prop markets as they continue to crater so let's get some more expert analysis as we are joined by tobin smith field trips for the research so been great to have you on the show i really appreciate your time today how much of this crash if that's really what you want to call it has to do with the coronavirus pandemic we know oil is hurting we know airlines are hurting and and what it's bad it's right across the board these days so what do you make of all of this. well i mean i 1st got to get the context right i think in the context is a pandemic is one that's a health shock the 2nd is the debt market shock because now we have to figure out how long is not going to last but remember we borrowed 30 trillion dollars in the government and the private sector with free money and so now the bubble is bursting because the 3rd part of the context to get it right is the government and frankly i don't care the lover hate president trump but he has completely blown this and by by essentially getting people to feel everything's ok over the ok and then just dropping the bomb now we have real fear and fear i

of transform many research tobin smith gentlemen i want to start with you todd the u.s. markets are near the levels that they were back in 2016 when trump was elected but how much of an impact will this stimulus package have on the markets and the broader economy especially now that we're seeing it go up just a little bit. good afternoon sure you know listen the markets are going up today that today looks more like a short covering really it looks like not a real big deal they're trying to bet on this thing of more free money and more is stimulus but again stimulus is not create growth if people are going back to work we're not going to get the growth we need to continue it's not going to affect company earnings so at the end of the day if you're a fundamental person this is not going to help the fundamentals well this is only another temporary band-aid that they're slapping out of no different than what the federal reserve is doing with these band-aids and continue to apply in the meantime accumulating massive amounts of debt which will never get out of so that's to me