erik: it's always great to have barry sternlicht here at bloomberg.real estate business. let's talk about real estate in the context of rates. rate says everybody nervous. but in real estate rates aren't supposed to be that bad because if the economy is growing and it is, you are supposed to be able to raise rents. tell us about the balance between the rising financing cost in the pricing power. >> good morning. you dove in on the number one issue for all investors not just real estate. the direction of rates and competition for capital. if you had your choice you certainly would have higher rent growth. it is more important than interest rates. if you think rents are going to go up 20% or 30% whether the 10 year goes from three to three and a half dozen matter. but on the margin for levered they certainly should impact prices. there's two ways rates will go up. one is economic growth. if there is economic growth, job growth, wage growth, i really like that scenario for real estate. especially for things like apartments because people will have more m