joining me is david malpass, former reagan treasury official, and ken heebner. i have been channelling and rechannelling your market melt-up. now i get to give due credit. in brief, tell me why you're such a big optimist? >> hi, larry, i began changing in november, and it's because europe stepped back from the brink. you know they were a big risk, something very bad might have happened, but the ecb has now stepped in and i think that's a plus. and then on the u.s. side, we do have growth coming back. you see it in the auto sales for january. and that may be enough given the amounts of cash on the sideline in the pent up demand to give us a real recovery in 2012. >> ken heebner, do you agree? and i want to add, jobless claims fell today. ism manufacturing very strong yesterday. ken, are we in a market melt-up? >> the ingredients are all there. particularly the acceleration in the economy. car sales at 14.1 is the highest since the spring of '08. and the home building industry, which has been dormant. i see signs of a dramatic turn to the upside. i've been followi