worried including our next guest. joining us now is brad mcmilan, commonwealth financial chief investment officer, and lance roberts, sta wealth management ceo. brad, really the first a lot of us heard about this as a major concern was last week when richard fisher, the dallas fed president talked about it. he said margin debt is at quote, eye-popping levels. do you agree? >> i do agree and it is not only the absolute levels that are a concern it is the levels as percentage of both the economy and of total market cap. even more so, how much it is increased and how quickly. and only time we've seen anything like this before is in 2000 and 2007. david: well, let's talk about that, lance. i mean the fact is in 2007 the housing bubble didn't seem to be a bubble because the prices kept going up. it wasn't until the prices went down that people realized there was so many margin debts on it. is that a problem? is there a concern, lance, if there is a big margin call in