let's bring in jim bianco, president of bianco research what specifically about what the fed has said and/or done that makes you think, you know what, it's time to climb aboard the train? >> well, they've gone beyond just supplying liquidity that was the early part of the equation but lately, they've now started in on market support but they started buying corporate bonds today. they announced it yesterday. they didn't need to do it. they did it to just show that they were serious about their intent, but the fact of the matter is, they have put a massive floor on this market, and you know who's noticed retail they have noticed it as well too. first you cut commissions to zero then you allow the purchase of less than one share. you get millions of accounts opened up, an explosion of trading in the market, and when you talk to them or read the reddit boards, the word "fed" always comes up that they're not going to allow -- they are not going to allow the market to go down it won't go down then you get jay powell last week at his press conference, when he's asked if the market's overvalu

bloomberg tv we will catch up with a critic of the federals to reserve -- of the federal reserve, jim biancorings up good hearts law -- when a measure becomes a target it ceases to be a good measure and this whole market has become a target in the last months. tom: it will be interesting to see. has written brilliantly on controversial research where we are right now. that will be most interesting. it has been an extraordinary day for bloomberg surveillance and a wonderful conversation, including professor rajan moments ago. you heard from olivier blanchard yesterday. it is now time to turn the equivalent in new york city real estate. some people do real estate and go on with their lives. in others, it becomes a part of the fabric of the community. william rudin has done that. onhas been hugely upfront the development of real estate in new york city that has a social good and the social fabric. we are thrilled to bring him to you as new york city reopens. thank you for being with us today. what has the last few weeks been like for you, your properties, and the people within those properties.

listen to what jim bianco said. >> you cut commissions to zero and allow the purchase of less than one and get millions of accounts opened up, explosion of trading in the market and when you talk to them or read the boards, the word fed always comes up if you think the market is going to sell off soon, you have to find something that says it's going to be so powerful to bring the market down, even the feds' unlimited printing and the trader crowd buying like mad is not going to be able to stop it. >> our next guest has new numbers on just how much impact the day traders are having on the market richard follows it rich, always great to speak with you. >> good ervening, melissa. >> i feel this is a big question on the street. do retail investors, are they big enough, size big enough to have an impact on where the market is going? what have you found? >> certainly the volumes are at record levels. if you look at the trade reporting facility volumes, that's volumes that aren't done on exchanges, mostly retail, those are at a record high as far as percentage of all volumes. if you look at t