you have to look at cost of .apital it is really apples and cockroaches. >> i am not going to answer that question, although it is interesting amongst your pessimistic view there is another one sharing an equally pessimistic view and not really traditional, but mark mobius is also down on emerging markets as i would listen closely to what mark mobius has to say, given that he is one of the groups in investing. wehe is worried i would say should listen very closely. >> what do we agree with that he is seeing and you are seeing? isthe reason of my pessimism produced straight forward. whenever monetary policy is tightening, i think the starting point is we have had a five-year credit boom primarily fed by qe, so a lot of money came in, almost four and a half trillion dollars. that has led to massive property bubbles, massive credit booms, and what the fed giveth, the fed take up. >> take us away. that is probably by the end of this year. please stay with us. we are going to get the rest of the gang. b of a merrill lynch. >> x, the race for space in the company helping tourists -- next,

they believe in the washington neoliberalism or free-market style crony .apitalism at home the wholeusiness about abortion is somewhat and thatning -- enlightening he should raise that. these are the types of people who don't really bother about those sorts of issues. they understand that these are simply divergence to read up the things, polarize whether it is gay marriage, abortion and some of the other social issues. the real issue for the permanent state is, who gets what? how is the pie going to be cut up? >> was there a point where you flipped on the republican party? gradual journey. ofhink the first three years newt gingrich's speakership had a lot of people scratching their heads. he was a very mercurial leader. hadver talked to him last his total support. time of sort of chaotic a lot of movement and not necessarily progress. best toy much did his destroy the old committee system and the expertise that lies in committees. he tried to centralize everything in speakers offices. when you dumb down congress as he did by abolishing the office , at theology assessment time it was

in gas, we have invested in gas research and development centers , new technologies, r&d, c apital, and we plan to lead in that advancement. not just in our balance sheet, but how we make and design technology. have a big research and development facility going into oklahoma city. we opened up of four or five new manufacturing facilities every year. is 500el facility people, because we think that is a size big enough to have scale. cans small enough that they be self-directed, where the employees call the shots. we do four or five of those every year. we have got 1500 engineers in california who work on the industrial internet. we made big investments in building engineering centers that allow us access to data. the last thing is something we're doing in louisville. we partnered with a company called local motors, which is a start of manufacturing company. comelow entrepreneurs to in and design on our appliances. they can reduce cycle time to make these new kind of maker movement companies. they are all over the place and can be done in any one of the states to help go forward in the fu

in gas, we have invested in gas research and development centers , new technologies, r&d, c apital, and we plan to lead in that advancement. not just in our balance sheet, but how we make and design technology. have a big research and development facility going into oklahoma city. we opened up of four or five new manufacturing facilities every year. is 500el facility people, because we think that is a size big enough to have scale. cans small enough that they be self-directed, where the employees call the shots. we do four or five of those every year. we have got 1500 engineers in california who work on the industrial internet. we made big investments in building engineering centers that allow us access to data. the last thing is something we're doing in louisville. we partnered with a company called local motors, which is a start of manufacturing company. comelow entrepreneurs to in and design on our appliances. they can reduce cycle time to make these new kind of maker movement companies. they are all over the place and can be done in any one of the states to help go forward in the fu