Israel Scott, I think you know the impact on the financialservices industry.

Israel.

I think I suspect that we're probably overestimating the short term impact, but we're probably underestimating the long term impact.

And I think, um, you know, there are there are real consequences to having a crisis such as we're having right now.

You think the market has has overreacted.

So, um, I don't really look at it as much from a short term perspective, but I think if I look over a period of time, it does not feel it all because of the impact that we're gonna have in the economy, that the market has bottomed.

But I would not at all be surprised if we saw a very healthy bounce down the road.

Andi, I think we have We have had crises before.

I feel confident that if we have the right targeted fiscal investments, if we have the right governance around this that we can see through this crisis on, I think if we do, the underlying economy is pretty strong and I can see a very healthy bounce.

But I don't see that bounce in the very short term.

Joe, Let's go with that.

You know Tobias Levkovich over its city.

Uncertainty is the mother of all market woes.

We still think it's too early to jump in.

He says you B s.

While it's not our base case, a quote garden variety recession is possible.

Could send the S and P down to 2500.

You know this commentary like that throughout the street today?

So how do you see it?

Based on what Bob said and with prevailing thought is in the way that the market gain evaporated today.

I think.

Scott, you asked me the other day if I felt this was a process and absolutely it is going to be a process that I don't know why we can't accept that as an investment community if you think about the violence of the sell off that we experienced in the last week of February.

Historically, it's scores as the fourth off the five greatest one weekly selloffs in the history of the markets.

And if you look at those other incidences, you're talking about 1987 you're talking about after TARP was actually passed in October of 2008 when the market fell in one week.

18%.

We're talking about 2000 2001.

In each of those circumstances, it took two years.

That was the shortest duration 87.

It took two years to recover so other situations that took 7 to 5 years.

So I think we just have to accept that this is part of a process I absolutely agree with.

What Bob is saying in terms of there will be there will be a recovery, I think in the near term, Unfortunately, we've lost the focus on where the flows of capital are actually going in the biggest problem.

And as a former CEO of a bank, Bob, I have to ask you, it seems that we are flirting with negative rates.

How would you feel about negative rates as a former bank CEO?

And is that a place that we want to go?

Well, look at Europe.

I mean, the banks are still have asset issues, still have really serious earnings issues.

You look at the U.

S.

And this is not a banking crisis.

You know, when we sit in compare and contrast this to 2008 when it was truly a banking crisis is we all remember Morgan Stanley, Goldman Sachs B of a Merrill Lynch.

All of them were insolvent without serious monetary stimulus and the TARP program and other things that went on today we look at the U.

S.

Banks.

They're down 30 to 40% from the peaks, but they're very, very healthy.

Liquidity is good.

Capital levels are good.

So I think we have a very strong banking industry here.

In comparing contrast that toe, what's going on in Europe to get to the core of your question?

I don't think serious policy makers believe that going too negative interest rates is a good thing.

And I think that the the policymakers both in the U.

S and the UK Air going to avoid it.