we are back with philipp hildebrand of blackrock. we are talking a little bit before about the need to give support to small and medium enterprises that would run out of cash. is there anyway that could save the consumer at this point? happeningell, what is here basically, if you think about -- i am not a medical expert, but if you look at the statistics, most countries have something between two and 10 hospital beds per 1000 people. what is clear is the priority has to be on not overburdening the health systems in these countries. so therefore, the price we pay for that is, we travel less, we interact less, the economy comes to a halt. that means for no fault of anybody, basically businesses are going to grind to a halt. traffic is going to grind to a halt, growth is not going to be there anymore. we need to come in and support, provide financial assistance, liquidity support, fiscal support in order to keep basically two kind of bridge over this period until hopefully at some point with the right policies in place, the right contai

asset management talking about corporate stimulus , and finally yesterday, francine spoke to philipp hildebrand of blackrock and they were talking about welfare increase and unemployment insurance, so a bit of a wish list in new york on wall street about what they think would be useful for the u.s. to do to alleviate the pain the coronavirus has caused. thank you very much. to one of the ladies who runs global equities for allianz.- the point on anne-marie made, phillip hildebrand was with us saying if we have the u.s. leadership we did in two thousand eight, that is the big question. we have a very present, very strong, very focused readership team that coordinated the event -- very strong, very focused leadership team. >> we have some early examples of how to deal with this crisis from china. one hopes the leaders will be looking to see what we learned there in terms of early then applyingd those. we will have to see how well that is done in europe and in italy arebut certainly taking some quite .rastic action they do appear to work. signs that the worst is over and china from the data we can

about the big events in the world and other financial crises, we spoke to blackrock's chairman philipp hildebrandwhat he had to say on that. >> it felt like 2008 if you are a portfolio manager, but it actually wasn't. i was there in 2008. the difference is the financial system seized up, which is not what happened, at least not so far. this is not at the core of the financial system. this is a natural disaster that is basically hitting us. alix: that leads me to my other question, which is liquidity and dollar funding. the credit stress was all about 2008. what do you see there? dean: that dollar funding issue really reached its apex in 2008, and again with european banks in 2011 and 2012. i think banks have done a good job of reducing their reliance on that. i think he's right in saying this is not become a full blown breakdown in markets. that said, looking at screens yesterday and looking at bid offers, dramatically wider. if you look at options in things like the hyg, the junk-bond etf, the bond makers didn't show up for work, and i mean literally. there was no one in the market posting for s