The initial feel good is there, but the reality of a positive fiscal multiplier. I think the outcome will be very, very poor.
The argument against bonds I have heard for the last five years. (German) bunds can't get any lower than 2 percent, Treasurys can't get lower … I am not going to say it is going to happen but we can get negative rates at -3 percent. We are in a world where policymakers are making up as we go along