doug elmendorf had it right that we're looking at 1% gdp growth next year under current law. but i don't think anybody expects us to go through this without some major modification. the question is, do we begin to do the right things in washington next year? do we begin to tackle the longer run problem with tax reform and entitlement reform, give the market something positive to look forward to as we're taking away this near-term fiscal drag and probably getting a downgrade from the ratings agencies in the process, but at least if we're moving in the right direction, if washington, the two political parties can begin to communicate and -- make some progress, then i think it's definitely sustainable. >> you can look at it glass half full or the glass half empty. half full is america has a more efficient market clearing process than, say, europe? the americans have delevered -- not you, the americans have delevered quicker than other economies, and, therefore, returning to growth quicker. in terms of the glass half empty perspective is there a concern that there is relevering g