what may happen next, carla harris, morgan stanley investment management, managing director and komal sri-komar, tcw chief global strategist. good to see you both. >> thank you, maria. >> let me pick it up with you, sri and the jobs numbers out on friday. only 18,000 jobs created for the month of june, much lower than what most people expected. the unemployment rate even ticking up to 9.2%. what do you think this tells us about where we are in this recovery? >> a couple of things, maria. first, it was uniformly bad. the increase in the unemployment from 9.1 to 9.2% to the so-called open unemployment rate which takes into account employees working part time that went from 15.8 to 16.2%. that to me is very serious. and we have a lot of people who are more than six months unemployed. what does it mean? i think i be talking for a while that this economy is not going to be having self-sustained economic growth. it is going to go into a second dip. and this suggests to me that all the fiscal stimulus in the qe1 and 2 has simply not worked maria. that's what it means. >> carla, you have written a book