we are two years into this and has been a lot of it chessman and financial sector. a lot of adjustment in the real estate sector and private savings rates have come back dramatically. para 5% after being negative for a long time. you see a lot of healthy adjustment behind us. it does not mean we don't still have challenges ahead. but it is important to recognize that those are necessary conditions for getting through this and one of the great strengths of our economy is that because we are so flexible, these things happen with a force. the happen more quickly and that will ultimately be more healthy and we will come out of this matter because we just quickly. >> you alluded to this rear -- this idea that there is a silver lining to some of this. we did a cover story about the new frugality. would you say that it is true in the sense that american consumers have to hunker down and get back to older values? >> you don't want any family to go through this to learn the basic lesson that you want to live within your means. but i think it's a fundamentally healthy process