that didot seem to prove tr tru. >> we're trying to predict. we think we're tipping into a recession, by end of 2011 we said we think it would start by middle of the year, and i'm telling you now, epicenter looks like it is endf 20 n't know techicly where it will smart, let's wait and see. gerri: so, now you say, here it is. >> i think it's there. gerri: you point to two things our viewers know too well. that is what happened with wages and jobs, no big recovery, what is going on there? >> it is -- what it boils down to is trend growth. back before lehman blew up, the economy is growing slower and slower with each expandtio expaa fundamental long-term problem that is hurting our ability to create jobs, and certainly higher paying jobs, looking at aggregate income, it flat. the policies here are keep interest lows to goose the economy. like putting america on sale. and even the interest sensitive sectors that are supposed to be the drivers of the economy, housing and autos. gerri: they are not pull their weight? >> they have been rolling over la

what it didot doing at the beginning of 2013. it is exactly what stephanie just said.hey trying to withdraw stimulus? makingpoint that you are the fed will withdraw stimulus so long as it does not affect risk asset prices and if it does they'll adjust pump more in? >> i think they told you that. miss a few meetings. if it is going really well we might step up the pace. look. at the end of the day, for every one billion of new issuances they are buying 2 billion. every day. it is not like the pace of accommodation is significantly lower than it was. we are still adding significant amounts of liquidity. these guys want to remain accommodative. 7% unemployment is not good enough year the amount of jobs is not good enough. they want more. they see they can do it because the inflation rate is low. >> are you bullish and so many are long because they believe in the economic recovery or because you simply think the fed will do whatever it takes? wo different things. >> i fundamentally believe that the risk taking activities that we have all been incentivized to take over the