The Fed Backstop Isn't in the Form of the S&P 500

The credit market cracking or unemployment going to 5% neither one of which by the way looks to happen anytime soon what are your thoughts on that. I could see the unemployment rate possibly going higher but we're so far away from that right now. Right now the credit markets are pretty accommodating look at what's happening in terms of spreads and it looks like the credit market is actually smoothly moving along some disturbance but not much if it sees us up then the fed has to act. If you listen to chairman Powell and you listen to others they don't see it right now IDon't see it either.