all international economics stood up and cheered for citigroup's announcement that catherine mann willl advisor. she read a definitive book 20 plus years ago, is the trade deficit sustainable? why did you hire cap a man -- kathy mann? >> she is the best person for the job. she is an outstanding macro economist. vast range of experience, both in academia and think tanks and oecd. you can't really imagine a better person to be global chief economist. tom: we will do some breaking news and morgan stanley. francine: this is what happened. we had the tax plan passed in december and a lot of big companies, the banks trying to figure out what it means. whether they take immediate hit. morgan stanley's has seen the next tax provision of about $1.25 billion from this new law. they are basically trying to figure out if this is longer-term. i think a little bit more than we were expecting. we heard similar things from credit suisse. tom: they will take it out of his salary. the chart on catherine mann and the trade deficit. it is the trade deficit. carl knows this chart as well. down from the 90'