he's ready let's welcome lloyd blankfein. and crazier and wilder the party is, the worse the hangover is, have we put in that type of two- or three-year period as grantham said we're looking at the end of a superbullish cycle that could take us down much further than people think a as a risk guide, do you think -- >> that drunken met for is yours. i have less experience i would say that -- well, perhaps. i'd say one of the big issues in the market today is how far the fed -- because of the uncertainty, you know. the fed has been pretty good at giving the market advance notice of the pace of change, how far change might go, and people have come to rely on that we're in a situation now probably wihere the fed itself s pretty insecure in that, and so people instead of having some certainty in that, not that there's ever really certainty, but a feeling of certainty, people are kind of extrapolating, you know, big cars and risk, you know -- the riskiness of the situation is quite great. those of us of a certain age are having a li

this is a story to division that has produced lloyd blankfein, so it has been important to the bank. volatile years. its success is countercyclical. what we saw in the pandemic was a crazy shift in the commodities market, oil prices turning negative, then turning around. goldman sachs benefited from the power grid failure in the u.s. last winter in the northern hemisphere, and then there is the frenzied move in the european markets at the end of last year, of the division which was facing cutbacks is now one of the biggest success stories. haslinda: what will this translate to with earnings next week? >> it does highlight how the pandemic has allowed it to flourish. goldman does not break out earnings, but unit revenue surpassed $2.2 billion last year. the person who heads the division is poised to take on one of the biggest bonuses of our partners at goldman when we get the earnings next week. this should offset some of the less than stellar numbers were expecting from the fixed income part of the unit. overall, q4 results for goldman sachs will show the dominance of its dealmakers,

and lloyd blankfein argued earlier on the air this morning, use cases validated by people who have veryto deploy >> well, i think there has been a good deal of that. i mean, you could see on a separate note the non-fungible tokens people were dabbling back to morgan's point, there was some excess liquidity around and it's being eaten up. but i think the bitcoin and what we're seeing here, this is a liquidation of risk going on, carl and there is an old saying they've got to sell to meet margin calls, whatever when you get a market like this, you don't sell what you want to sell you sell whatever you can sell and sometimes that's your k grandmother's necklace so that's and what we're seeing here people are being forced to sell things they might not have wanted to sell just to make sure they stay liquid enough. so let's see if it's a rally this could be a very, very interesting day. >> it's been a while, art, since you rolled out that line certainly applies today though thanks so much good to talk to you. art cashin. >> thanks a lot. bye. >> we are off the lows of the morning, which is sa