hello from new york, i'm chris can hayes heave with richard wolffe and the great heather mcgee, carl smithe university of north carolina chapel hill, contributor to a blog. and socket sony, the migrant workers advocacy group. the latest gdp provisions looks like the economy may finally genuinely be in a real recovery. it increased by 3.1%. of course, we've been here before many times over the past four years and each time it appears that the economy is going to achieve a philosophy, it gets pulled back to earth. there are two issues. cyclical, how and when we will once achieve full employment and strong growth and structural issues, what aspects do the fundamentals of our country work and not work. barack obama has insisted it won't be enough to cover the downturn and the economy needs fundamental reform and invention. >> i know that we'll have to overcome our doubts and our divisions and we're going to have to overcome a determined opposition of powerful special interests before we can truly reform a broken economy and advanced opportunity. >> if we take seriously the idea of emerging fro

of them are down there but in the room we have victor par and oscar lab tory and sean smith and adriane simy and carlith the local carpenters 22, danny campbell with the sheet metal workers and the operating engineers -- who am i missing? ramone hernandez right behind me. i should have looked back. [applause] and additionally mike mc kenny with electricians and tim paulson with the labor council and mike casey president in the back of the room over there. this is a project of the kind that makes building trades workers salivate. it is a startingly beautiful design from what we have seen so far. i am going to embarrass myself and speak in norwegian and it's the kind of project where we can look forward to bringing our skills to work on a project that will fully demand those skills, so that is quite apart from the hours it will bring to us, it quite a part from the food we will put on the table and the house payments and so on. that's one of the reasons this project really excites us and it's a dramatic project. however, we are happy to try to minimize the drama of actually building the project and thi

hank smith is chief investment officer and joins us this morning from philadelphia. good morning to you. >> good morning carlwere counting on a deal coming in under the radar despite all the back and forth in the public press. are we all set now to do a big rethink on whether this is going to happen? >> well, i think it's amazing how well the market has held up. a month ago if you had said we'd come down this point you would have thought the market would be a thousand points lower. i think what's going to happen now is we are going to go over the cliff very shortly and then we'll probably be offered the biggest tax decrease after we had the biggest tax increase and then 30 days later we'll be talking about the debt ceiling and that's where the spending aspect of this comes in. >> yeah. so where is -- if you were going to try to time it and load up on some equity at the low point near term where do you think that would be? >> well, carl, i think it's a very tricky avenue to try and time so we would say if you're invested, stay invested. if you have cash on the sidelines and we know there is a lot of cash on t