dr. calabria, maybe you would like to respond. ms. mccloskey or any three of you would like to respond to that. >> let me first emphasize something asked in the earthquake which i do think policy has been a tremendous drag. chair yellen mentioned earlier the tax increases, where the timber company we've seen in the fiscal cliff. i think it's important to keep them on all the talk about austerity. almost all of the deficit reduction has come from revenue raisers, not spending cuts, been quite modest i think that's been a mistake. certainly on the regulatory side, i also think it's been a mistake as well so i think we need to fix policy that is outside the realm of the fed and we need to recognize that you can only do so much. as you alluded to, there's a tremendous amount of cash on the corporate balance sheets, over 2 trillion. about 1.7 in cash on bank balance sheets so it's not a deficit. so i will repeat something that chair yellen said, earlier which is monetary policy is not a panacea. i think that's what we need to recognize and