so, we would like to welcome carmen reinhart director of the center for international economics at the university of maryland for new book, this time is different. .. >> a long time in the making. my co-author, from harvard university would have loved to have been here but for personal reasons he could not be here but i am sure he would have wanted to be here as well. what i would like to do, i have about 20 minutes? i am notorious for ramblings i will try not to fall into old habits buckling i will try to divide my remarks to say let's call about the essence of the book. then i will talk about how we came to write this book. lastly, what to the book means for where we are in the current economic juncture not just in the u.s. but to put it in the broader global perspective. those are the three pieces of my presentation. hot let me begin with the titled "this time is different" it is meant to be ironic. over the course of the years come to my career began at bear stearns of all places. [laughter] in the '80s, not during the recent demise. i also workday number of years at the internatio