then the global financial crisis we can have one trillion dollars war chest and we are determined to use as much as vesa serry in debt protecting the economy from the scattering of this crisis america is leading national public health institute is recommending the use of face mask to stop the spread of corona virus but president donald trump says it's voluntary and he won't be following their advice. the world's 1st coronavirus locked on in the chinese city of war han was beginning to be lifted but authorities have urged people to stay indoors to stop a rebound in infections other countries across asia a tightening their restrictions fearful of new clusters of the disease. health workers across india are being attacked while trying to care for corona virus patients workers carrying out tests in the city of indoor and were chased away as people shouted and threw rocks many frontline workers are struggling with stigma spheres moans about the virus spreading police have been targeted too so far india has reported just over 2 and a half 1000 cases and those are the headlines the news cont

the good news is that we have four times more money today than before the global financial crisis. so the global financial crisis pushed the world to expand the capabilities of the fund. we have $1 trillion lending capacity. and in any conversation i have had with the shareholders of the fund, they would like us to stay focused on delivering with what we have but not shy away from obsessing the situation. so if more needs to be done, one of our ministers would say all options on the table. if more needs to be done, we will be able to step up and do it. mr. kempe: thank you. thank you for that answer. we're starting to get questions online. i hesitated to put this at the top of my questions because for the layman, s.d.r.'s is hard to understand. but a lot of the questions circle around -- this is the one thing that did not happen at the spring meetings. and obviously there are political questions on this. how critical is it that there is an increase, maybe as much as $1 trillion are they very quickly? is this what could make you an international lender of last resort? that's what's m

and the global financial crisis. the battle for mass the global shortage of much needed medical equipment leads to a bidding. and award winning american soul singer bill withers has died at the age of $81.00. millions across china have stood in silence to honor the more than 3000 people have died from coronavirus much of the country came to a stop an hour ago. sounded to mark the so-called martyrs day china claims to have now curb the spread of the virus but some restrictions have been tightened again to prevent a 2nd wave of infections have been 82000 confirmed cases in china but most have already recovered well katrina you joins us live now from beijing katrina's a very poignant reminder that everyone in china but the pandemic still presents a real and deadly danger. that's right for 3 minutes across the country people paused as sirens wailed and the sound of sirens of course resembles the sound of crying it was a very poignant and somber moment here in china people who have cars and boats were encouraged to join in

the worst economic hit since the global financial crisis figures show us g.d.p. fell by almost 5 percent in the 1st quarter the downturn is just getting started. meanwhile the german economy is heading to a record breaking recession. the u.s. economy has seen its biggest quarterly dip since the global financial crisis 12 years ago g.d.p. shrank by 4.8 percent during the 1st 3 months of the year as the coronavirus pandemic took a heavy toll the u.s. economy all but shut down during the last 2 weeks of march since then more than 4000000 americans have applied for unemployment benefits the drop in g.d.p. and the united states longest ever period of economic expansion. and on that let's bring in our financial correspondent yen score who's in new york yet means a looks bad but it could be worst on the way couldn't that. clearly things will get worse before it turns better if you look at the past quarter the lockdown hasn't really started before the end of march so there are some estimates that in the current quarter the u.s. economy could contract by 30 percent plus b

and the global financial crisis. the battle for mosques the global shortage of much needed medical equipment leads to a bidding war. and i'm going frustration in ecuador with families face unusual challenges that try to bury the. millions across china have stood in silence to all not more than 3000 people have died from coronavirus much of the country came to a stop 2 hours ago. from beijing to woo hand in hundreds of other towns and cities sirens sounded to mock so-called martyrs day china claims to have curb the spread of the virus but some restrictions have again been tightened to prevent a 2nd wave of infections about 82000 have been confirmed infected in china but most of recovered between you has more now from the chinese capital. for 3 minutes across the country people paused as sirens wailed and the sound of sirens of course resembles the sound of crying it was a very poignant and somber moment here in china people who have cars and boats were encouraged to join in and flags were flown at half mast people wher

but that is still, you know, a timeframe that is very different from the global financial crisis. th the global financial crisis, what we really learned is that there was a massive downshift to growth and activity for the 10 years that followed after. we had the weakest recovery on record. here, given 2, 3 years, we will struggle to get back to activity. that means for inflation, i think it is a story of timeframe. a very we are seeing now significant deflationary forces, i think it will persist as long as the economy is better the way it is now. demand is being shoved down. until the pickup. but we know this. stepsare very significant that have been taken over the course of the last few weeks, and i think they improve the upside risks to inflation over the next five years. -- it will be difficult to unwind. organizationseing adding up to more upside risk on the medium-term. francine: thank you so much, always. at tourism,e look we look at airlines. a chiefbe joined by executive, that interview at a.m. am in new york, 4:30 -- 4:30 p.m. in london. this is bloomberg. ♪ viviana: you a

which has seen its biggest quarterly dip since the global financial crisis 12 years ago the u.s. economy shrank by 4.8 percent during the 1st 3 months of the year as the coronavirus pandemic took a heavy toll with much of the country shut down during the last 2 weeks of march columnist estimate nearly 30000000 americans have lost their jobs since the crisis began the drop in g.d.p. as the u.s. longest of a period of economic expansion. now for brix look at some other stories making headlines around the world despite a coronavirus lockdown protesters took to the streets of tripoli in lebanon for the 3rd night in a role and clashed with soldiers the country's in a deep economic crisis and this latest wave of unrest comes after a further plunge of the national currency. a fire at a warehouse in south korea has killed at least $38.00 people and left another 10 injured the blaze broke out in the city of engine some 50 kilometers south of the capital seoul an explosion in the basement is believed to have triggered the fire. boeing says it plans to cut production and shed 10 percent of

global crisis. but i want to say something else to you that is even more important. i was in government in the 2000s and certainly during the global financialur show, i watched as alistair darling, the chancellor, i watched as tim geithner, who is now co—chair of the international rescue committee in new york, the organisation i run, but was, at the time, the treasury secretary in the us, i watched the way they did address problems of their own country as part of a new, global compact. they took action in 2008, 2009, and 2010 that was global action that did serve national purpose as well, and i think that that lesson, and i'm not claiming credit for myself here — i wasn't in the finance ministry — i am observing the way leaders and finance ministers rose to the occasion in the global financial crisis and the need to rise to the occasion now. so, why are they not? how much of it would you put at the door of president donald trump? well, there's no question that when the world's leading democracy says ‘america first‘ means "nationalism", that puts a block on international cooperation, there's no question that when the group of seven leading i

done nothing there on it's a global pandemic there is going to be or there is a 3rd of the global financial crisisand they receive money because. they won't care if they stay afloat to stay solvent at the end of the day what is going to be the benefit for the global financial system for them well good luck there are financial organizations and it didn't end it can do this if we face 6 months down the line or a year down there oh it wave will shove and by groups is ok what's going to be why that would be many what was gained so they should do the most for their countries in order to allow them to support their finances so i mean yes we have to leave it there thank you very much. for talking to count in the cost thank you. well as the world grapples with a global recession it's also witnessing the fastest pace of job destruction since the great depression tens of millions of jobs could be lost despite trillions of dollars spent on saving businesses and industries the hardest hit sectors are the airline hotel and tourism industry many millions on low pay and short term contracts well in the united st

global economy has come to a standstill. crisis everworst witnessed, far greater than the global financial decade -- financial crisis a decade ago, he says. infection numbers near one million, and there's a battle over facemasks. a u.s. manufacturer says the government has asked them to s to x porting n95 mask latin america. while the national health institute recommends the use of facemasks, resident donald trump says it is voluntary and he will not be following your advice. president trump will expand medicare to uninsured americans. >> the cbc is advising the use of nonmedical cloth faced covering as an additional voluntary public health measure. it is voluntary. you don't have to do it. ofy suggested for a period time. but this is voluntary. i don't think i am going to be doing it. medical protective gear must be reserved for the front-line health-care care workers who are performing those vital services. the new mask guidelines also do not replace cdc guidance on social distancing, including staying in your home when possible. standing at least six feet apart. live fromjoined washington dc. the press conference covered

so you had to global financial crisis, which led to a massive hit on european banks, and then the european sovereign crisis, which was a massive knock on european banks. later, you had the ecb cutting rates to negative, which again doesn't necessarily help european banks. to some extent, european banks have been battered. they are probably reluctant to any news that could put them in a negative light once again. it could make the move in a slower fashion. thathe one counterpoint to is that this time around, the source of the crisis is not necessarily a banking crisis, unlike the global financial crisis. european banks to have stronger balance sheets. they are much more heavily regulated than before. that said, they may not necessarily be in as bad a state as they were a few years ago. be ae: is there going to huge round of layoffs coming? bilal: i think eventually there will be. at the moment, many companies are reluctant to announce layoffs in this current environment, but i do think that in the end, with the net interest rate margin falling, plus large critic provisioning and very uncert

financial crisis in 2008 and 2009. bbcec spoke dy with a woman in charge of these economic projections. >> this is something that an have not seeof our lifetimes. the last crises, tth major crises globalancial crisis. at that time, thglobal economy shrunk by -.1%. right now in our baseline, we are talking about growt at -3%. this is the worst since the great depression. >> our business reporter joins us from new york. you spoke with the imf chief economist. talk us through these dire projections. >> everyone was prepared for grim numbersimoming from the but evenconomists there were struck by what they were seeing. yes, we are talking about a contraction of 3% this remember, a few months ago, the imfctas preg the global economy would grow by 3.3% this year. so this is an abrupt turnaround. ooif youat individual economies, they expect the u.k. economy to shrink by 6.5%. they are looking at the united states. the economy here will shrink by 5.9%. in total, the imf is estimating $9 trilliony worth of moill have been lost in the global economy. these are just staggering figures. >> absolutely aggering, you are right. there was some partial recoveries rejected for 2021. edid the imf give an

the stimulus is already twice the size of what was put into effect during the entire global financial crisis2008-2009. so this is a huge counter-response that's going on, and this is even in the united states it seems the ideological lines between the left and the right in terms of how much the government should do and what the intervens is to be, we've seen quite a significant blurring of it, and that is something we should talk about the long-term implications of that. gerry: i'm going to take a break, but just very quickly, one quick question, markets. the market -- the u.s. energy market down about 30%, one of the steepest declines. markets are supposed to be good predicters of what's coming town the road. we saw a bit of aization this week. does -- stabilization this week. does that make you optimistic? >> no, for two reasons. wall street was completely blinded by this, you're completely correct. a lot of work on this, and the work we have done basically shows that markets -- and economic recession about seven months in advance, and the average decline in the stock market during a reces

but you know what those drawdowns were in the global financial crisis, $110 it's like the global financial crisis, you have $4 trillion of cash for $400 billion of drawdown corporate commitments or ten times the level so banks have the capital, banks have the liquidity, they can support the economy, and you know what else is really underappreciated and this came through in jim cramer's interview with the ceo of citigroup earlier. the operational resiliency of the banking industry 160,000 people working remotely at citigroup 150,000 people working remotely at bank of america 98% of goldman sachs employees working remotely, using secondary and just the balance sheet resiliency but the operational resiliency when you get results in a couple weeks you will say, yes, there are drawdowns, yes taking big charges. we have $20 billion of extra reserves for loan losses just in the first group. that's a big increase and that's partly due to the accounting change known as cecil and to the extent that the biggest banks to take much of their reserve builds for an entire recession in one quarter and stil

the stimulus is already twice the size of what was put into effect during the entire global financial crisis2008-2009. so this is a huge counter-response that's going on, and this is even in the united states it seems the ideological lines between the left and the right in terms of how much the government should do and what the intervens is to be, we've seen quite a significant blurring of it, and that is something we should talk about the long-term implications of that. gerry: i'm going to take a break, but just very quickly, one quick question, markets. the market -- the u.s. energy market down about 30%, one of the steepest declines. markets are supposed to be good predicters of what's coming town the road. we saw a bit of aization this week. does -- stabilization this week. does that make you optimistic? >> no, for two reasons. wall street was completely blinded by this, you're completely correct. a lot of work on this, and the work we have done basically shows that markets -- and economic recession about seven months in advance, and the average decline in the stock market during a reces

the world economy coming to a stand still we are now in recession it is way worse then the global financial crisis and it is a crisis that requires all of us to come together w.h.o. is there to protect the health of people. is there to protect the health of the world economy they bought and c.h. and only united we can do our duties i want to stress the message that you and i have sent to the world that saving lives and protective life. ought to go hand in hand we cannot do one without the other. and in that spirit we at the i.m.f. are concentrated on making sure that their isa a strong response to the health crisis as well as protecting the straight strength of the economy my 2nd point is about emerging markets and developing economies they are hard hit and they have very often less resources to protect themselves against this crisis help any konami crisis. we know that in many countries health systems are weak we know that in a fight in flight to safety a lot of capital has left the merging economies the developing quote nearly $90000000000.00 have flown out this is way more than during the globa

the world economy coming to a stand still we are now in recession it is way worse then the global financial crisis we have one trillion dollars war chest and we are determined to use as much as necessary in debt protecting the economy from this current of this crisis well let's hear now from our diplomatic editor james bays who's been following the latest developments from the united nations you're hearing different parts of the international system all responding to the different problems that the virus is creating clearly the international monetary fund is is allied with the u.n. the world health organization is the health part of the u.n. well actually the head of the whole u.n. antonio terrace the secretary general again saying what we need is a global cease far he made that call for the 1st time 10 days ago and he said there have been some promising signs but there is a huge distance between declarations and deeds between turns late teen words into peace on the ground and in the lives of people there are enormous difficulties to implementation as conflicts ephesus for years distrust these dee

we have a fed that's far more activist than it was during the global financial crisis. and we have a congress that was up until now fully functional and relatively generous. this is an environment that should be supportive of risk assets that doesn't mean a straight rally up, it means a lot of volatility, but i do believe that risk assets are benefiting from this environment. >> let me ask you a question i generally agree with everything you're seeing about the fed. the fed, the extraordinary measures the fed has done up to this point i think about the global financial crisis we didn't bottom for another four or five months after that >> that is correct, but i think that the market knows what to anticipate now because we've seen this before so we're seeing a faster reaction time. that doesn't mean that this is over certainly i expect more volatility, i expect up days and down days, i believe that as we see the fed to continue to bias ets, and really expand what it's buying, that should be positive for stocks >> just quickly, what looks from a macro perspective sectorwis

and the global financial crisis week one trillion dollars war chest and we are determined to use as much as necessary in debt protecting the economy from the scattering of this crisis the u.s. vice president says no american will have to worry about paying for corona virus testing or treatment mike pence and runs that medicaid medicare and private insurance companies have expanded their coverage major insurance companies will also waive co-payments for testing and on 60 days for treatment and while america's leading national public health institute recommends the use of face masks president donald trump says it's voluntary and he will not follow their advice those are the headlines coming up next it's inside story life and that. is the oil price war between saudi arabia and russia about to end crude prices enjoyed that biggest ever $1.00 day rally after the u.s. president raised hopes of the troops will donald trump intervention be enough and what's the impact of the rift between the oil superpowers this is inside story. hello and welcome to the program i'm bernard smith over the past mo

the world economy coming to a stand still we are now in recession it is way worse then the global financial crisis we can have one trillion dollars war chest and we are determined to use as much as necessary in debt protecting the economy from the scarring of this crisis the u.s. vice president says no american will have to worry about paying for coronavirus testing or treatment mike pence announced that medicaid medicare and private insurance companies have expanded their coverage major insurance companies will also waive co-payments for testing and on 60 days for treatment. and while america's leading national public health institute recommends the use of face masks president donald trump says it's voluntary and will not follow their advice. china has held a 3 minute silence and now many of the more than 3000 people who died during the corona virus outbreak 82000 people have been infected by the virus in china but most have already recovered spain has recorded more than 900 new deaths for the 2nd day in a row the governments now imposed one of europe's strictest lockdowns more than 117000 people

we are now in a recession that it is way worse than the global financial crisis.he heart of london is one of many which has been forced to lock the doors until further notice. covent garden is almost unrecognisable. no shops are open and no—one is there spending money. that's because roughly 4 billion people around the world are now under some kind of stay—at—home order. according to the international monetary fund, more than 90 countries have applied for financial assistance. the organisation has the capacity to lend $1 trillion, which it hopes will be funnelled back into healthcare systems to put an end to this crisis as soon as possible. saving lives and protecting livelihoods ought to go hand in hand. we cannot do one without the other. with no real end in sight to lockdown measures in many parts of the world, there are fears the economic downturn will be so deep that it will take a long time to recover. but first, the world's population must recover physically and mentally from this virus, which is upturning almost every aspect of life. freya cole, bbc news.

world economy coming to a stand still we are now in recession it these way worse then the global financial crisis we can have one trillion dollars war chest and we are determined to use as much as necessary in debt protecting the economy from this current of this crisis straight to our diplomatic editor james bays who's at the united nations james the i.m.f. chief talking about how developing economies are the hardest hit they need to focus on these economies especially those in africa. yes she's deeply concerned about africa and the rest of the developing world and the effect of this crisis she said it was the worst crisis of her life time i don't think she'd mind me telling you she's 66 years old she also said it was the worst crisis the international monetary fund had faced in its history now the international monetary fund and the world bank the bretton woods organizations set up at a conference the bretton woods conference in the last year of world war 2 the idea to rebirth build the global economy set up a new global economy after a 2nd world war and she says the challenge is as serious as

that's the lows that we saw during the global financial crisis the position of the banks today is significantly better than what we saw going into the global financial crisis. clearly they learned as josh talked about, they learned lot of the lessons with respect to the loan loss provisions a lot of the bank regulations has mandated that they run significantly higher in terms of the balance sheet flexibility than the positions they were in 2008, 2009 i think they are much better capitalized. they already, i think they have been discounted pretty significantly. as a result i think that the banks offer pretty good value here given where they are trading on a price to book basis. i do think that with the yield curve starting to steepen now, that also will help the net interest margins of the bank to me, this is one of the value sectors that i think is most attractive >> i want to focus a bit now we talked about financials and some of the technology stocks. there's also perhaps a bit of a down side bias in some of these names as well. i go back to this because we talked about the short bias to long

thomas: for financial markets, it is still too early to tell, you know, where the bottom is. the key focus is really on dealing with the health crisis globallyn financial sectors will be really reflecting how the health crisis has been contained in the physical and monetary policy will be effective. early to tell, and we do expect china will probably ofone or two quarters ahead the rest of the world in terms of overall production recovery, theq2, the number of from developed world by the u.s. will be pretty bad. are there certain sectors you are watching out for that could be a little bit more resilient to the market volatility we have seen? thomas: as you point out, i , obviously, cash in terms of weathering the storm and visibilities, and obviously, the difference after would react to the health crisis very differently so we are recommending some of the utilities sectors and also earning visibilities, beneficial this digital space so those are the industries with higher visibility. and weoo early to tell, the client to be watchful for underinvestment risk. there is the investment thesis that some track in china. does that hold more water a

global crisis. to say something else to you thatis crisis. to say something else to you that is even more important. i was in government in the 2000 and certainly during the global financialwatch the chancellor, the now co—chair of the international rescue committee in new york, the organisation i now run, now the treasury secretary in the us when i was in government, i watch the way they address problems in their own country as one of a new global contract. they took action in 2008, 2009, and 2010 that was global action that served national purpose as well and i think that that lesson, and i'm not claiming credit for myself, i was not the finance minister, i am observing the way ministers and ministers raced to the occasion in the gfc and the need to rise to why are they not? there is no question that when the world public leading democracies in america first means nationalism, that a block on international cooperation, there is no question that when the group of seven leading industrialised countries meet and can't come to an agreement on a statement because the us insist on calling the virus not covert 19, but wuhan virus, there is no question that american leadership

the currentpare situation with the global financial crisis, you see it is not only this crisis, it islike no other. actions taken by governments all over the world have been faster and larger than anything that has been seen before. it is a completely new textbook. in the fiscal monitors that the principles of public finance to apply to the current situation are clear. we have three principles. to enableancials health systems to enable -- tackle the pandemic and support containment measures aimed at flattening the curve of the spread of the virus. the second is to extend what i like to call emergency lifelines to households and firms to make sure that households are able to cope with the consequences of the shutdowns, that they are able to preserve, but they are able to sustain their livelihood , and for firms, it is necessary to sustain firms made vulnerable by the crisis because it is important to sustain wages and employment and keep capacity for the economy to be in a good position to rebound once the crisis is over. principal -- the third principle is simply when the epidemic is

we came out of the global financial crisis, and there were massive changes that were tethered to whatpened in the crisis, but how we responded. this idea that once we have recovery, you have households that will not be made whole, even with the stimulus packages. you will have people allowed to leave their homes, but afraid to go into public places where there is a lot of people. do you see major structural shifts and how people like us go about our business once we get to that recovery stage? >> i think there will be some lasting scars. is individualtant saving behavior. people will have experienced a shortfall in , seeing their jobs lost in this recession, even if it is only a short one, so you will find over time that people will want to hold more precautionary savings, and probably want to hold more of these in relatively liquid assets so they can liquidate them when the next shock hits to next crisis hits, so maybe people will hold more money in cash or near cash assets and in bonds. i also think that in the corporate sector you will see important changes, so average leverage on

alessandro: italy was already experiencing difficulty to recover from the global financial crisis. ively, it never recovered from the global financial crisis, and growth was permanently hit by that shock. catastrophes, extremely damaging. health assessments needed from ideallypean community, from the rest of the international community. there is a lot of talk about options for financial rescue. i think it is a time to consider emergency help. from international financial institutions and chiefly the international monetary fund, which helped other european economies during the financial crisis. emily: john hopkins professor alessandro rebucci. of course, mike bloomberg, the founder of bloomberg lp, is a supporter of the johns hopkins bloomberg school of public health. i want to talk about the worker agitations we have been covering across the country and around the world. instacart shoppers as well. josh idles in, who covers labor for bloomberg news, has been valiantly covering the stories of these folks across the country. josh joins us on the phone. we have been covering this day b

economy to a standstill and says the world will see a recession that will be far worse than the global financial crisis a decade ago as with many other countries in the world colombia's lockdown has hit people without homes especially hard our next report is from nicole for the streets of bogota she met a man whose work during the crisis has made him a hero for those in need. nobody knows the invisible like this man for 15 years orlando beltran has been looking after the city's homeless he knows where they meet where they sleep and where they get their drugs with his n.g.o.s get that it owns the bronx banquet he provides the destitute with food clothes and a shoulder to lean on but the most important part of today's delivery are these face masks. a face mask can save many lives the drugs they smoke damage the muscles in their mouth. or the so it's hard for them to control their saliva. and they may accidentally spit on each other without realizing what is happening around them they would lose. the coronavirus could wreak havoc among homeless population but it's not only the limited access to clean wate

developing economies that are hit by this crisis, we do have financial strength that is sufficient to do our job. let me remind everybody that before the global financial crisis, the imf had 250 billion dollars lending capacity. now we have four times more. i am also convinced that the membership would come through should the conditions are more adverse. we have seen that we can find solutions to common problems effectively. we did it in the past. today,done some of it raising concessional financing. if the needs are there, we will do it again. vonnie: thank you so much for all of your time today, coming to us from the virtual imf world bank spring meeting 2020. that is the imf managing director kristalina georgieva. still ahead, our exclusive interview with airbus ceo guillaume faury, who says the industry is facing its greatest crisis due to the coronavirus pandemic. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson, with vonnie quinn in new york. this is the european close on "bloomberg markets." here with the details, abigail doolittle. abigail: an hour ago, mixed to the upside and downside, but now the bulls are really trying to t

particularly difficult situation because it was already experiencing difficulty to recover from the global financial crisis recovered from the global financial crisis. growth was permanently hit by that shock. catastrophe could be extremely damaging. help is definitely -- is desperately needed from the european community. ideally from the rest of the international community. there is a lot of talk about .ptions for financial rescue i think it is the time to consider emergency help from international and financial institutions. the international monetary fund helps other economies during the financial crisis. yvonne: johns hopkins professor rebucci.o take a look at markets. we are taking a look at a risk off session. we thought we were going to halt this two day rally. we continue to be flat when it comes to equities. we are seeing mostly lower here. the hang seng down to hundred two point. we just learned the social distancing measures are going to be extended into april 23. the closing of beauty parlors, massage places as well. taipei is the exception. u.s. futures are pretty much flat. the nifty, we coul

economy to a standstill it says the world will see a recession that will be far worse than the global financial crisis a decade ago a top british epidemiologist says the u.k. could relax its lockdown measures in a matter of weeks that's providing the spread of corona virus slows and the rate of testing increases and south korea has denied entry to 8 foreigners who refused to submit to quarantine measures all overseas arrivals including south korean nationals are required to self isolate for 14 days. now berlin's city government has accused the u.s. of an act of modern day piracy after shipment of 200000 protective facemasks was hijacked on its way from china to germany the mass had been ordered by berlin's police force from an american manufacturer producing in china but according to berlin authorities they were confiscated in bangkok and diverted to the u.s. as a krone virus pandemic worsens demand for crucial medical supplies such as mass and respirators has searched worldwide leading to unprecedented buying practices and countries outbidding. berlin's interior minister under as guys will urge their

if you go back to the global financial crisis, we came out of it, starting to come out in 2009 some of the biggest deals that occurred were in healthcare. if you think of pfizer, berkshire, roche, they were merger companies use stock and what we see post financial crisis and significant debt is there's an uptick in the usage of stock for a period of time. now that pulls back as we recovered. if you go back to the financial crisis, we had a three or four year period after that, from 2010 and 2012, companies were primarily using cash because they were concerned about their stock, but going into it is a bit different. >> bottom line it for us because we're running out of time. i take your point. is there any place investors should be betting on right now >> technology. i think de>> awesome we really appreciate it. thank you for calling in for your time today. tyler, looking back over the numbers here what we learned about the small business lending program and you know, not as many as much of the money went to retailers p no details yet on who got the rest of it >> this was really a first