respect to higher ed policy, one of his recommendations is to move away from what is referred to as ffel lending to 100% student direct lending, monies provided by the treasury. there are arguments for doing that. there are arguments that would suggest we should not do that. one of the arguments raised that suggests that we should not do it is that the increase borrowing would be detrimental to our, both short and long-term fiscal stability. what is your assessment of that argument? >> i don't think that's a very strong argument because you either are directly making the loans or guaranteeing the loans and as far as the potential loss to the treasury is concerned, the guarantee is the same essentially as making the loan. it is really an accounting difference, not a real economic difference. i think there are a lot of other issues that you point out, there are arguments on both sides for using a private lender who may be better at making the loans or may not be versus having the direct lending. i would just point out that if you were to continue using the private lenders, one of the probl