steve forbes, elizabeth, sabrina and bruce jackson, steve, spend more? >> dave, unfortunately we will have to spend more and a lot more under barack obama the budget declined, a couple of hundred billion dollars, trump is increasing it but not nearly enough, we need more ships, we need more equipment and we need to maintain what we have which we haven't done in recent years, we also need radical reform of procurement system which wastes $25 billion a year. a lot has to be done. >> john, look at the percent of gdp that we spend in military hardware, it has come way down. we had the peace dividend during the clinton years after the end of the soviet union, that's when the big dip happened and we built up after 9/11 and it's come down again. >> coming down from a very high level. even now we spend more on the military annually than the next seven largest spending countries combined. david: they're not spending a lot, john. >> i would add in this case, that our military from 1945 from the north koreans and a ruler that have none at all in the first place. da

bruce kasman from jp morgan. let's kick things off with what we can expect from jackson hole. suppose this year it's a tale of how little they can say as opposed to how much. >> that's right. we don't expect much the issues are on the fed side whether there's a discussion in janet yellen's speech on financial stability as part of the monetary normalization mars speech in both cases not looking for much i think janet yellen will talk about financial stability but shy away from the linkage to the normalization process. if she connects the two, that would be news. on mario draghi's side, he will talk about the path towards normalization. not put much emphases object currency if the currency came in that would be news. >> the political headlines out of washington, the concern over the prospect of a government shutdown, president trump threatening he will shut the government down if a border wall between mexico and the united states is not paid off what are your thoughts on this shutdown happening and the impact that could have >> i don't wanted to be forecasting plitt kaolitical d