jonathan: vichy. >> i take a different approach than what we heard from jim. approach we take is how much are you being compensated for the amount of leverage in these bonds, in those instruments. we have seen investment-grade in high-yield and leverage loans, adequate leverage has gone up substantially. the spread per unit of leverage, basically compensation for the credit risk you are taking, is nearly at an all-time low. in that sense you are not getting paid for the kind of leverage and risk you are taking. it is indeed true, as jim pointed out, the performance has been good so far, high-yield in particular has been good. but that doesn't take away from the fact that you are not being paid for the leverage you are taking on today. jonathan: one thing we know in the fixed income universe is the huge bid. a lot of it is because of the central bank put. the previous conversation was about repricing the central bank, maybe completely pricing the phasing out. how does this shape your thoughts, not just on treasuries but the whole universe when we use complacenc

and the vichy embassy, and hotel hershey and hershey, pennsylvania, a couple hundred acres and they were not happy, it was about the wine list at the hotel hershey. not up to his standard. and there is betty, she goes screaming through the hotels, this woman is not my daughter and she is a spy, what a career it had been. and channeling the way word emotions and sensibilities to the cause they believed in. and help the allies win the war, when i went to the cia to talk about betty, i asked do you still mention betty. we tell our new recruit something, we tell all our new recruits, it is the most dangerous. the last person to say good night is the most dangerous. betty, they told me, is the personification of that warning. our spymaster's seem more concerned with electronic intelligence and more concerned about hacking into computers and iphones, and information from the enemy, more likely to get involved in waterboarding. >> [applause] >> mark kovach is the name. with the oss, with their interface for virginia crawford, did you find any records of that. and she was -- used the bedroom as

well, the foes of the president called themselves the resistance, as though he were a foreign tyrant, vichysomeone come in and democratically elected leader of our country. it seems silly but it has also justified plenty of outrageous statements and actions by the trump administration, for example, released a proposed federal budget, a man called bishop duane royster claimed the budget was a form of ethnic cleansing. >> this budget come if i can be honest with you, it is an attempt to implement ethnic cleansing in this nation for people of color, but also poor white folks for whom the services being cut will be impact of the most! president trump and his surrogates have used dog whistle language to speak about race in negative ways and create fear in the hearts of americans. >> tucker: that didn't make a lot of sense. we invited him on the show to explain what exactly he meant. here's part of what he said. you know, i don't want to be in the position of defending the budget that i don't like in a lot of ways. but it's outrageous for you to say that he has contempt when you don't know that.

he is the ceo and chairman of -- vichy revenue group mitsubishi group.ly talking about is how he believes so much in globalism still. it is an era where we see a pushing back on free trade in the u.k. and the u.s. under a trump administration, where we some broader and global concern about immigration and its impact, where we see people moving forward to more america first as we know it here, britain first in britain,and britain under brexit. that he is still ruthlessly and relentlessly still pushing against this and touting the merits of the global workspace, touting the merits of almost trickle-down in what is best for a global workforce, global companies, global business is still what is better for the world. that is a message that has largely lost a lot of its zing in this sort of populist it is really a fantastic profile \ it is really a fantastic profile, populist driven ideology. populist backlash. oliver: given his background that is so well described in the story you can see why he is a , critical global davos man whose reports of his demise hav