and then catherine mann chief economist for the oecb jacob your reaction to janet yellen's speech.hat did you take away from it >> it was a very thorough speech it provided us with good historical background of why are we are where we are. how dangerous the system was in. and how much the fed has done in order to strengthen the system from my perspective it was a speech that says, ladies and gentlemen, i remember very well from where we are, from where we came and we are determined not to allow this kind of thing to happen again she also reminded us that excess is part of the scenery and we should watch for them. but for me i also saw there implicit statement for monetary policy because basically she said the system is now much stronger than what it was before >> she can go ahead -- >> therefore if we really want to raise interest rates on the way to moneyization it should not slow us down i think it's exactly the financial stability concerns that should encourage the fed to raise rates and to bring normalization. >> how strong is the movement backwards. you're on both side of the

catherine mann. give us all raises [laughter] . we will send it back to julie. thanks so much.ll be talking housing and housing prices. from new york, this is bloomberg. ♪ \ joe: what'd you miss? more homebuyers are complaining about the cost of buying a house. you can find all these charts with the function at the bottom of your screen. when you want to look at is the thin white line. that is a measure -- which one? they asked people, it this a bad time to buy a home. that is starting to shoe up. the number of people starting to say, price is the reason why we are disinclined to buy a home. highest level since 2007. the white line is home prices in general. more people say they are being priced up. >> that plays into a great chart i have here on housing. what we're looking at here is affordability going back to 1986. interesting down near the housing bubble and 2006. houses were the least affordable since 1986. after the stimulus, if you recall in 2010, we have the tax credit where people were buying homes. we see affordability went skyhigh as rates went really low. now, housi