a lot of gear levers are estranged from their family, i levers are estranged from their family, lam leversam self isolating but i have got no one to support new attack, no one can go out to do my shopping for me, no one can help me ifi shopping for me, no one can help me if i get ill, and we are so alone in this. according to recent figures, almost half of all kirby will struggle with mental health in normal times, one in four have a mental health crisis. experts predict that these figures will get worse. this 17—year—old lives in supported accommodation as she has had it particularly tough. a couple of days after the lockdown announcement, by local authority moved me from one support lodging to another with two hours notice, which is obviously a very strange situation to be in, and i'd be working week we can before that, so i could have had the virus are not known, and i are moving into a house with total strangers who i have left once “— with total strangers who i have left once —— that once. with total strangers who i have left once -- that once. people are calling on council to do more

daily life of diana, a 20—year—old gear lever, a 20—year—old care lever, is are strays from her parentscommodation. people were picked up by the parents but i am pretty much just you know. i am finding things quite challenging at the moment since the covert i9 lockdown, most people have gone home and i am living in halls. —— covid—i9. i do not have a home to go back to. the whole campus shot and does feel quite isolated. as someone who grew up in care, i am aware of the charges. whether uk when the lockdown i want to find out how they were coping. this bedsit is way this 20—year—old lives as she relies on universal credit. it is in my kitchen over there, and in there i have a tiny bathroom. that is my whole living space. a lot of gear levers are estranged from their family, i am self isolating but i have got no one to support new attack, no one can go out to do my shopping for me, no one can help me if i get ill, and we are so alone in this. according to recent figures, almost half of all kirby will struggle with mental health in normal times, one in four have a mental health crisis. ex

the other major point was this focus that. >> also talking about extra sick lever. he wants to say workers in that industry if they are not feeling well, they can count on still having money in their pocket. the good news is the number, too. he is talking about the curve and flattening that. the last bit of what he said, too, is that in california, at least one day to the next, things are giving us signs of hope. we are deaf nuttily headed in the right direction. thank you for what you are doing. we are hunkering down. they are out there working on the frontlines, so they are definitely essential workers. and kudos to the governor for helping those folks out in a big way. >> yeah, they also mentioned that that they are not feeling as appreciated. to lesson the dangers they have of going to work every day certainly should be something that is on the top of all of our minds. >> absolutely. certainly can't hurt. it will help in a big way. >>> let's bring in mark now. we have a weekend coming up. we have some chilly weather on the home front, i guess, including, perhaps

but they've got a heavily levered balance sheet, yet the equity at american airlines fell only about as much as companies like hilton or booking.com that have much better balance sheets and have the same type of exposure to travel so we look at things on an enterprise value basis, and if you look at a company like booking that has net cash, its enterprise value fell much, much more when the stock got cut in half than american id. and that was most of our focus when we were looking at changes to make in march, was, you know,

names and they're levered to a re-opening and they're levered to a rebound and how consumers will go if they do re-open. so there are a lot of unknowns and the options are the only way to play and the stocks themselves are the only way becoming options the thing i like about the structure is normallyin spread they're trying to capitalize on the premium they have on the front end and if it get away from you, you can have the trade if the stock goes way up or if it goes way down by creating two strikes that they're long in june, they're preventing any risk to the upside and that doesn't mean that the stock doesn't crater that they're not going to lose and they're not going to lose under any circumstances, not near-term or longer term that aspect of it, i do like >> all right good stuff there, mike and tony. as we head to break, be sure to call it a bonus hour of live, fast money and jim and the gang a well-deserved day off so we will be live bringing back tim and guy as well as julia fernando and mike khouw will tech around for another hour another full hour of "fast money" 6:00 to 7:0

a french lever he's a lever in order to sustain the price and eventually it failed this will fail because it's not just one security it is every financial security in the world the task is massive and the attempt to sustain value in these financial assets will destroy the currencies and i love the john locke comparison and anyone interested in this topic said it really explored john law and more recently a similar not quite the same would be what happened iceland when the icelandic banks were printing essentially money to buy back their own shares ad infinitum and then they all in concert collapsed but you know we were talking about negative interest rates recently and how that is an historical anomaly now and had ever thought about doing this before it seemed crazy and yet it did exist and is an ongoing policy initiative well you know there's something new even more ridiculous some might argue and that would be a negative price on oil so oil prices went negative which is just as toxic i would think is negative interest rates the other 2 related no not really as i understand it in. the ne

generally, we're talk about passive etfs, not levered structures a lot of etfs are not levered. i don't think etfs are bad per se what i would suggest is that because of the existence of these programs or strategies, once again, we tend to find price -- we tend to find the value more quickly and then the real money comes in and absorbs those prices quite quickly because there is value that appears. i think what we're dealing with is we find the right price more quickly. i don't think it leads to a disorderly market. in fact, i would argue in the last six, seven years markets have handled volatility quite well i think the products help in that regard to some degree >> jim, you want thought on this >> the distinction matters the futures market is noot ft f the faint of heart the etfs are really bringing retail investors into the constituti institutional world. they're going to get picked off. the average retailer will get run over i don't think that's where a problem is going to lie. it's very understanding what the underlying is. i think you need to make that distinction. >> i do

to pull in difficult environments coming out of these earnings, big banks are looking at what leversal banks have to pull it is nowhere near what the big banks have to pull they are much more tied to the curve to spread lending. they are going to be under pressure they don't have enough other activities and other fee raising activities to whether the storm as well as the big banks it is a relative trade now where regionals are getting left behind >> r.j. grant, thank you for joining us >> thank you for having me >>> coming up in a first on cnbc interview, morgan stanley chairman and ceo james gorman will be here 9:30 eastern time here on cnbc coming up on the show, google becoming the latest major company to shift its business strategy amid the covid outbreak take a look at shares of bed bath and yonbeyond up 15% announcing first quarter and full year 2020 results will be negatively impacted by the coronavirus. decline to provide any further guidance for fiscal 2020 on a full-year basis. we are back in a moment. >>> the number of coronavirus cases around the world has now moved to a

just pull that lever. >> you will see how people worked 100 years ago. >> >> hey, this i like. >> thatr back, try again, we want to stop at 1850. [laughter] >> who's the character? >> that is your grandfather, joe. he had to work 69 hours a week to earn a living because he had only inexpensive handtools and his own strength to help him make things. >> your grandfather was a powerful man, get his strength equals almost 1/10 of a horsepower. you have hundreds of horsepower in this costly giant of a machine to multiply your strength and efficiency 1000 times. this makes it possible for you turn more than any worker in history. [whistle blows] >> you still have leisure time each day to enjoy life. >> >> so, i am lucky. but what about the rich guys who does nothing while i do the work? >> true, there are rich people who contribute nothing. >> and there are poor people who contribute the same. but most of the investing capital that buys the tools you use comes from your fellow americans. 40 >> us have money in the bank's 70 million of us own insurance policies. over 15 million of us invest s

that's clearly the most important lever. european union, i think, is to weak they fear if they apply that lever, hungry will walk. where hungary will walk to is not clear. i think it's a lever that should be applied, but they certainly have had many occasions where they could have brought that hammer down and have not done so. this is just, i think, a sign of the extraordinary fragmenting impact of the coronavirus on the -- on european politics and on the capacity of european states to act together and act against what i think is a threat to the democratic values of the whole continent. >> mike galanos, v >>. >>> all these spring breakers making it clear how difficult it is to lock down america, a country of 300 million people. how about a country of 1.3 billion? we will take you inside history's largest ever lockdown when we come back. when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on t

there are many levers we have in our hand.maybe another one to 2 billion you. year.t we think we can get to a so it is next year about controlling the things we can control and leaving some facilities for the people who need the more. anna: you can get to a breakeven of less than $35. what will be the crucial lever coupled to get you to those breakeven prices? 2019rd: our breakeven in was around $56, so going to 35 by next year is the right thing to do and will drive it lower. the economic uncertainty is immense, how this recovery will play out over the coming months, but we are very focused on the basics of the business and capital is obviously huge for us. $15 billion, we will take that down to 11.5, we will take to differ official -- appraisal spend. and on our cost base, we are big believers in the digital agenda, have been for some time so we've invested heavily. we will invest further, but we believe we can take more out of optimization -- automation. in terms of how we work as a teen, we want to be more integrated, more

police say he fought through it. >> there taylor continued to approach the officer while levering the baseball bat. >> the officer dazed taylor a second time and also fired his gun shooting taylor once in the chest. >> th shots fired. shots fired. >> a second officer arrived at this point and also dazed taylor. taylor dropped the bat after being shot. he was dazed again and dropped to the ground. and an attorney for the officers told ktvu that lethal force was used because the tasers didn't stop taylor. in a statement, the attorney said taylor slightly continued to fight through the second cycle and tour the officer with the bat. still in a position to strike the officer. you both officers were justified. >>> the final determination will be made by the alameda county da's office. the names will not be released at this point because the department says there have been threats made against those officers. ktvu, fox 2 news. now, 71-year-old david ash was in the garage on his livering room. he was able to escape safely, but his home of 30 years was destroyed. he says he has had a rough fe

skyworks is levered to the inevitable 5g. here it is over 100.re's secular trends that are working. they're working really well. anyone who is doing badly, if you're really terrible, your bonds get bought by the fed. so you're saved. david, how many bankruptcies have there been? we have whiting? we haven't gotten anything we got whiting petroleum how many bankruptcies? >> it's early. >> diamond >> and in retail we're expecting it more in the oil and gas given the very difficult time that that's having. but jim, what aboutthe larger issues of -- we'll talk to mike roman from 3m. >> right >> they take their capex to about 1.3 billion. they had previously targeted 1.6 billion to 1.8 billion previously there's so many companies that are doing that >> but you take the -- the problem of the dividend off the table. there was a note last week that 3m's dividend could be in trouble. look at the stock. it's up 9. it's up 8. doing well i'm not worried about the dividend so we cut the capex, are you saying next year he will be hurt because he cut capex >> no

it's not necessarily to chase names today. >> josh, lever ave me with this thought. if the market looks ahead, six to nine months, whatever you think it typically does. is it not thinking about a second wave of the virus in the fall which every medical expert that we talked to says is coming, include dr. gotley on our 7:00 p.m. special. is it not thinking about a presidential election and other elections coming in the fall as well how are we factoring that in. >> so much of the day-to-day activity has no feeling attached to it. we have to remind ourselves of that that's why extrapolating the activity we see our screen from day-to-day should not give us confidence there's a new trend or people feel better and tomorrow they feel worse we have to break ourselves of that habit i know the old school guy that came up in the 70s and 80s they would gauge feelings of their fellow market participants based on ticks forget it. it's over. it's not what happens these days i disagree with you the sometimes when i look at stocks up 10, 11% on the day, i say aren't these people awar

in 1919 congress amended section 4, the lever act, which criminalized the making of quote, any unjust or unreasonable rate. the law was intended to prevent rates of interest, that is rates so high as to be completely unfair and unethical but also made it illegal to charge unreasonably high rates for necessities. congress, however, failed to define what constituted either a usurp rate of interest or a reasonable price and delegated that taskt to the courts. cohen argued that congress could not assign legislative powers to another branch and the lever amendment were unconstitutional for having done so. the court agreed unanimously and struck down the law as overbroad and vague. to declare something is illegal, congress had to do more than merely describe it as unreasonable. two things to note about this case. first, because the court voided the law on vagueness grounds, it do d not have to decide whether congress have unconstitutionally delegated his pourer. second, the court made it clear that the federal government during wartime did have the power to fix food prices. remember what br

that is the sense that which governments can lever up. what about companies?have been giving this thought. a lot of the plans and the developed world seem to rely on companies levering up to survive. it might not be something that comes instinctively to them. how successful are things like that going to be? bhanu: i think it is going to be quite tough. companies will have to lever up, the debt-to-equity is likely to rise, not just because the market cap is going to be coming down, but because they are going to have to lever up to improve cash flow. if you think about it from an , which comprises asset terms, leverage is going to have to go up. margins and particularly asset terms is under considerable pressure. , our oeery poor level from a very poor level is likely to fall despite higher leverage because it is going to be coming down. is going to come down despite high leverage. thanks so much for joining us. you are going to stick around a little bit longer. bhanu baweja, chief strategist for ubs. up next, we are going to bring you the stocks on the move thi

initial cares act they were given $454000000000.00 to work with with these facilities but they can lever that up to $4.00 trillion dollars these are unfathomable mts and as as powell said if they need to fire up the printing press in order to make more money in order to lever it up even more then that's up to their discretion and to your point i do get concerned because these facilities in large part have to be housed on the balance sheet of the treasury because it's against the law for the fed to take credit risk on such that any losses incurred via fed actions have to be shouldered by the taxpayer kind of makes your head spin christine i want to bring you in on this conversation here what do you make of what danielle saying here what this fed action is what's going on with this but action. why i think it's very concerning because right now as danielle just mentioned it will depend on the economic recovery and to see how how far we can build in the balance sheet and i think that 10 trillion dollars is actually a very conservative estimate like a lot of the people i was talking to there

out well so that study in our smaller seo could do so step to have a higher cost base i'm highly levered have a high leverage so this will have the ripple effect into the banks that lend to them because if they go bankrupt their loan portfolios deteriorate so stephen. and i have explained you know what west texas intermediate as opposed to brant crude oil bit is brant is it isn't going to be as bad a shape is. well that's quite pretty interesting it seems that not only her tankers reaching saturation a lot of oil traders are also very bizarre markets are going through right now i think we have to take some value as to what happened the settlement date i think it's easy to discount it because we had a massive u.s. e.t.f. fund that had to roll a substantial amount of position it's kind of under question right now what is it going to actually could you explain that just a little simpler for for our audience if you don't mind she sure sure sure right now what we have is we have a large retail propensity or a large retail. investment into an e.t.f. fund or right now that's grown quite substan

lever the bubble wheel low information because really if you really consider what's their background it's not like they came up as real intellectual zeroes are really hard work in their own business i'm sure a lot as entertainers strive to get out there so i put them all into an educated pot but i do know what you mean i mean it attracts certain people to certain fields that they might not be as well read as other professions i completely agree with you about that but i think you appreciate that you know david geffen had to billionaire had to delete its whole entire gram account because he was like hey you know kicking it with corona you know myself i was living on my 560000000 dollar ya ya yeah anything about it people were furious and that's what you're saying jennifer lopez i am self i saved my family and my boyfriend a cool compound in miami and their self aggrandizing their narcissistic if they are low information in more importantly the most dangerous their board they don't have anything to do so madonna sitting in her freakin bath tub i are more afraid of that are a lot of it

the lever act under the mandate of preserving scarce food resources authorized the president to limit or forbid the use of food stuffs to make alcoholic beverages. on this issue we'll have extensive participation by the court. six, personal liberties. here, of course, we have to deal with the emergence of modern notions of free speech and press and that topic will be covered by professor laura winetrip in the last of the silverman elects in the series on december 6th. sufficed to say for now that during the war of congress at the administration's behest, past the most restrictive laws on speech and press since the aliens act at the end of the 18th century. seventh, the league of nations. too often the fight over american entry into the league is portrayed as a spitball fight between two recalcitrants, wilson and senator henry lodge of massachusetts. that scenario is only partially correct. the constitution gives the president treaty-making powers, but for the agreement to go into effect, it needs the approval of two-thirds of the senate. this is a typical example of the checks and bal

if a part of our savings continue to flow into industry, american lever management and capital can continue to build new tools and plants. industrial expansion creates jobs for hundreds of thousands of young people who must find employment each year. our growing capacity to produce things which make life better in these times can be our greatest protection in time of war. when danger threatens, we can convert industry to produce the things we need to defend ourselves. common stock investments have helped to make our country prosperous and powerful, owning a share in american industry is like owning a share in the future of our nation. but remember, john q, there is a risk as well as an advantage in owning any kind of property. so get the facts before you put your money to work. ♪ ♪ the film was attacked by anti-communist -- he was called to testify in october, 1947. (music) (music) ♪ ♪ ♪ >> everybody has his own special dream about what the world is going to be like in the future. we know it is steadily -- shrinking. one of these days we are going to wake up and find that the people we are

they're levering treasuries 75,000,000,008 to 1.ipal bond assistance, the liquidity -- levering treasuries $35. 14 to 1. and something we pointed out a number of times. also moving into the corporate bond market, $75 billion from treasury when they buy high yield, it's only 7 to 1. so much to keep track of this morning involving the fed. >> who is better than you at it, david? i mean, i actually had a couple questions i had. one was for sully. the first one was this whole issue of how and in what form will the oil and energy companies be able to come to the fed window is unclear? it's something that we know a bunch of senators want to be able to make them available to do that. big questionin the oil business, were those companies that were failing even before coronavirus came along oil prices were already down there were already issues with their debt and now they're in much worst shape that's a big question we're following. second question was for you, david, does clo backing mean that private equity owned b businesses are now goin

the levers is a little bit of an impediment into the smooth running of what is a complicated day—to—dayrity and confidence in the way she has done this, so i think only handover we hope, then only temporarily, should it really be necessary, but from what i can see at the moment, going own overnight coming back i hope to downing street single should allow him to maintain continuity of control. sir alan duncan, thank you very much for speaking to us. just to summarise the news, the prime minister has gone to hospitalfor the news, the prime minister has gone to hospital for tests, the news, the prime minister has gone to hospitalfor tests, downing street says this is a precautionary step as the prime minister continues to have persistent symptoms of coronavirus ten days after testing positive for the virus and downing street says the prime minister continues to be in charge of the government, and is in contact with ministerial colleagues and officials. ben mitch now has the weather. it is certainly the warmest day of the year so far. briefly it turns cooler tomorrow, but those temperatures

what's more, one of the primary levers that non-smokers pulled on to vindicate their demands for rights were not those of government at all but of workplaces and private business. here, too, we see an opening for activists today. in response to mass shootings, goods stoppedg all gun sales, and walmart haunted the sale of -- halted the sale of rifles and ammunition. equally important in a parallel drawn from the non-smokers' rights movement are decisions made by businesses to ban the open carry of guns. big chains like walmart, cvs, and kroger have begun to ask customers to refrain from open carry in their stores, even with open carry is legal. small stores across america have also taken a page out of the antitobacco playbook, posting stickers with the red dash circles. such displays do not just declare store policy. as non-smokers rights activists understood decades ago, such displays serve as a consciousness-raising tool, drawing forth a sense of entitlement to control public space. a second lesson of the cigarette, non-smokers rights activists operated within constraints. one of those

it's a sign there is something broken if it's some kind of levered etf problem. this is not problem. the talk about negative $35,000 to take delivery you can find someone to take it for that that's why i say it doesn't make sense anymore. not when oil is trading positive $20 for june the math doesn't work out. i think we're getting into market structure issues which we have been talking about for a year i never imagined this. there's a lot of these levered etfs negative two and three times, things like that >> you look at the chart, you look at the flash crash except if it you paused it at the bottom in that's kind of what i mean. good point the question is if i bought a contract a thousands barrels, you're telling me i could make $35,000 or something like that why not have the government buy up all the oil and stick it in reserve. this brings up the storage issues of why we're seeing this play out today >> there is room in the spr. they did approve private companies being able to put their oil in there at least they were talking about approving it i think there'

you put a coin in, turn the lever, and see what comes out. part of the fun of capsules is you don't know what is inside until you pop them open. >> at this shopping mall, one vending machine is causing quite a stir. it is not selling toys, it is selling pu selling perfume. each one costs about $6.50 u.s. dollars and contains a small high end fragrance. >> a full bottle costs about $180. i get bored with the scent, so this suits me. >> it's an affordable way to get a whiff of something new, and since the selection is down to chance, they don't have to spend a lot of time deciding what to buy. >> i don't know much about brands. so i'm happy to let fate introduce me to a new sent. >> the machine is a hit for people t that may not normally splash out on a full sized bottle. some days they sell more than $200 capsules. the shop places special orders for miniature bottles from grands around the world and now they have over 100 varieties in stock. >> the bottles cost a lot to produce, so we're not making any profit, but if it gets them in the habit

there are many levers we have in our hand.ll take capital down by 25% $1s year, maybe another billion to $2 billion next year. we think we can get our business to a breakeven of less than $35 a barrel next year. it really is about controlling the things that we can control and leaving some of those facilities for the people who need them more. >> so you can get to a breakeven of less than $35. what is the creature -- what is the crucial letter you want to poll than to get down to those levels? >> are breakeven in 2019 was around $56, so going to $35 by next year is the right thing to do. we will drive it lower if we can. the economic uncertainty here i think is immense on how this recovery is going to play out over the coming months. but we are very focused on the basics of the business, and capital is obviously a huge lever for us. planning to spend around $15 billion. we will take that down to $11.5 billion. some expiration and appraisals spend for some retail growth projects, things that we can control. then on our cost bas

so this was not bad business decisions like in the financial crisis this was not over levered real estate in this program there's a very significant part of these programs that are grants, as in the ppp. there's enhanced unemployment insurance, which is meant to protect workers that got laid off by companies there's our direct deposits. we're over 100 million payments of direct deposits and checks and now sending pre-paid debit cards and we want to get those out to people. this is unprecedented liquidity being pumped into the system now there is a component of this where we can work with the fed, which is an investment to support lending facilities we made loans. we're in the process of making loans to airlines, national securities on those i do expect we'll get paid back, but a big component of this is an investment in the u.s. economy and u.s. workers to support them through this difficult time that they had nothing to do with >> mr. secretary, let's talk a little bit about the states and municipalities that are also struggling and have said that they need the money. we spoke with new j

two of the most important laws passed by congress, the lever act of 1917 and the oberman active early 1918, gave the federal government enormous control over both agriculture as well as industry, and to an extent never before seen in our history. in both these laws it should be noted that they form part of the template of franklin d roosevelt's new deal efforts to fight the great depression. we'll talk more about this because some of these issues did in fact come before the court. three, labor relations. years ago, the noted historian risch and -- richard hofstetter, wrote that war is the enemy of reform. during the first world war, reform seemed to be strengthened rather than weakened. the war labor board, cochaired by former president william howard taft, worked to reduce labor management, and in doing so, also worst management to pay workers a decent wage. the war labor policies board headed by felix frankfurter tried to set policy for wages, hours, and union recognition. wilson took a keen interest in hourly wages. social welfare groups played a prominent role in training american

and it's manufacturing levers. a lever, something you might use the lift something up. subjugation was a process of manufacturing leverage. people who would work in a community and help the community to evolve. it was a very communal sense of what education was for. youwas not like for the job want to have down the road, but for what you can do to help communities. and all those ways it disrupted globallse dichotomy of education. it also disrupted the ways that people who ran the schools had to negotiate here it sometimes they had to do funding issues of who would give them money if they did industrial education. they had to figure out how to tell a story that was going to appease the funders but also do this holistic education that they had in mind. pursuing literacy, pursuing education from people who were supportive of what their admission was and then having education that could help the community at large. free?oes it mean to be it was personal. it was a personal freedom. what am ido with calling myself. they change their name. we saw that with harriet tubman who w

the question for retail has been the most levered names were the ones that were under the most pressure doesn't mean they have a lifeline we've talked a lot about macy's and macy's is one where i don't think macy's comes out of this a stronger company at some point the valuation was really a very attractive or is attractive relative to the parks. real estate value alone, something like a best buy which also the analog from 20, 2008, 2009 is something that investors punished more going into this relative to what they thought the consumer was going to be like coming out of covid-19. we still don't totally know. i think someone like a best buy is very well exposed to the stimulus checks that go into households there are some relative winners in here, i agree with guy, relative value is the other part of this. i don't want to own walmart at this valuation, someone like target -- while i don't love that story for the consumer overall, it's i much more attractsive trade. >> i know you are contrarian at heart. i'm picking the right person on the panel for this he question in terms of the move

you put a coin n in, turn the lever and see what comes out. part of the fun of capsules is you don't know what's inside until you pop them open. at this shopping mall in tokyo, a capsule vending machine is causing quite a stir. but it isn't selling toys. it's selling perfume. each capsule costs about 6 1/2 u.s. dollars and contains a small bottle of high end fragrance. >> translator: a full bottle costs about $180. i sometimes get bored with the scent so this suits me. >> reporter: it's an affordable way for the customers to get a whiff of something new and since the selection is down to chance they tonight have to spend a lot of time deciding what to buy. >> translator: i don't know much about brands so i'm happy to let fate introduce me to a new scent. >> reporter: the machine has proved a hit with people who may not normally splash out on a full sized bottle. some days, the shop sells more than 200 capsules. the shop places special orders for bottles from around the world and now has over 100 varieties in stock. >> translator: the bottles c

we need to have all levers going. fortunately, you have seen a lot done in southern florida and i know that as we test more, you see more numbers but between with the counties have done and what we have done to help them, and some other things, i think you'll eventually see some progress there. i think the rest of the state, we are monitoring -- one thing i am concerned with is the travel into florida. the new york travelers were a big deal, that was tens of thousands of people over a week. it wasn't just southern florida. many flights came into orlando and some when it to tampa. how that will manifest if those folks aren't self-isolating, i don't know but you also have international travel still. from brazil, people are going into orlando and i think we have to get a handle on that because florida, you will have kids out of school and businesses close and people may lose their jobs, these different things and sacrifices have someone gets airdropped and with more virus in these communities, how is that something that

of the pieces of paper i want, i'm not sure i want to be levered to slack when i know the long knives are out against them >> right but, to your point about microsoft, microsoft teams of course -- >> yeah. >> -- at least people are trying to understand when we do get to the other side of this, how many people will continue to work remotely of a given work force and so things like teams make that a lot easier. we all know -- i'm sure you guys have been doing it, too, your zoom cocktail hour with friends, family >> yeah. >> it is amazing how our behaviors are changing so many people are focused on what will it mean when we do get back to life a lot of people focused in part -- i had this conversation with a lot of people who run organizations on their office space. you know, maybe i never need or don't need to expand any time soon i can know now i can have 25% of my employee base that is at home at one time or another doesn't mean it's the same people, that can change. i know that i need 75% of my current floor plan and that's a real opportunity to save money that's one area i'm hearing

that to me is the big lever and i can get more optimistic about the story. >> karen, i'll bring you in and i can pose that question to you and you can ask gene about this, in terms of what is the next encore >> you are a holder of facebook and have been for a while. how do you think about that in. >> well, i think payments -- i'm not talking about libra. i'm talking about them getting in the middle of transaction and that is one area of growth i will see how they monetize whatsapp and virtual reality and that's been hope for a while now, i think since they bought oculus, which i don't remember now how many years back that is. that's not sort of -- i don't so that in the very near-term, but i guess what i think more about is what kind of multiple should a company like this have in this kind of environment instead of and that being somewhat of a floor for them and where is the next giant revenue growth from >> gene, quickly do you want to answer karen? >> it's more about augmented reality. we've been looking down at our phones and the future and glasses and that's the real fundamental pi