would love to get your thoughts on what jim casey said a few moments ago too. >> there are headlines from the new york federal reserve this morning. yesterday we told you about the $60 billion of purchases that the federal reserve would be doing. basically taking that money which was buying short-term treasuries and spreading it across the spectrum. at this moment what is going ton is the federal fed is beginning a process doing half of that 60 billion right now. using it spread out across the movant the new york fed say because of the disruptions, the unusual disruptions in the treasury market, that it is now doing half of that today it's affecting that. meanwhile, i've been on the phone with people like casey and other folks all morning. they're saying yesterday's action by the fed only had a limited effect and they are saying the federal reserve needs to be much more. they expect the fed to do more let me go through some of the things i'm hearing from high level people in the financial industry who have their fingers on the pulse of what's going on. sort of talking about the thing

but there's a question, of course, jim casey raised it with us i guess last week, it's hard to keep track from jpmorgan, cohead of investment banking, this idea when you get that wave of downgrades, the high yield market, carl, is not in position to handle that kind of volume. high yield is closed right now for new issuance but in general, the difference in dollar amount from ig to high yield is vast. that's also a key question that we sort of have to keep an eye open for as we watch the credit markets and how they're operating at this point. it's an important component overall of all the different markets. >> david, this is something that the president, with one phone call to the saudis would take off probably about 300 billion in high yield trouble. now, a lot of the oil and gas, you get a chesapeake, it's obvious how much debt they have. the president has to be focused on what can be done with phone calls today. get oil up a little. take that off the table. get the testing done get the credit line, some sort of line to boeing. there's 17,000 suppliers and 2 million people involved with