Down for the first day in five after rising to the highest level since august of 2015 yesterday. I love this chart, showing you euros june midcap eurozone midcap. Twice the returns than larger caps in 2017. They can repeated in 2018 according to bnp paribas. Midsized firms stand to benefit more because they are not as sensitive to sharp moves in the euro. Bnp paribas says the air performance by some outperformance has tracked the currency more closely in recent months. A fascinating chart. As is this, sticking to the euro theme, highyield Corporate Bonds in europe are lagging behind a credit rally as crisis have reminded investors of the potential for companies to produce slightly of welcome surprises. In other credit markets, including u. S. Highyield and european junk bonds, rebounding from the november and december selloffs. Highyield euro debt is being squeezed by pickup in issuance and fund outflows. Euro Investment Grade has been affected by slow sales and european sit european buying. Euro highyield white light and euro Investment Grade, u. S. Highyield, and u. S. Investment grade is the yellow line, comparing all of those assets. Data in the eurozone today, the economy strengthening further at the start of 2018. Signs of a longawaited pickup in inflation ahead of the ecb meeting tomorrow. The gauge at a level suggesting quarterly growth of roughly 1 . Vonnie thank you for that. Davos bracing for the arrival of President Trump, expected to push his America First message. And perhaps infrastructure plans. Us with a guest at the center of infrastructure policy among other things. Absolutely, when i heard the entourage is coming with the president , Steve Mnuchin moving the dollar this morning. I simply want to talk to elaine chao, the 24th secretary of a tournd now serving as of duty as the 18th secretary of transportation, serving President Trump. She joins us in davos. A tour of duty as the 18th secretary of speak on the message you bring, talk about technology, it is all the right buzzwords, but had you bring that into american policy . It is happening already, automated driving systems now part of the emerging technologies that all of the automobile manufacturers, silicon valley, they are all looking at. We are ready have the capability of level two self driving cars. If you put a car on the road, it can follow the white lines on the highway. Tom Chuck Schumer was in a limo the other day and almost ran over me. How is that Technology Going to work across america . Are you talking about i 90 in the dakotas . That example is timely because 94 of accidents and fatalities occur because of human error. If we can lessen the role of humans in driving, and increase automated driving systems, actually, it makes the roads much safer. The second issue is excess ability, for people with disabilities and the elderly, Self Driving Technology cars, they can reclaim their freedom. Here is my disability other than going to the zurich airport, which is spectacular, a Family Member spent six hours on the runway at jfk, Everyone Wants to know, what does elaine chao with your heritage and ty,derful by party bipar what will you do about the Airport Infrastructure in america with this pending legislation . The president has a proposal. It would take the air Traffic Control and make it a selfgoverning body. So that it can acquire technology that is more up to date. Right now, government rules pertaining to acquisitions in the government slows down the process. When i talk about emerging technologies, technologies on the ground, basically, looking at Self Driving Technology in cars, trains. Message,back to the here is a Self Driving Technology, march 30 of last year, they. 1800 elaine chao and said fixed the i85 bridge and you did. Every american wants to know why cant you take a emergency situation and bring it over to every Infrastructure Project in america, whether a democrat or a republican governor you know so well, why cant you fix the infrastructure . You are right. Tom what will president do . The hoover dam was built in four years. , i wentt of last year to alaska to give the approval for the sterling highway which took 35 years. Tom will you change that with this proposed legislation . We will do the infrastructure proposal. Have 1 trillion in Infrastructure Spending and work on her meeting so it permitting, so it does not take so long for the public Infrastructure Projects to be built. We need the partnerships of the state and local governments. Tom with your heritage in washington, can you do this and a fractured washington . It has to be bipartisan. Tom how will you do that . Nobody said it would be easy. Issue wherere is an there should be bipartisan support. Tom with your heritage and labor, i believe we will create jobs. Absolutely. Tom do you have a number out of this pending legislation . We do not, we want to be in constant in consultation with the congress. Tom i want to go other places tell me about mobility. As new Technology Comes into play, as the former secretary of labor, i am concerned about displacement. New technology will create new jobs. What a different kind of job. But a different kind of job. Any transition, we need to help people move from one job to another. Need to haveue, we technology that will respond to legitimate concerns about safety, security, and privacy. Tom one final topic, united hours, 4172, 10 minutes from taipei to san francisco. Days toyour parents 37 come over on a freighter. This nation is torn asunder by immigration and you are a classic, taiwanese family chinese. Tom chinese, you are never coming on air again. American of chinese descent. Debate, immigration what do you want out of this president , and what do you want out of republicans that did not take 37 days to get across the pacific . The media can help. In clarifying the debate. We are a nation of immigrants. All of us came from someplace else. The issue is not whether we welcome immigrants, the issue is, how do we deal with out a andus, illegal migration the children they have in this country . How do we be fair to them and help them become americans . The issue is legal versus illegal migration. Tom ken President Trump with your guidance and others in the administration find a middle ground which find which brings the dreamers to america. The president has said he would like to find a path forward and he Hopes Congress will do so. The minority in the senate and house were willing to shut down the United States government on this issue when a president has said that the congress should act on this before june 30. Tom thank you, you aint xiao, the u. S. Elaine chao, the u. S. Transportation secretary. Vonnie they tone has been broadly positive out of davos, how has there been chat about the fractured world . Tom the scene is a fractured world. I would suggest, you go two days or three days and two davos and the theme changes and with a vengeance in the last three hours with elaine chao parachuting in and the entourage of the president. I have seen a focus on this historic speech we will see on friday. Vonnie we are looking forward to it and thank you for the contribution. Mark we will take you back to davos for an interview with the Economic Development minister of russia, what he sees ahead for the nations Economic Growth, as oil prices rise. Mark live from london, i am mark barton. Vonnie new york, i am vonnie quinn. Mark more than 90 minutes into the trading day in the u. S. Mixedare looking at trading action for major averages with the dow and s p 500 modestly higher in the nasdaq lower again, near session lows. Record highs for all three major averages. Ironically, despite the weakness of the nasdaq, they take names are sharply higher, Old Technology names. Oracle,alking about verizon, microsoft, and other names all higher on the day after a bank had positive news on the names. Verizon yesterday reported earnings, the stock up, up 1. 2 . Analysts defending the shares but some strength for oldschool tech names. When is a pullback ahead . 3660 andk at g btv invite the global risk on asset types in 2015 when it was at highs ahead of the pullback, the correction in 2016 with the risk on Risk Appetite at the highs, suggesting a pullback everybody is waiting for could be ahead. Mark lets get back to davos. Top names in business and politics meeting and we spoke earlier with the chief executive of Credit Suisse and are joined by Erik Schatzker and another of their top executives. , ceo that is james amine of Investment Banking and Capital Markets. Iswe discussed, everybody held up, you are thinking about pearshaped. Why . James if you look at the indicators we track comment terms of our business and the economy, everything is green. For example, global synchronized growth has been the term of davos so far with u. S. Gdp likely hitting 3 and quarter for. Three quarters in a row. Corporate earnings and very good shape, accelerating with a taxcut, we see earnings moving up 5 to 10 . The dollar is not moving up, not seeing inflation. Erik they treasury secretary says it may move down. James treasuries have been relatively stable around 2. 5, 2. 6. The fed announced anything they do will be measured. That is the perfect scenario. Erik why are you are ready looking beyond this . James because it is the perfect scenario and we spend our times thinking about what could go wrong. Erik what are you telling your clients . James we look at geopolitical, what stands out to me is north korea and the middle east. The middle east in particular. I would say it is more risky than it has been in a long time, in terms of potential for conflict. Erik what else beyond the geopolitical . What else could go wrong . I talked to a number of people, jamie dimon, ray galeano, about the potential of the inflationary fires to start burning hotter as the fed begins taking preemptive action, is that a risk . James it is, we do not see that much core inflation. We are more concerned about the fed getting it wrong and maybe moving rates too fast. Erik a base case . James no, but we think about it. And we think about global trade. When you think about nafta, very topical, but also the new tariffs imposed by the trump administration. Anything that impacts global trade could impact the economy and our business. Erik potential headwinds for your clients and others facing potential headwinds of their own, like mifid ii, how disruptive hasnt been . Has it been . James we want to make sure we provide clients the research they want. The unbundling has been complex. We have already said publicly we are not charging for fixed income research, we are charging for Equity Research but on a casebycase basis with clients. Erik as you negotiate with clients, are you finding these talks more difficult, or easier than you anticipated . James i have not been involved personally but from what i understand, about what we expected. Erik i hear Asset Managers are driving a hard bargain when it comes to paying for research, the stuff youre not giving away for free, and other things like corporate access. Is that your trance for Credit Suisse your experience for Credit Suisse . James it is still very early and there has been extensive conversations. We are convinced clients want our research and access. I mention i spoke to jamie dimon and i bring his name up again for one specific reason, he told me that european banks are going to have to merge to stay relevant on a corporate and institutional side. This is a question that matters to you, what do you say . James if you take my business business, Investment Banking and Capital Markets which i think he is referring to, we have leaving positions globally and in the United States and a lot of area. Although we do not have the full scale and the Balance Sheet of the u. S. Banks, we have been effectively competing. Maybe some of the others have not had as easy a go but we have been very competitive. Erik in the post crisis time, Credit Suisse and a number of i do notller banks, mean small but relative to a jpmorgan, you are smaller, have had the focus on certain markets. You specialize in certain areas where you want to remain relevant to your clients. Are you thinking that maybe, with the perfect environment we are in, all signals go green light, perhaps it is time to reclaim some of the territory you gave up . James a good question. We focus on where we have competitive advantages. We believe that an area we are not present in or where we could scale up, where we could do that and still earn a return, we would go ahead and do that. Erik what are you considering . James we have been scaling up in a mia, that is because we have seen corporate earnings accelerate. Gdp is growing. It is very focused. The whatt is john of other geography and in what product areas do you think you can gain share this year . James if you look at us, we think we can gain share in m a and that is in industry coverage globally. And both the u. S. And in europe, the two largest markets. We have been gaining share in ecm, our leverage finance business is a Market Leader and we think we can maintain that and shifting to coverage, David Rubenstein was on before and we have a leading finance responses business, a very big business we think will grow. Erik quick question to finish it off, with all of the tailwinds, economically, politically, do you think we will set a record in m a this year . James it comes down to how sustainable it is that now i do not anything will prevent us and now seeing inquiry at high levels. Erik thank you and great to see you. He is head of Investment Banking and Capital Markets at Credit Suisse. Mark another great interview. Join us tonight for the premiere of bloomberg big decision, david westin sits them with the cocacola chief executive to discuss the impact of the u. S. Tax overhaul, and much more. This is bloomberg. Mark live from london, i am mark barton with the european close roughly five minutes away. Vonnie live from new york, i am vonnie quinn. The economy of russia and eight economic developing minister forecast gdp growth will go to three point 3 , 3. 5 in years. Erik schatzker is in davos with more. Erik i am with maxim oreshkin, the russian economist minister. I would like to ask you about the relationship between oil prices, the deal russia has with saudi arabia and other opec producers, and the russian economy. One would think this deal, effectively on production which oil prices to 70 would be good for the russian economy . In the past three years, we made reforms which guarded the economy from all agility of oil prices so whether it is up or down, the impact on the oil prices in the economy is much lower compared to what we had. Future come in the case on reforms of Economic Data will be textbook like the reforms in the United States in the early 1980s. Erik to insulate you from the Oil Price Volatility . Exactly. Erik if it remains at 70 for a barrel, will at some point begin to have more of a positive impact on russian Economic Growth . Only through the mood, this year we will get big level of oil prices, the surplus for the first time in many years. Something like 1. 5 of gdp. Erik does it matter how quickly or not russia exits the relationship with opec . You know what im getting at. The economy, it does not matter that much. The story of russia and opec is about stabilizing the oil market. Not about helping the russian economy. Erik until the end of last year , you talked about 2 Economic Growth. At the moment, preliminary estimates are for roughly speaking 1. 4 to 1. 8 , why not 2 . We do not know what the exact growth figure will be by the end of january. We will see the real growth there it is important, when we were talking in davos last year, i mentioned, for 2017, to implement the economic reforms. We did it and we did it for longerterm growth. It does not matter the exact growth in 2017. What matters is we have a Solid Foundation for longterm Sustainable Growth in the future. Erik if it ends up being true that the economy contracted, even if only for a small amount for two quarters in a row, amounting to a technical recession, you will look past it . It would not be two consecutive quarters, the economy continues to grow. The question is how strong the growth was last year, 2 , 1. 5 . Indicators like air traffic, 20 growth. The growth was there. We need to think longerterm and look into the longerterm. Differs from other markets. In different phases of cycles. On average, emergingmarket debt is 90 of gdp and in russia it is only 80 . We are starting from the low base. Like what happened in the United States in the early 1980s with high inflation. Growth,longterm longterm lending cycle. We are in the same position. Erik some economists say state owned companies play too big a role in the russian economy. Particularly in oil, gas. Do you agree . Do you think the role of the state hinders russias economic potentia . Showreport just published that the total share of government in the russian economy was 46 . Aill find Companies Competitive sector like a Banking Sector most of the economy is already competitive. It is true that we should facilitate more competition because we will get stronger productivity growth. Erik how will you do that . The president issued a decree on competition, they introduced the decree, highlighting the importance of competition and the goal for russia in the coming years to decrease state players. Of economyerformance and potential for the economy is reflected in the Exchange Rate, we started with an Exchange Rate of about 56 rubles to the dollar, where do you think we will end the year and where will it average . Depends on the u. S. Dollar. They really change rate approval , because of the reforms we have implemented, is pretty stable. That would depend on how weak or strong the u. S. Dollars. Erik Steven Mnuchin wants a weaker dollar. It does not depend on us. And moremorrow depends on the u. S. Administration. Erik thank you, very nice to see you. That is the economy minister of at the maxim oreshkin. World economic forum. Vonnie you will be back with more on russia when the interviews there deputy Prime Minister in about one half hour. Looking forward to that one. Mark stocks finishing in european trading, down for the first day in five with the stoxx 600 after rising to the highest level since august of 2015 yesterday, bonds are falling and yields gain. Money moving into the haven assets, that is gold. The big decline are of the stoxx 70 ,suez shares down by earlier fell as much as 19 . After the french water and Waste Company yesterday released preliminary 2017 revenue and profit estimates that missed analyst forecasts. Political turmoil in the spanish region of catalonia and operational difficulties led to Services Contracts in morocco and india. 45 million euros. The company, which the control of the Industrial Water business exposure andrease faster areas of demand, dividends in 2017 will remain at 65 euros, not enough to hold up the stock, down by 70 today. 17 today. The labor market, the headline figures in the average earnings. Unexpected resilience and employment and wage growth, the number of people at work rose 102,000 to a record high confounding market expectations. Basic pay quick into 2. 4 . It lags below the rate of inflation. Unemployment fell by 3000 in the time, leaving the jobless rate at a 42 year low of 4. 3 . Something to shout about. Dollar, weainst the talked about the dollar side of the equation and lets look at the euro, up by two thirds of 1 against the dollar ahead of the big ecb meeting tomorrow. Will mario draghi talk about the euro . We are up for a third day, the highest level since december of 2014 and on track for a sixth consecutive week. The euro jump raises the prospect the governing council tomorrow will reinstate language into the policy statement, warning that volatility is a source of uncertainty that requires monetary monitoring. The last time it did that, the euro fell post september. Cannot wait for tomorrow. Vonnie i cannot wait for our next segment because bacardi is buying petrone. They valued the company at 5. 1 billion and about everybody was on that story yesterday. Tequilawill add patron to his lineup. John paul joins us. Was yours at the time of the deal. How did you get 5. 1 billion . Patron is the largest altar premium tequila in the world and we will never take away from the quality. Bacardi has been a minority shareholder and we have had a great relationship with them for 10 years and sometimes there is a time to sell and this works out great. It also allows me to lead a company that can take patron to the next step. Like bacardi could take my baby further. Vonnie were they not offering you enough money when they wanted to i your cofounder at a 50 stake here. When bacardi wanted to buy out my partner stake, we had a agreement. If anything happened to martin, i would have first right of refusal, we were battling in court. It turned up we made a deal where they could make a might be a majority minority shareholder. Bacardi was aut, great group to work out. They love philanthropy. They never took away from the quality. Vonnie you will continue to work with patron. Vonnie what will the guardian do with the brand mark what will mccarty do with the brand bacardi do with the brand . They want to take care of the people, never take away from the quality, and let more people know about it. Nothing would please me more than to double the amount, we got 5. 1 billion as evaluation and they go to 10 billion, that is fabulous. They will work with me on philanthropic things and make our people feel good and change the world a little bit. They go along with our values and i get free patron for the rest of my life but i do not drink that much. I will be showing up at their major events. And continue to represent the company here and there because i am proud of it. Vonnie a great stat mark a great stat, superpremium tequila grew eightfold between 20 2002 and 2016. Rum and vodka flatlined over the same time. Can that growth continue . I think it will because even patron the recession, grows year after year. I think bacardi can take it to the next level, which i will be proud of and it gives me time to spend more time in my philanthropic endeavors and a brandnew business which i will tell you about in a couple of months. And i will take more time for just being jp. Which i have not done for a long time, to meditate or do things i wanted to do and have extra time, just a little. Vonnie you have a wonderful place in austin. Two years ago it was flavored liquors and now the trend is more tequila. Do you need a celebrity, George Clooney had no problem selling his tequila company. Celebrity is attached to most alcohols, can you do it otherwise . Yes you can, i was not a celebrity other than maybe commercials, and yes, you can. It is a matter of the quality of your product. I say that to all the people throughout the world. To be successful, do not be in the selling business, have your product or service is so good people want to buy it again. Vonnie what is the next liquor that will be popular . Would behat patron popular at some point. Tequila will remain popular over sometime, especially patron. A programming note, join us tonight for the premiere of a bloomberg decisions, david westin sits down with the cocacola ceo to discuss the impact of the u. S. Tax overhaul. That and much more on Big Decisions at 9 30 eastern. This is bloomberg. Vonnie and new york, i am vonnie quinn and this is the european close on bloomberg markets. Mark i am mark barton in london. Lets get back to davos. Russias topf government ministers. Russia has been struggling to pull itself out of its longest recessions since president putin came to power. We have debbie Prime Minister deputy Prime Minister arkady dvorkovich. What is the outlook for the russian economy . Is 2 growth achievable this year . We came out of a recession in 2017, the lowest inflation in russia. Low unemployment. We are out of recession and optimistic for the investment inflow. And flow you expect growth. Not less than 2 . From this year . Yes. Can russia modernize its economy without a competitive political system . We do have a competitive political system. We had two Political Parties that share parliament seats. They do affect legislation and what the government does and economic policies. They present views of difference, we have economists and social democrats am a liberal democrats, a centrist party. We have Strong Political competition. Yes, we can and we are doing it. This is an economy that is highly dependent on oil and Vladimir Putin has said he wants to diversify. We have not seen that. Why should we believe him that it can be done by 2024 . I agree that we are still dependent on oil too much. That, maybeot see youre not looking closely enough. Years,take the last five it was not oil and gas that were growing mostly, we had agriculture with the highest growth rate. Manufacturing and some parts of the services secretary. Last year, Oil Production went down. Up. R sectors went stepbystep, year by year, the economy changes. Can you meet the 2024 target . We will set the target soon and the president will announce program for the next term. It is ambitious. We have all the instruments and political will. Conditions are just clinton is expected to couldnt president Vladimir Putin is expected to announce a spending plan, the largest in sometime, how do you plan to finance this . That is not correct, our Budget Constraints are tight. Togethertting budgets on the oil price consumption of 40 per barrel. Actual prices are about 60 per barrel. Barrel difference. We are spending what we can spend. What does not destroy our fiscal balance. We have new programs to finance from Economic Growth. We still have growth. Opec, does russia need opec to maintain its output cuts . Without russia the deal could not be possible. The interest in Stable Oil Prices to sustain reasonable investment levels in oil and commodity sector overall, otherwise you will have another oil crisis. Is it fair to say you would like to see the cuts continue through maybe 2019 . Markets,l monitor the it wasnt of the end of 2018 was until the end of 2018. If you look at how the market develops, most supply and demand side and we will decide that when the time comes. The u. S. Is thinking about sanctions to target russian oligarchs, what is the sense in the country among the elites . We do not think we have oligarchs. Good working businessman, responsible and who care about the country and earn money by doing responsible business. Ctions it more difficult but does not make life impossible. We are working hard to reach growth in russia. With partnership with foreign that do not take capital out of russia. This is what responsible means. Relations with the u. S. And russia are chile this fight efforts by President Trump to warm it up. Is this year, will ration relations improve . We are open to the dialogue. It will be based on mutual trust rifts of on taking out the path and it is important to look at the future. Thank you for your insight. Back to you. Mark great job, great interview. Joining us from davos. You can catch all of our interviews on the bloomberg with the function tv and five breaking news, charts, related functionality discussed on the bloomberg. This is bloomberg. Mark live from london, i am mark barton. Vonnie it new york, i am vonnie quinn. This is the european close. Mark strong Global Economy and the second is the challenge of Central Banks exiting the rockbottom rate policies without a roadmap, joining us is Karsten Schroeder from amplitude capital. How are hedge funds like yourself navigating those two themes of 2018 . It will be an interesting year. We are coming to the end of almost a 10 year rally we have seen. A strong u. S. Economy with a more protectionist policy of president donald trump. We continue to see a strong employment market. We may see inflation and the low unemployment fueling inflation. That will add pressure to the central bank on continuing to raise rates. So far, it has not shown a strong effect on the market. Eventually, we hear it a lot from investors, they are trying to diversify. That will pose challenges to the investment. Mark some positioned in a similar fashion. Yes, you cannot yes, you want to make money and yet diversifying returns. They trend following systematic stretch is not surprising they are on the long side at the. Oment on bonds and equities how long will it take them and how costly will it be for the turnaround . That will be very different on the end of investors have to look carefully how they diversified. How they build up their portfolio to get the appropriate diversifying returns. It is not done by just sitting on shortterm or longterm, important to have diversification. Vonnie yesterday in senate hearings, marvin good friend, nominated for fed board governor , saying we will get to 2 and inflation in the u. S. Within the a year and Erik Schatzker in davos saying a lot of ceos are concerned that, not before the year but between one year and two years, quite a bit of inflation, how do you approach that as a Market Participant when we do not see it yet, but everyone is saying we will see it . Welong as the market will not see the big shock once the central bank steps up. From a central bank perspective, we have two considerations, on the one side, managing markets and on the other side, considering budget implications for the u. S. , how will they handle refinancing. I think they have a big interest in managing these carefully. Common investors perspective, we see the tendency, you need to go from of concentration in the big asset classes, more into diversifying strategy, that has already started. I would think we will start seeing a slowdown in asset price depreciation. And a shift into more diversifying strategies. Vonnie how do you handle a weaker dollar which only gets weaker . Almost through and 89 handle right now. To be honest, we had been a little bit surprised how long this continued devaluation of the dollar. Being a trading strategy, we do not care if the dollar is strong. From an investment perspective, depend on where your positioning and reference currency is. When you have Investment Opportunities in the eurozone, that played out very well. If you are only focused on u. S. Dollar, maybe you do not care that much. It will be interesting to see how the Interest Rate differential will play out. Mark a shortterm horizon, what has been the trend . What has been debt on this year bet on this year . The start of the year was positive. These kinds of movements, it is easy to be on the right side. It is interesting to see how the inflection will take place, how we will quickly revert the positions. And what short time term funds revert quicker, they are obviously more negatively affected when you have a whipsaw following the movement. It is difficult to say in advance how the correction will play out. 2008, go back to september was a great month for shortterm strategy while october was a great month for longerterm strategies. Because you do not know how it will play out, the best bet for investors to have diversification across time frames. Mark bitcoin, they say massive potential dropping because of regulatory concern. Absolutely. When you are in the position of a country, two factors will be concerning from a political perspective. Tracking of the transaction. Itct that bitcoin facilitates illegal transactions. Would also bency considered as a major asset class, you has less leverage of the Central Banks. If markets except any type of cryptocurrency as an alternative, Central Banks less leverage. Mark Karsten Schroeder, ceo of amplitude capital. Bloomberg markets continues, this is bloomberg. I am Mark Crumpton with the first word news. President trump is headed to davos for the World Economic forum, he will deliver the keynote address at the forum on friday. There have been concerns among some participants about how the president s economic and trade policies could impact the Global Economy. Wall street watchdogs appointed by President Trump are reviewing a plan to roll back the volcker rule, one of the industrys most hated restrictions because it puts limits on bank trading. People familiar with the matter say the office of the comptroller of the currency has shown other regulators a plan to make the volcker rule more friendly to banks. European Union Citizens will remain free to settle in the afteror about two years the country leaves the block in 2019. The brexit secretary david davis said the government has a moral responsibility to make sure eu nationals can continue their lives as they are now after brexit. There will never be a significant will we where we will support people unless they commit serious crimes. We will not the poor
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