joining us for more is brendan brown, head of research at mitsubishi usj securities international. brendan, thanks for joining us. for all the port of the omt, clearly, the economics haven't turned around and we saw this the last time last week the yields coming out and talking about france and spain weren't going to hit their targets in the way we thought. when you look at that italian number, how does that play into the politics? >> clearly, the italian political situation is very concerning. i think the consensus for you is if we are in a deep recession, political uncertainty is going to deepen that recession. is in in general, i would say this morning's data continues and there is a slightdown turn it had at the end of the last year. that's the main good news in europe. the super economy in europe is somewhat positive and i think that's actually underpinning some think global markets. if global markets had the combination of seeing raised italian political uncertainty and germany going into recession, that would have been much more serious. fortunately we're not seeing that. i t

quick advertisement one month from now in the same place we will have another book event from brendan brown entitled the global curs of the federal reserve. that this is interesting, a comeback for our next book yvette. [laughter] let me remind you of a e. i. rules please wait for the microphones to tell us your name and affiliation and ask the question if you put a statement first in the form of a question as long as it is brief and if not the chair will remind you your statement time is over. >> afternoon, i have a question. mr. wallace then, it is one thing to say i told you so after the fact if you were writing all along with the broadcast media but what would have been your solution legislatively? did you have a chance to talk with mr. greenspan who by the way he mentions publicly he did not think dogs drink would be strong enough or implemented to the fullest potential only part of it has been utilized so it did not use of full strength intel recently. what would have been your predictions and how would you have solved four years ago? would it have been worse more than $90? >> if i wa

in the same place we are going to have another book event, a book written by a friend of mine, brendan brown entitled the global curse of the federal reserve. if this is interesting to you come back to our next book event. all right. as we go to your questions let me remind you please wait for the microphone so we get you properly recorded so they can hear you, tell us your name and affiliation. if we put a statement first in the form of a question that is okay as long as it is brief, and if it isn't the chair will remind you your statement time is over. questions? up here in front. >> i have a question. mr peter wallison, it is one thing to say i told you so after the fact and i realize you have been riding along and looking for opportunities to be exposed with a variety of broadcast media. but i wanted to ask you what would have been your solutions legislatively and if in fact you have an opportunity to speak directly with alan greenspan who by the way mentions that he didn't publicly think dodd-frank would be strong enough for effective enough nor would it have been implemented to the ful

this same place we're going to have another book event on a book written by a friend of mine, brendan brown entitled "the global curse of the federal reserve." so if this is interesting to you, come back for our next, our next book event. um -- [laughter] all right. let me, as we go to your questions remind you of aei rules. please wait for the microphone so we get you properly recorded and people can hear you. tell us your name and your affiliation and then ask your question. if you sneakily put a statement first in the form of a question, that's okay as long as it's brief. and if it isn't, the chair will remind you that your statement time is over. okay. questions? we have one here. up here in front. >> good afternoon. my name -- [inaudible] i have a question, and that is to mr. wallison. that has to do with it's one thing to say i told you so after the fact, and i realize that you've been writing all along and looking for opportunities to be opposed with a variety of broadcast media. but i wanted to ask you what would have been your solution legislatively and if, in fact, did you have an