to be long now many winners whereas wireless carriers will obtain beach front spectrum for mobile broadbent participating broadcasters receive substantial amounts of money cannot participating broadcasters are simply asking to be held harmless rather than being made losers. this is a reasonable request, and we should have granted it. additionally, i am concerned that today's order is unfair to rural americans. they often rely on translators for free over the air television service. the incentive auction will require many of these transmitters to relocate. some may disappear entirely because there will not be room for them a less spectrum is reallocated and television stations repacked. now, there is nothing that the commission could have done to avoid these consequences entirely, but we could have done more to mediate their impact. specifically, when the time comes for the commission to find room for low-power television stations and transmitters after repackaging, we could have given a preference applicants providing a community with its only low over the air television service, as was pro

for his compensation period so he's not going to really ruffle feathers you've got two guys ben broadbent is also on the m.p.c. monetary policy board committee and he's also an ex goldman sachs guy so i mean they don't have a problem with leverage i don't have a problem with debt what i have a problem with is the structure of the debt that's bad so we've recreated these packaged and bundled bundled security securitized them with the sole purpose of bundling debt is to increase debt that's exactly right ok so that's a problem with debt but that's it's a credit bubble we've created an enormous credit bubble and it's too late the horses left the barn the problem is who's going to admit it they're not going to admit it the market is going to admit one point there's a market kick in and say. we're selling every sovereign debt in this world and you have a massive bomb crash that happens overnight that doesn't happen gradually what triggers a if you look at what's happening now with the yield spreads between we've got an italian bond yield chart that we can put up your analyst put up there tell