc can always seek out really good income. also, you know, as you look across where the economy is, the economy is in a good place and corporations are able to sustain and pay their debt back. we like opportunities in corporate credit quite a bit i think there's two ways we are really -- our highest conviction is to get into high yield, actually, because companies are in good shampe they have been refinancing their debt fundamentals are strong. they are covering the debt ratios if you think of the high yield in the ccc section may be too much, you may go into higher quality yield like xbb which gives you still great interest right and coupon income and lower interest rates sensitivity or, you know, just considering investment grade debt, but picking a better spot, the sweet spot of debt >> got it. going back to the other pick, x-ccc. joanna gallegos, thank you >> thank you. >>> the wall street journal reporting keurig dr. pepper is buying energy drink maker ghost. take a look at shares o

or the western world post gfc when 2010, '11, '12 and '13 and you're going to tighten their belt.what's very important is to unrest the decline in home prices and condos. so if that decline is rested and if households can look forward and see over the next three to five years that at least prices will stabilize, then perhaps you will see more consumption particularly in durables which have not really existed at all, and i think that that's where focus on arresting the decline can reing night the engine of the chinese con ump istion. the bears will cite demographics and cite the 20-year cycles. that's fine, but remember, chinese gdp per capita is still at the level of malaysia and it's three times less than of south korea, even if the demographics look negative, there can still be upside in consumption as well as the increase. >> so, fred, let me get your reaction to that. my sense is that you believe, as well that the chinese consumer is not the healthiest cat on the block these days. do you agree with marko that fixing or somehow shoring up the property sector is the key to resto

if you go back to gf see, -- if you go back to gfc, the car was the one thing you held onto.e price increases out of the pandemic, function of people reaching for cars out the pandemic, but it also right-click -- it also likely affects the true economy. it is the lower income consumers more likely to finance their cars and have floating debt. we know the low income consumers under pressure and the one thing keeping them above water is this jobs market. it is pretty incredible you are seeing this huge uptick in defaults with a relatively robust jobs market. look at where the unemployment rate is. if that goes up higher it could have default in the cohort of consumers in line with the gfc, even though consensus seems to be we will not have a consumer led recession in the cycle. it is unique but it is something that makes us question the data. dani: that is one of those things out of line with an economy driven by consumer spending. you also see it with some of these companies. in just the last month, pepsi, or mail, dollar tree, lululemon have all cut in the last month. this co

the end of the day, if we were going to have debt and deficit problems, the whole years of the post gfced our debt-to-gdp ratio, particularly under the obama administration, both of them when did we have problems with yields and have discussions? >> we had incredibly low rates and the interest cost did not bubble up as a huge issue. now you hear a trillion dollars and it gets your attention. >> a trillion dollars relative to a $29 trillion economy, which back between was a $16 trillion economy. i think you've got to put that in percentage of gdp, which is always important >> you sound like janet yellen a little bit. >> you and janet yellen are the only ones not worried about the deficit right now. >> i think it's overblown. i don't worry about it as much i think there's lots of other things to worry about. >> what are you primarily worried about? >> what am i primarily worried about? i'm primarily worried about -- i think from the fiscal side, i just worry about the government crowding out the private sector. i don't like big government coming in and doing effectively what japan has don