it is almost boilerplate anguage. they say something like we are looking for buildups and leverage. understand how they amplify. it started as a modest shock. we look across the financial system and we see markets looking unusual but we do not see a big buildup of leverage and therefore we are somewhat confident that we are not eaded down a replay. i think -- that is a little bit of fighting the last war. i think we now understand much better that leverage can amplify shocks that start out small, but i think it is not yet established that if you do not have leverage that means you cannot have financial instability. there was a nice keynote address to the sentences go fed and asia conference in november where he laid out a framework were asset managers can create a feedback loop that can be destabilizing. i listed the mechanism that is here. i don't want to get tied exactly to that mechanism. i think we need to be on guard for mechanisms that can bring instability that don't require everage. a fire sales can come from forced selling and one reason for that is because of debt and ever