lori: it is not climate change? >> they are so cold in chicago you would think it is too cold for criminals, rahm emanuel had it right, gangs are the problem. they are not the solution. you cannot turn these guys into guardian angels by giving them a weapon saying, good guys come here, help protect us, that is a dumb idea. lori: there are so many problems, the first lady found time to present oscar for best picture were you a little offended. >> i am now rethinking my bang. i was there first. you know, this is a cultural events. doesn't she have enough face time? i'm sorry, but why do that? why use americans in uniforms as props, give them the envelope,

let one of them open it, if you must do it or just let jack nicholson do it. lori: what do you think of your bangs? >> i have no comment, i do feel it was disgrac disfull, to -- tt was just piggy, piggy, don't you have enough face time. >> interesting, leave it there thank you so much for joining me, mik michael goodwin, judeit miller. kevin williamson. that is it for us tonight. i am in for "lou dobbs tonight," you can see me alongside melissa francis each day here on fox business. neil: if we hit a down record, not today, what if i told you

we're looking at a resolution? welcome i'm neil cavuto it did not happen today, but i suspect that it is not a matter of if but when the dow takes more than 5 year high, that is good until you remember, what we were a little more than months away from at that time, a recession and later a meltdown, first signs were sprouting, home prices are easing and homeowner were having problems paying their mortgage, not a tumble in prices. not a lot of stressed homeowners but signals that maybe consumers were getting into a crunch, then came the crunch. i am saying that the signs are more persuasive, we're in for some stormy weather, how else do you explain walmart worried? walmart, a magnet for the common

man uncommonly concerned about a payroll tax, and rising gas prices. and all because, now and then, most were focused on wrong thing. dismissing the rich getting zapped with higher taxes now, convinced they could bear it, so could the economy, but forgetting the whole payroll tax affecting just about everyone. so, no effect on the economy. wrong. big effect, big mess, like lay a trillion dollar mess, all because of the thousand bucks this is how much that payroll tax thing costs average american household making 50 grand a year, 1500 for those 75,000 a year, that is up to 125 bucks each month going to uncle sam and not to sam's club.

over a years, that really was not in great shape before this. now really shaky what it is going down. to add insult to injury, gas prices are going up, we were contracting at end of last year, and we're not off to a great start this year, which could mean a down quart, and officially a recession. just like last time we were doing this whole dow thing, it was great while it lasted, until it didn't last, then we got hit in the hiney. all right, well, allen simpson reacts in a minute but first noel nick mere. >> i think that warnings are here, and i think that obama administration is ignoring the warning system, if you look at walmart, this is a perfect gauge, i'm have arkansas, that is where walmart was founded. northwest arkansas. if you can look at the -- they

have arrived, we should use that as a gauge. because if somebody is not spending that is middle america, that should tell you a lot of people are worried about that you know, the problem of it is, we have a community organizer, running the country. and i'd like to say if he was you know running the center for the community center, he had to pay the bills if that are center, then maybe he would know how business goes, he would not -- >> he thinks that it is more spending, that is what is given the economy. >> you cannot spend your way out of a recession, i'm not an economist. neil: can you cut your way. >> you can cet your way to make up if are difference but there is no way in holy heck you can raise enough taxes, stephen moore announced you can't tax the rich enough to make up for deficit and pay the price, and you know bunt the -- take will fall for everything. neil: you know, you have to lock at markets lately.

-- look at markets lately. italy rattled the markets here today, what is going to drive our markets? do they see this as well or impasse or collective global funk, or what? >> well, i think there is a little bit of misdirection that goes oi think your economy is changing a lot, i think it is driven heavily by the internet, and information technology that are restructuring the economy in all sorts of way, they are tough for traditional measures to gauge, one thing that happening, is that the returns to that information and that technology are flowing to really smart people the at the high-end of the market, in some ways the rich are getting richer, because they know how to exploit that technology, but that technology is taking dead aim the these middle class and lower middle class people. what you get so a is -- what you

get is a phenomenon things at top look great with home market in california, and florida looking good. but then -- >> that is beginning to hiccup now. they might be warning a slow down. noel, republicans have been saying for a long time that this recover or whatever the president is calling it, is built on a hill of sand, now what? what do you see happening now? what do they see happening. >> it is built on a hill of sand, look at jobless rate. that is a bunch of junk, i tell you why, because the numbers for that you can't trust. a lot of people have quit looking for a job, a lot of people have taken a job part time, they count that as part of make up of the job numbers. >> but today, markets have been dancing along, do you think there is detriment or pass a

graveyard. >> i think it is going to end. neil: do you believe it dave? >> i would say that my job is looking at the economy, and the economic future more than markets, it is tough for me to lay this directly on the markets, i would tell you that what is going on in washington is not helping the people that president said hements to help. so -- he wants to help, when you look and see number of employers that say, hey, i can not deal with or afford obamacare system, so i have to keep these people under 30 hours a week, what do you think that is crushing? is that affecting corporate profit, and therefore house market valuing them? i'm not sure, is it punching the middle class and working class american right in the gut? you bet it is. the problem that i have like noel is saying, have you a administration that is wildly

economically it literal, it has no sense other than something that is academic about what meeting happening, the and law of unintended consequences, they set up with good intentions, i want to fix the income inequalities, because they can't think through the reaality of chain of, ventses, what hatch -- of events what happens is is the opposite of what they set out to do. >> it is not just walmart, it is other, they are not spending money on kraft, and tyson foods and other companies. a trickle down effect. neil: all right, guys thank you very much, in the meantime, if taxes won't bum them out, and the slowing economy won't bum them out. washington doing squat to address any of the above could. we're days away from another spending deadline that rasheed

wallace saw coming but -- that washington saw coming, if they are saying that all but 85 million bucks in automatic cuts, leaving aside a feel about sequestration frustrations. just a simple question, and it comes from president co-chair allen simpson, 85 million bucks and cuts, and the trillion dollar budget creates this stir what happens when we really have to get stirring and cutting and just serious? former wyoming senator fears we're never getting serious, he is joining me on the phone right now. >> are you talking to me about all that? i have listened intened intentlr discussion, it is fascinating, the guy that gets hurt in the thmiddle is the little guy, the payroll tax where was -- where were the great senior organization, the aarp?

all of great bleeding hearts of world that were doing these horrible things? where were they, when they took the lifeblood of social security, which is the payroll tax and took it to 4 to from 6 to -- 4-2 from 6-2. neil: people got used to it i am wondering about, that about these cuts that are come trying to day. and -- friday, and they cause a big stink as you know. i am wondering, the kind of stuff that you wanted to see, you and erskine bowls came out with, they pail in comparison, look at how much we're breaking up over theses? are we of gering to get sere -- are we ever going to get serious. >> in the next few days they will come up with the most curious unbounded creativity that you and i will have never known, and one house will pass

it, and the other won't so they can blame the other, the drivers are off the charts, the drivers are not involved in the sequester, those drivers are health care and so solvency of social security, and portions of medicaid, what are we doing? stumbling in the fog. and interest groups ripping and snorting, and erskine and i said wild be saverage from every source, we did last week, we said you were talking about stuff in december, we've put in in parameters, here it is, they looked at that and said that was december. you know, now we want to go back to our trans-- >> what do you recommend right now, you say time to put peddle tto -- pedal to medal now. what do you propose we have to

be doing right now, not an issue for friday like right now. >> you have to do something bipartisan, that markets will look at say, here we are 24 dems and 25 republicans, pretty well equal number in house, decides to do a plan, put it clear out there, put a 10 years for whatever. we always felt the announcement effect of that would get people off your case. the announcement effect of a bipartisan people using their brains, getting out of their comfort zone, not seeing who could punish rich or poor or best computer, or -- best compute-- and we justsaid look,e got 5 dems, 5 republican u1 independent go back look at it again, now within a couple weeks,e erskine and i will pout

out the numbers. >> then i am not really optimistic we'll getting any done, every day and week that passes, closer, i sound crazy, to the next e elect we're losina great window of opportunity. >> it was a disappointing thing, it was the perfect time to do something, if health care is the big driver and nothing in health care is to be done except down the road, every cost-cutting device, whatever you want to call it, is down the road. when you do -- >> they are argue you don't need, to healthcare component is -- those costs are easing a little bit, maybe more having to do with the slowdown. so in way a that is good news if you can call it that. bcs beck news, is -- better than expected news is giving them paz about cuts, i wonder if that is

a reason that president is done with cutting. >> but they are missing the point, they are talking about a immediate lessening then rocket ride will come, everyone is missing the rocket ride except the markets, at some point are going to say you are adicted to debt, have you a misfunctional government. and the guy that gets hosed is the little guy. the guy in the middle, what a hypocrisy. >> you are right, you are right, all right. senator -- >> you kept it clean today for you. >> alan simpson always good hearing you. >> a treat. neil: pay no attention to that dep pressing debt doom and gloomer, focus on the prez dispenser, he said he is serious when he promises he wants to find a proper solution on spending, how did he figure a national tour, that the ways ways is not calling a tour

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neil: lady gaga not coming to a town near you, a injury forcing gaga off the road but president obama hitting the road to go gaga over spending. launching a 100 city tour eto help local governments tap new spending programs, courtesy of uncle sam. richard benjamin is joining us. and gary, you just think that this is beyond a mixed message? >> it is almost like the obama administration went in a room

said, how could we worsen this? how could we make more people mad? we're in a situation, today neil 3 billion-dollars were headed to the deficit, we have a congame with they i sequester coming up, now let's spend more money, sending people out to spend more money in the cities, i feel like i'm watching saturday night live, but unfortunately it is the real world. neil: this is reminding locality city, states what moneys and opportunity are out there v via the federal government. >> this is a case where obama administration is trying to take political dynamics around spending how people view it and use it to their advantage, if you ask in surveys, do you know that government needs to cut spendings, then you ask them, would you support or oppose this

being cut, then everyone is opposed to it they are trying to make as much federal money as possible going to things that individual voters will say, woe, don't take that away from me, that is what they are trying to do with the sequester to make it as painful at possible so government spending becoming a untouch able thing. neil: richard, you think they are out to lunch? >> i do, your guests are out to lunch, not the president. neil: not the president. >> it is wise, people talk about the sequester about republican congress, talk about president they forget third parties, us, people are worried what is going to happen, it is wise, if states think they are chat call damage, president should talk to them, and be like, if you don't -- >> he doesn't do that, enough with the other side, he guess

over their heads and you know, talks about all of these dangers he knew were coming now suddenly they are a big issue? >> they are digging their heels in. neil: who? >> congress. neil: to resist spending more money, and president is not if reresists cutting it. >> they are also digging in heels with taxes, they refuse any reasonable tax increase. >> it january not happen? they. >> they just raised taxes. >> that is one element. but, -- >> president has done nothing wrong. >> he has not done -- no, no, not that he as not done anything wrong. he really has to go to the community before the spending cuts take place, it is most -- it is congress. neil: gary, my worry with this. he is compounding it by promising still more spending, the professor's argument

notwithstanding, normally if you dig a pit, you realize it is getting deep, you at least put the shovel down, he is not. >> i don't think they care. president obama, had two years any policy he wanted to put into place, he was in power, his policy was to spend like crazy, and now it is taxes, by the way, your guest said, that nothing on taxes, no, we just raised marginal tax rates they are now going after deduction, and a talk in high are rates, they raised payroll taxes but nothing is being continue on spending, the talk about spending cuts there is nothing there, they are cutting the rate of spending, i don't know where to start with this. almost speechless trying to talk about this. neil: chris do, you believe, that is sequestration thing, by adding revenue to something that before was supposed to be all about cuts that was it? >> yeah, i think this is a case

of moving the goal post, the problem got split into 2 in late december, we were trying to figure this out, a revenue piece and a spending piece, they did the revenue piece, a lot of stuff was. >> this there republicans did not like, but it had to happen. so now we have to dole with spending piece, -- we have to deal with the spending piece, if you want to reform the tax code this is find, but not under auspices of let's reform the tax code to cut spending. neil: i want you all back as well, in the meantime, player mike, -- mayor mike, a lot of folks saying acting like nanny mike. cities everywhere about to have a fit. the american dream is of a better future, a confident retirement.

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>> are you crazy, no? i'm not going to be a baby sitter. i'm an adult man, baby sitting sucks, adult man men don't babyt things. >> not so, someone tell new york city, the nanny state there is getting alive and well. now the ban onned so aned bannew is gone to big bottles delivered with food. and that includes pitchers at birthday parties. this is not just happening in new york, to the judge who warns everyone in government, just, putt out, he is -- butt out, he is hardly a soda jerk. >> amen neil, this is not long laying this is a rule.

this was not debated by city council, he's governor to have state department issue this. they know that than stators, -- the nanny stators, they know restricting the size of a liquid you can consume in your own home, an area of human behavior that americans have not ceded to the government to regulate, you can't buy a 20-ounce soda ounce container but you with buy two 10-ounce soda containers, they will spend more money. neil: this is a national trend, if kansas, if you screech our tires you can get a ticket for

that, finds from yelling too loud -- fines from yelling too loud in some cities. >> how about you wake up one morning and there is a drone outside your bid room window, do you wave to it in close the shade, shoot it down? how intrusive is the government going to get. neil: would it shoot you down if you are sipping a big gulp? >> these are areas of human are halfior that americans aree behavior that americans are unaccustomed to having. >> this just happened in course of last couple years, soda ban that is real, and happening in new york. >> i don't know about kansas situation, i don't know how that rule came about, but i know here. one person, telling his 5 appointees, on a health department board, here is the regulation you are issue. and it is not written like legislation it not easy to understand,.

neil: they have full control, can that be appealed in any court? >> absolutely, it should, i think it would be overruled, it interferes with free flow of commerce, soda from new jersey to new york city is interfered with. only congress with regulate interstate commerce, here i am a libertyian, talking about congressional regulation of movement in soda pop in streets of new york because city will not permit free movement of so soda pop,. neil: it is scarey. >> it is. neil: what is next? i don't know i'm almost afraid to speculate. >> this particular mayor as your viewers know is going out of office, who knows what he'll try to do the last couple of months, people running for his job have not taken a position on it yet. >> we have the first amendment.

neil: for now. unless a committee knocks out that out. >> right. neil: judge thank you. you thought that sandy victims were mad then? >> pima is doing nothing, they go denied. my homeowners insurance offered $150, what can i do with that. >>how much time do i have to wait. neil: what congress is doing now that will make that look like a love fest, washington is actually making things worse for these people, and the sequestration is the latest reason deyour. this you cannot make up. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®.

>> so questation i raising is a- sequestration is a disaster. >> it will cut money for fema. neil: all right you heard them, if those automatic cuts kick in. three billion bucks meant for sandy clean up will begun. david said that obama administration chose to put sandy on the chopping block to make the scary point, christina is wondering why congress cannot salvage it for victims like her. she has been in her home since the storm hit in october, what do you make of this idea.

latest excuse, you are in a pickle because of the sequestration? do you buy that? >> no. neil: what do you think they are up to. >> you know, i just, i think that the relief effort is still not reaching the hurricane victims. i had issues with the red cross. i have to tell you i'm starting to think, i'm going to take a lot of heat for saying that, i am thinking that red cross is the biggest scam going. neil: now. the problem have you been having, they were -- they were problems long before the latest sequestration fears mounted? you were not getting answers and or money or help. long before this thing hit the fan. what do you think of out of nowhere, using this, as the reason potentially why you are not getting help? >> i don't think that is the reasons why we're not getting help, i just think that is

adding more fuel on the fire. neil: another excuse. >> right, another way to make life more difficult. neil: you know, david i wonder with these hellacious end of the world type scenarios, the latest. the sandy victims, and how they will be hit by this, why do we do this? obama administration knows full well, that latitude, it and others have to -- with the cuts, and i always hear they are constrained it has to happen. it is act niced. airline security, automatically sacrificed, beef inspectors automatically sacrificed is it true? >> this is what is known in washington as the washington monument strategy, we wrote about it in today's editorial in washington examiner. you take what is going to affect people the most, and upset people the most, cut that. because that way you can short

of teach people teach so thars, and politicians, a loseon about what happens when you cut spending and freedom and prospery costs what the current budget is, if you cut below that, you know, you have to make everyone pay, so they don't try it again, unfortunately, it seems like we're you know, we're getting these threatsically from -- basically from bureaucrats will be later in year spending money to go to government conferences in the bahamas, and threatening we'll make you wait in line for 6 hours at airport, and close down your regional airport. neil: all republicans fault? >> and that is the idea. whoever is in power is trying to shift the blame to the other side. neil: kristine alast time you are on, it are not a democratic or a republican issue it was just get me some help. now we have a new excuse, we would love to help you and be there for you, but if thot not fonot forthose evil republicansl

tigs who could not strike -- mol tigs whpoliticians, who could nt strike a deal. >> since i saw, my extension ran out with the hotel from fema, that is when they were predicts the blizzard. they were not empathetic at all, i said my car is rear wheel drive it is all that i had left after the storm initially, so i said that is rear wheel drive, it is not safe for me to go a long i di distance. neil: what did they tell you. >> they did not care, they said we helped you the best we can, we wish you the best of luck, and call the red cross, i did. neil: what do are doing now? >> i bounce back and forth, i

stay with a friend close to 2 weeks and a month, and another friend, in long island, and i am in northern new jersey for a week and a half, i hope to be back in my house by next friday. >> slowly but surely. >> who has -- it is crazy. >> david, more to come, sounds like? >> yeah. >> well, i'm such a difficult story, and i you know, my prayers go out to you at this time. but, you know, it is -- what is justin credible is after you see what fema did, with all of the trouble they had with trailers sent to louisiana after katrina, you see how rescue effort there are so many snags, we're talking about problem that came in long before the sequester. if this is going to be the next

excuse, we'll be you know, we'll hear, a lot of this stuff, and an extra added excuse you to know cause people a lot pore pain and other small less difficult ways than what you are experiencing. that is whaty that is how sequester politics are played unfortunately, if washington monument were not already closed because of the earthquake that would close it down right now also,. neil: whatever excuse. then have you cover. guys thank you very much. we'll watch your case, hang in. >> meanwhile we're under attack by hackers, how bad? latest warning out of washington, beware of what some are calling a cyber pearl harbor.

neil: a fox, alert for you, microsoft joining list of u.s. companies saying it has been hacked, new warnings from washington, we could face a cyber pearl harbor, single speak

attack that could take out powerplants, disable our financial system, accounts, and mutual fund stock holdings disappear. thel threat is real, but how rel steve? i heard it out there. >> first thank you for having me on the show, this is real, it is growing all of the time, what we're seeing is. something that are coming out in paper of day, microsoft, apple, google, twitter, facebook. i mean where does it end? government itself has revealed its secret systems, closed secret networks have been intruded upon, our first amendment rights are trampled on by foreign country, breaking into new york time, "wall street journal," and washington post.

neil: what is this setting the stage for? i wonder, it setting something up, what? >> well, right off the bad, they have stolen everything, even if they were not preparing a battle feel, they are taking our research and development, billions of dollars of research, that does not just result in products, all of the failures we've had in corporate research, and development they don't have to repeat those, they are stealing it, could you imagine, if they came here, with ships and went into every bbsiness, went through the files, and loaded into 18-wheelers, put it to the dock, we would have national guard out, but it is not happening. neil: what is this cyber here pearl

harbor, you go to your bank account it is not there or your broke ter is nobroker it not th? >> the secretary of defense, leon panetta calls this cyber poopeseibpearl harbor. people should listen, but it might be overstated for immediate problem, you don't need to have thousands of people killed at once, i think this is more similar to a cyber kathrina. where our enemies whether they are criminals, terrorists, nation states, you don't know where they are coming from, they could get into electric power bring down telecommunicationses and all of a sudden in katrina, you find you don't have water, you don't have electricity, you can't get to the bank, you have limit the communication, what does the population do in that? >> scary stuff thank you steven. thank you. >> thank you, neil. >> you know, a less serious but

potentially worrisome matter, kate did warn us that think about repeating outfit, that created a royal snit, the princess is in a bind, trying to save cash, brits are paying for them, are in a crunch of their own, that crunch is coming to a former colony. the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing conte and go! ♪ win! what's in your wallet?

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neil: the news from your delight delightful kingdom is not giving us so much joy.

mortgage approvals are declini declining. they were expecting an increase, folks door busy paying off unsecure personal loans, which could mean, a royal reaming, because if this signals great global come back in housing may not be so global or so great. let's ask -- what do you think? >> i think that housing has moved up off of bottom, i don't think that housing industry is the juggernaut. it will have some difficulty. i don't think that the economy will be able to pushed ahead by it. >> i it will be like a hiccup. in britain, you of writing that there were number would be

stronger. why should that concern us? that is a global thing going on with housing or what? >> i'm not sure it is a global thing, u.k. economy is trying to break out of its recession, not doing well, they got downgraded. they are thinking of doing different things, they are talking about -- >> kate repeating her outfits. >> a mansion tax, all things in france they have this put in 75% tax, all kinds of open are trying to do thing to tax people, this tax stuff is a problem. i don't think it is overhanging in our housing industry yet. but when you talk about taking away, president wants more tax revenue, how do you get tax revenue by taking away things get deduct for, the biggest thing is for the home mortgage interest. neil: there is talk he wanted to limit more for upper income, you think ? it depends on what you think is upper income.

neil: usually a dollar more than what i make. no? >> well, the problem is that you know you got a distribution of houses, a lot of people whose house prices ran up, they have come back down, pipe underwater, but you have a lot of high-valued houses in the economy, if you start taking deducts away, it is not good. neil: we've been under the false notion, like have you been saying slowdown, cool it. that housing was back with a vengeance, and early reports, looked good, initial starts then we discovered not all of them are good. in other words, if we're reassessing this housing come back it is not back? is it? >> problem is that, to buy a home you need credit, to get

credit you need a credit rating, the banks' very high credit rating. most people don't have those credit scores, we can have a nice recovery but it will be limited by people who can participate. so this is a problem. if you are underwater in your normortgage, you can't refinanc, you need relief for than anybody, but you can't refinance, i have termed this a republican monetary policy, people who don't real need help, if you have a great credit store, and a job, you are not unemployed and you have equity in your house, you can have access to the low interest rates. neil: you are not buying argument it is changing ? >> no it is staying tight, the credit hurd sell set high, you need to bring that down to a normal area so more people can share in the recovery. not saying you need to go to

subprime mortgages where you given a mortgage but you need to get off this very restrengthed environment -- restricted environment. to let more people participate. neil: good to see you my friend, robert, a fabulous writer, i mean. economist who is do both, pay dirt. meanwhile, so much for working in your jammies, if you keep working from home you could be in a bit of a problem and have to stay home for good, the company that now is saying.

>> to start press any key. where is there any key? ic esc, c t rl. the business seemed to be any iniki. neil: working from home, not working that well for a homer. and now saying it is not working

for his workers. ceo telling employees they cannot work in their bodies libbers anymore. they have to hop to the office. i don't know whether they're in their bloody slippers are not, but does get to work. that is unusual because we have been told just the opposite. the trend is, more people -- more companies are letting people work from home. he says that is because working from home works. all right. explain. you think it does work when people are at home working? just said clearly it is not. >> it does, and we have seen in the creative economy and boosting productivity and lasting years after the turn of tillich community. sometimes when you show a pattern of this there's a tendency to create business. sometimes that is that the case. this is because you're get an important test says of the new important tasks well.

neil: have mastered the latter. i was surprised the company stated this. agassi accompany saying enough, but this is your boot. >> and i think one of the big questions is, will this affect their ability to attract the right and a talent? so you have companies, for instance, take facebook where the cl0 has made a big push about lynen, all about winning seven flexibility in the workplace so that they can pursue ambition and take care of family. will this hurt their ability to attract the very top talent who may want to live somewhere differently or may want to work unusual hours? that is a really important question that remains to be seen neil: i think you have a company here that has had a lot of issues. morrison meier comes in and looks over the way of the land and the size maybe we need to do things differently . i don't see that as being a bad thing in and stand about

competition for employees, and some people would like to work at home. look, it if i'd be necessary for people to be in dalai will try it, and that of think there should be a question about it. neil: all or nothing kind of ruling to it. cutting off its nose to spite its face. everyone must comply. everyone come into work. >> that hard and fast rule may backfire. qaeda and that it is entirely cutting off of its nose, but it may backfire it -- backfire in parts. neil: i guess the question, the mayor was on deck something year. maybe they said to all right. the days of being bonbons and getting a spreadsheet data on