tom: jonathan golub listening to jeffrey currie. give me a clinic on big oil. with all of your heritage and heritage of your shop, can you get behind big oil? jonathan: oil is less than 3% of the s&p in terms of market cap. the bigger oil companies are not showing as much stress but if you look at the high-yield spreads in the energy space it tells you there is a lot of pressure. at what point does the ifinistration get involved russia and saudi arabia are players in this? tom: one does the u.s. step in with these price declines? jeffrey: i would say the right answer is let do it stuff. -- let the market do its stuff. given the severity, i would like to point out just in the two days since this began, the carnage in the u.s. oil pass is significant and likely generating a response. i do not want to speculate, but our view would be more let the market take care of it because you would get a more efficient industry that could compete with the likes of russian oil companies and saudi aramco. francine: thank you both. very significant headlines from angela merkel s