first, an economy with a state we can afford. second, an economy where everyone can take part.hird, an economy that is equipped for the future. and fourth an economy based on enterprise at home and abroad. let me just say a word about each. first, an economy with a state we can afford. there are some people who seem to think that the way you reduce the cost of living in this country is for the state to spend more and more taxpayers' money. it's as if somehow you measure the compassion of the government by the amount of other people's money it can spend. at a time when family budgets are tight, it is really worth remembering that this spending comes out of the pockets of the same taxpayers whose living standards we want to see improve. i hope the archbishop of canterbury will forgive me for saying it's not robbing peter to pay paul - but rather robbing peter to pay peter. let's be clear. the single biggest threat to the cost of living in this country is if our budget deficit and debts get out of control again. if interest rates and mortgage rates start to soar, the increase in c

now going to become a trillion dollar economy this also has already become a fairly large economy so the main issue right because the book is the fact that i'm just talking about brics is a very limited view all the emerging would ok but for example one thing in common that the break countries have is there a sort of very keen of that in this all of the social unrest and the need to preserve so. stability and to me have seen that in china we've seen that and russia we've seen that in brazil i think and to some extent we've seen that in india and all those countries use different methods somebody some of them use democratic math and some of them use more authoritarian the math at some of them with more money into social programs trying to placate their populations but given the fact that social and rust is really spreading around the world and in many other places it is really threatening not only economic growth but you know simply can all mixed ability and the security of investments do you think that could be perceived as competitive advantage you know that insistence on preserving

economy. for families the growth gap hits home. real disposable income per capita has increased by a mere 3.7%. that's less than one-third of the 11.7% average. this means a family of four has $11,420 less in real after tax income to spend than they would have had if this recovery had merely been average. the current recovery has produced 4.4 million fewer private payroll jobs. an important gauge of america's jobs picture is employment to population ratio. it measures the proportion of the country's population age 16 or over that's employed. by now it would have risen by 1.7 percentage points in an average recovery. more than double that in a reagan recovery. today it's actually declined by 1.1 percentage points. to put the stalled labor market in perspective, in october of 2013, the employment to population ratio was only .06% higher than the lowest reading during the president's administration. in october, right before the participation rate fell to 62.8%, a low not seen since the carter adm

economy and any capitalistic economy.it gets to an excess, you worry about building up dangerous asset bubbles around the economy. so i would say that while it is important for credit -- for people to have access to cre cr. you don't want it to be abused. >> now we get into nba to an interesting conversation. china are a big producer nation and we want them to be a more consumer nation. for the most the government does most of the consume consuming td peep don't. to fix it properly, we have taken a trillion off the debt. we have to change our way of looking at things to producer more than we consume. does that mean producerring more or we become less of a consumer society? >> it's both actually. i would argue that the decrease in credit card debt, when you think about it from the real 30,000-foot perspective, it's important. as a country we consume way more than we sell to other countries. and that is -- that results essentially in the large u.s. debt. the amount of con saoupbl consut we do we have to finance it. that's w

and economy for everyone. everyone towards for with the right attitude and where all of our children and grandchildren can look forward to a better future. what does all this mean in practice? this means we need for thanks. and economy of the state that we can afford will stop a economy that everyone can take part in. a economy that is equipped for the future. is strong for at home and abroad. that we canconomy afford. people think that the way you reduce the cost of living is for the state to spend more taxpayer money. it is as if you measured the compassion of the government by the amount of other people's money they can spend at a time when family budgets are tight all stop it is worth remembering that this spending comes out of the pockets of the taxpayers whose living standards we want to improve will stop i hope you'll forgive me for saying that it is not robbing peter to pay paul, but robbing peter to pay peter. the single biggest cost to living is if our deficits and again.t out of control if mortgage

the economy will be recovering. we think that will keep the federal reserve in a fairly easy posture and will keep credit demands low. we think they will return to .ormal levels year treasury note rates will be a little over 5% at that point. the normal interest rate has a profound effect. nominal interest payments by the federal government last year on net interest was a couple hundred billion dollars. we project in $2020 it will be 4800 -- $800 billion. will be more than 3% of gdp over the next 10 years. you are talking about almost a trillion dollars in interest alone. know, the historical gdp data was revised. we incorporated that into our projections as a share of gdp. the number i have in front of me is that tax revenue will average 18.3% of gdp. that is taking the larger level of gdp built into history and projecting it taking the same protection of dollar revenues that we have from may. we have 18.3% now and that compares historically to 17.4%. if we look to 2028, that will be up to 19.7%. >> given the apple

and from demand making it harder for the fed to get the economy moving making our task more difficult what she's getting at there is that austerity is really bad for the economy and she's right on the money but look the fed the institution she may soon be in charge of isn't exactly in anyone's good favor nowadays lawmakers on both sides from rand paul to bernie sanders have the fed in their crosshairs since for the last several years the fed has been funneling enormous amounts of money out of thin air into the bands of the banks the hope was the banks would lend that money to main street consumers but they really have it and you can blame the fed all you want for that but ultimately it's the only tool the fed has to fight back against the creeping recession still lingering from the two thousand and eight financial crash and really it's not even the fed's job to get the economy back up and running with stimulus it's the job of congress but congress has failed miserably as it was saying in a more diplomatic way on thursday recent study by the center for american progress estimated that

i don't think we will see the robust economy we hope for unless we take the wet blanket off the economy added that is this amazing level of debt and deficit that we have not had before. it is unprecedented able say as percentage of gdp we had one of the time, during world war ii, but, yes, we did not have the long-term liabilities we now have. it is unprecedented. talk to people back home thinking about investing, creating something, an innovator, job creator. this is a factor. so, i hope we will do something on the growth aside not just dealing with mandatory spending which i think is very much related to what jim clyburn showed us in the chart -- but also tax reform. because all of us, i think, agree -- i heard my colleague from oregon talking -- the current system is antiquated. ron wyden said it is 100 years old and it looks like it. it is obvious to me it is urgent. it is urgent and the corporate side, by the way, because we are losing people, capital, investment, and headquarters overseas. right now people are making the decisions because of our tax code which is not competitive.

economy. you testified before that not all cuts are the same. and that there are some ways in which we are cutting that are hurting our long term competitiveness. they produce longer term reductions in our capacity and that we should be prioritizing things that will accelerate growth, that we should not be simply trying to get through this difficult fiscal time in a way that focuses on austerity. we should be investing in a way that sustains growth. what types of policies in your view could both help accelerate growth and do so in a way that would deal with long term unemployment? and what are the budget airy implications for long term unemployment? >> the first part of your question, senator, of all nondefense discretionary spending, half represents investment of some sort about 20% of nondefense discretionary spending is investment in physical capital such as highways. another 15% is -- goes for education and training. over all, we think the investments build a stronger economy in the future

economy.to come up with that requires a balancing, even among domestic interests, and then to go to 11 other trading partners in the case of ttp and t-tip and figure out a landing zone where it is a win-win for everybody. nobody gets 100% of what they want in 100% of the chapters, but we have to be able to look at the package as a whole and make sure that is serving our interests and our values and that it is supporting what we need to support in the united states in terms of job creation, growth, and strength and the middle class. those are our watch words. everything we do is tied back to those three objectives. so we will be working over the course of the next couple of months on tpp. as t-tip get up and running, we will try to achieve that objective. >> and hope there are no more government shutdowns to stop you. a couple of you have mentioned agriculture, which is not really represented up here. though governor, you have the tomato industry in tennessee. i will use you as a proxy. what do

economy? we have had a couple of months of better employment growth area unemployment is still high. youreal unemployment rate, account for those people who dropped out of the workforce. growth has been pretty soft. what is your expectation now going forward over the next year or so, are we going to be stuck in this rut of over two percent growth and still high unemployment? >> if you look at the economic data from the last few months there are a lot of encouraging signs. we are seeing the housing sector doing much better. we are seeing manufacturing doing better. private sector, jobs. the jobs numbers that came out a week ago went back and corrected numbers for the previous couple of months showing that we have had 200,000 jobs which is higher what the original numbers were. significantg a trend in the right direction. if you look at what has been going on the last year we have had an anonymous amount of fiscal drag. some of it was intentional, the phasing out of payroll tax holiday. the impo

economy right now? think you were saying fairly bullish things last week but we still, we've had a couple of months of better employment growth but unemployment is still high, real unemployment rate if you like is measured by, if you take account of the people who dropped out of the work force is still very, very high by historic standards. growth is still soft. what's your expectation going forward? are we still going to be stuck in this rut of 2%, just over 2% growth and still high unemployment? >> i think if you look at the economic data from the last few months, there are a lot of encouraging signs. we're seeing the housing sector doing much better, we're seeing manufacturing doing better. private sector jobs. the jobs numbers that came out just a lit overall a week ago went back and corrected the numbers for the previous couple of months showing we have had roughly 200,000 jobs a month which was higher than the original numbers. not enough. we need to do better. but it's showing, you know, a signif

today, archaeologists struggle to reconstruct the economies of the ancient world, because an economyis essential to any society, past or present. to understand the evolution of economies is to better understand people of all places and of all times. captions by captionamerica, pittsburgh, pa. funding for this program was provided by... for more information on t annenberg media ♪ narrator: welcome to destinos: an introduction to spanish. as our story unfolds most of what you hear will be in conversational spanish. bueno, es un poco tarde. tenemos que irnos. sí, es tarde, es verdad. camarero, por favor. hay un mensaje para ud., señora. you will not understand every word you hear.

the economy is down as well. and there's a lot of polls saying that consumer confidence is down has to do with the leadership. >> isn't that predating this? >> with all due respect, all we can do is predate history. we can't have polling that's the future. >> but we had the lousy economy before this. >> you keep saying "this." people have been notified by their insurance company for weeks prior that they were losing their coverage and premiums were going up. this could have very well have been factored in -- >> it could. >> i'm so angry. i hate you all. i'm doing a monologueor the next 20 minutes. >> we're not looking into a crystal ball and assessing. we're putting two and two together. it is not eight. >> if my aunt had x, she'd be my uncle. >> what? >> meanwhile, forget about what this health care does to shoppers next month. we might get a first clue how they're feeling next month in some key elections next tuesday. if it matters to you, it matters to us, which is why we are live covering all of this at 8:00

an economy that thomas quite honestly, everyone would recognize as too much unemployment as an economy where people continue to struggle. it is economy where we will continue to see where the growth will be. we are continuing to see real estate wars just like we had in the old days now that is confined to cities and a certain areas of the country. we are now starting to see private equity firms who i think are very good. that is a shocker to me, having owned a few rentals in the past. dr. yellen, i kind of look at these factors and i wish i could going on with other items. what am i missing here? i see asset bubbles. you're going to bring the asset balance sheet down from $4 trillion to zero even if you said over the next four years we would bring it down from from $ 4 trillion to $0. >> with respect to real estate, you mentioned real estate markets and we are seeing, as you mentioned, private investors come in to invest often in the all cash in certain markets in the country. is this evidence of an asset bubble? if you look at the markets where that's occurring, it's some of the harde

economy and the job market appear that it helped. as we saw when we still had trends toward widening inequality, we did have real wage gains when we had an ever stronger job market. foster growth in the united states will help a faster job market. when the economy recovers, we are going to see firms be more willing to undertake trading where they cannot find workers. they are going to be willing to invest in people and to make capital investments who will make workers better on the job and we will see better wage gains. >> i would suggest that those at the bottom are not feeling the effects of these policies. the trickle-down hasn't happened for them. they struggle every day. they may not see their wealth grow because they don't hold a lot of assets. anything that you can do taking a look at this broader issue because this is an issue that will affect the economy for years to come and affect our competitiveness in years to come. we are getting resources for those who did consume. we look forward to a long relationship with you. >> th

putting words in the money into the economy she predicted that an economy that will take the lead up in future decades market demand and supply to the chanting creep along the scale. however they're also putting voices out there for sheer charm to the head of emerging market equity team at morgan stanley to that goal for the chinese economy is not practical at all. it's very difficult time to relax increase on the economy. she explained how the per capita income of china's reach about seven thousand dollars year. it is that on the street a higher level in terms of national income. shares of the country's economy like to camp out three a all took care to grow. later on the economy over the five percent. a shipment that time economy will likely slow down after clark economic gain. we should note that the chinese government did not get into difficulties at the middle income country. there's been decreasing it depends on exports. although the economic reforms can compete in the future the chinese double faced many difficulties. because of the gdp figures too much where's your head back i

in an economy that quite honestly most everybody would recognize has too much unemployment, an economy where people continue to struggle, an economy where it's kind of hard to see where the growth is going to be, we're now starting to see real estate bidding wars just like the old days. now, that's confined to cities and certain areas of the country. we're now starting to see private equity firms who i think are very good at looking where will the economy is headed. lo and behold, they're buying single-family houses. that was a shocker to me, having owned a few rentals in the past. i was kind of amazed that they would do that. but obviously they see something there. so dr. yellen, i kind of look at these factors, and i think i could go on and on with some other items. i must admit, what am i missing here? i see asset bubbles. i think if you were to announce today that over the next 24 months you're going to bring that balance sheet down from $4 trillion to zero or 1 trillion, i think if you even said over the next four years, we're going to bring it down from 4 trillion to zero, i thin

the course of the economy and policy. it is natural to see a response. to diminish unnecessary volatility, i think we have to redouble our efforts to communicate as clearly as we possibly can. that will be my emphasis. >> thank you, mr. chairman. senator to me >> thank you for being here. to go back to some of the issues that senator corker was raising regarding monetary policy. first i think it is important to stress and you are very well aware of this, but the adverse consequences that were rd at we areng -- already experiencing as a result of the monetary policy. they are problematic. we continue to have this artificially suppressed cost of funding these excessively large deficits that we run. tocontributes, i would argue fiscal imbalances. we are punishing middle-class savers for years now. people who said -- spent their entire working class lifetimes to forego consumption so that they would have a little bit of income in their retirement. now they have no income because they have earned nothing on their savings. they

economy. i'm wondering if you might just talk a little bit more in terms of the short term how we're smart about growing the economy. the manufacturing institute says there are 600,000 manufacturing jobs unfilled right now because skills are different than the jobs available. and national skill coalition says about 300,000 people are going to be turned away from training programs because of the sequester cuts. so we have got inability, if we continue down this road to provide training whether it's the 20 to 25-year-old that you talked about where we have a 12.5% unemployment or others. i mean we're -- if we don't do this right, if we don't stop what is in my judgment recklessness in terms of how we approach cutting spending, we are cutting our nose to spite our face in terms of economic growth. since 2011, countries like china and india increased investment and basic research, we're cutting ours. again, short term, not looking very wisely at n. what happens in terms of across the board cuts on

that is essentially an innovation economy; right? because they were building off their major institutions the cleveland clinic so you say flips in business crayons claefd and akron metro coming together and saying we've got the help your network of small and medium sized companies we're not talking about big manufacturing firms that are retooling their business model and making investments in their facilities and any training workers and beginning to design their new proteins for global markets priermentd. because they're small they really need the help and support of intermediatey institutions so they can assess capital. they're all in what we would call the stem economic scientists and technology and engineering and math; right? and the country has really go forward for a long time the fact we've got a to start in our high schools having a fairly substantial number of kids on a track brown where ware doing computer science to get the skills to go into the firms and no non-manufacturing companies and get good jobs. we decided we, yo

the mexican economy is doing much better compared to the brazilian economy and similarly like each year there is the example of south korea is a fairly large economy you have the likes of indonesia which are now going to become a trillion dollar economy this. has already become a fairly large garden me so the main issue right because the book is the fact that i'm just talking about brics is a very limited view all of the emerging would ok but for example one thing in common that the break countries have is they are sort of very keen of their own this of the social unrest and the need to preserve social stability and we've seen that in china we've seen that in russia you've seen that in brazil i think and to some extent we've seen that in india and all those countries use different methods somebody some of them use you know democratic math and some of them use more authoritarian the math had some of them with more money into social programs trying to placate their populations but given the fact that social and rusty. it's really spreading around the world and in many other places it is r

first, an economy with a state that we can afford. second, an economy where everyone can take part.rd, an economy that is equipped for the future. and fourth, an economy based on enterprise and at home and abroad. let me say just a word about each. first, an economy with a state we can afford. there are some people who seem to think that the way you reduce the cost of living in this country is for the states to spend more and more taxpayers' money. it is as if somehow you measure the compassion of a government by the amount of other people's money it can spend. at a time when family budgets are tight, it is really worth remembering that this spending comes out of the pockets of exactly the same taxpayers whose living standards we want to see improve. i hope the archbishop of canterbury will forgive me for saying it's not robbing peter to pay paul, but robbing peter to pay peter. if our budget deficits and debt get out of control, if interest rates and mortgage rates start to soar, the increase in the cost of living will far outweigh the impact of any increase in government spending

economy and other advanced economies. economists who have spent a lot of time trying to understand what's responsible for widening inequality, and many of the underlying factors are things that are outside of the federal reserve's ability to address. >> do you believe your policies have added to the problem? >> i believe that the policies we've undertaken have been meant to generate a robust recovery. i would like to see the u.s. economy and the job market recovering more rapidly than they are, but i believe our policies have helped. and i think, as we saw during the 1990s when we still had trends toward widening inequality, we did have real wage gains, and we did have a reduction in inequality when we had an exceptionally strong and getting ever stronger job market. so faster growth in the united states is going to help a stronger job market. you know, when the economy recovers, we're going to see firms be more willing to undertake training when they can't find workers, they're going to be willing to invest in people, to

"washington week" gwen: a topsy-turvy economy. are up but so is the jobless rate. but spending is down. what is the problem? needs to stop throwing up obstacles in the way economic growth. gwen: on healthcare, even a ocrats are searching for fix. >> why keep limping along? just shut it down and put it together the way it together.put >> there is no words to describe the frustration we all have. am sorry that they are finding themselves in this situation base

. >>> october surprise, the economy powers through the government shutdown and adds way more jobs than everybody thought last month. the impact for the fed, the market and you. >> jobs generated. this sector once again was the top job creator in the economy, as it has been for the last four years. why travel in leisure is hot, hot, hot. >>> honest accounts, what the makers of a leading beverage company have. that and more for this november 8th, 2013. >>> i'm sue herrera in for susie gharib. >> i'm tyler mathisen. shocking just about everyone slugging off the partial government shutdown and adding significantly more jobs than predicted. 204,000, that's the number added to payrolls blowing away the consensus forecast of 120,000. the unemployment rate is higher to 7.3%. hampton pearson digs deeper. >> reporter: in october job growth accelerated with employers looking past the government shutdown and debt ceiling fight. data was revised adding 60,000 more workers and the growth was wide spread. leisure and hospitality, retail, manufacturing and health care all gaining strength last month.

i heard that domestic economy. officials at the ministry of strategy and finance say if lawmakers fail to pass the bill before the end of the year more than one hundred thirty two billion dollars that next years budget of roughly three hundred thirty six billion dollars will be suspended when a new budget bill is not passed within the fixed legal period. government spending will be limited to items specified as essential by the constitution. and those items will be based on the budget for the previous fiscal year. the one hundred thirty two billion dollars that could be suspended includes subsidies for some six hundred fifty thousand jobs about one hundred eighty eight million dollars for social overhead capital and roughly one hundred sixty million dollars for research and development discretionary spending in the welfare budget and the amount of ninety nine million dollars would also be suspended. moreover until a new budget is passed the government will be able to borrow money for purposes not specified by the c

might just be too big to govern and also what can divorce rates tell us about the economy more than you might expect rachel perseus and i discussed marriage and moment as an economic indicator in today's big deal and as we head to a quick break here's a look at some of today's palooza numbers come back. and we're back with more from trends forecaster gerald cilento now before the break we were discussing geopolitics and the parallels between the one nine hundred thirty s. and today but now it's time to delve a little deeper into the fed now i got to start off by asking in general in this segment another pair all the parallel that has been made between the one nine hundred thirty s. and today is the fed's involvement in shaping the bubble now in the past you referred to the federal reserve as a banking cartel and with last week's appointment of janet yellen as chairwoman of the fed do you believe this changes anything at all and if so how serious is the thing it's just a new face saving the same song with a different voice no i mean she says there is that you know following orders doing

economy, which we need. i know you agree with that statement, but it's hard to see that happening right now. you've got the senate off on one track. it's passed a comprehensive bill the house won't even agree to take up. democrats want to do comprehensive reform; republicans want to do step-by- step reform. it's a poisonous political atmosphere. can you make it happen? >> i am actually optimistic that we're going to get this done. i'm a -- but i am a congenital optimist. i would have to be; i'm named barack obama; i ran for president. so the -- [laughter] - >> and won. >> and won twice. [laughter] so look, keep in mind, first of all, that what the ceos here said is absolutely right. this is a boost to our economy. everywhere i go, i meet with entrepreneurs and ceos who say, i've got, you know, these terrific folks; they've just graduated from caltech or mit or stanford; they're ready to do business here; some of them have these amazing new ideas that we think we can commercialize, but they're being dragged b

economy and on global economic growth.t next year we will see an acceleration of the world economic growth for the first time in three or four years and it will be driven by china and the u.s. and europe. and if that's the case, then it's a good thing to see the back of qe. >> this idea that january is now in focus, there's one problem with january, is that we could be heading into another road block in washington. would that be reason in your mind to not taper? >> i think they'll take everything into account. it's a road block in washington actually is worse than last time, which i cannot imagine, then certainly they will do what they did last time, which they will go you guys need some more time-out and they'll push the thing down the road. but i don't believe the republican party misunderstands the message that was given to them by the electorate in very direct terms and by their pay masters more broadly. corporate america was very, very explicit in the message that they gave to the republican party. if they want to ign

economics which would put some premium on a youth that was having an active participation in the economy generating organic growth they don't see that because they're cyborgs because they're half machine because they're they're built in a petri dish somewhere they're not even human and they're trying to advise big lot of conduct of economy is disgusting well it's also the first example you see here of this belief that we don't need human is we don't need real capital we don't need real wealth we just need to go pots and financial derivatives and that will be that's our economy we don't need the human beings we're not leaving assembly to be held and dublin so the young people's assembly met in dublin and advocating on behalf of young people to formulate an action plan to combat youth unemployment force them and gratian a cuts to youth services which amount vixen notices. for a generation so here's one of their posters by the way max this is the world they've created for us don't let them get away with it as you see they left the get out so i think they need a better education system there

find out what's really happening to the global economy with mike stronger no holds barred look at the global financial headlines tune into kaiser report on our. show there i marinated in this is boom box and here are some of the stories we're tracking for you today. first up iran is open for business at least slightly and at least for the next six months we'll tell you about the groundbreaking deal designed to curb iran's nuclear program and the implications it sobbing on the markets and also trying predict are gerald celente joins me later on in the show discussing iran and policy war pretty much anything else you can think of will have it all and finally in today's big deal rachel courteous and i discuss life and death and everything in between it's a loaded one for sure and you won't want to miss that and it all starts right now. our lead story today iran now a landmark agreement between iran and six other world powers was reached over the weekend in geneva the deal is designed to curb iran's nukes. their program while staving off harsh new trade sanctions for the country now the i

our economy was shrinking. there was real concern that the united states economy would not bounce back. it did thanks to the tenacity of the american people, the determination of the private sector, and the bulls decisive action taken across government. right away the president moves to pull our economy out of the recession. you work to put up the financial fires, stabilize the of bankers, and so start growth. in addition he pursued policies to fuel our economy into the future. that meant investing in education and infrastructure, fixing a health care system that was broken, creating new rules so our financial system works better for consumers and investors and locking in lower taxes for 90 percent of all americans. and lowering barriers to this entrepreneur is and businesses to innovate, grow, and higher. because of these measures we are moving in the right direction. the positive signs are real. since 2009 our economy has been expanding. over the past 43 months private employers have added, 7 million jobs. bu

economy is recovering. what do you see in the economy? >> we're encouraged by the fact momentum slip that looked like it was taking place in the summer has apparently been reversed and we don't feel like we're having a big negative hit from the shutdown. so we're enkourpged the economy is holding okay here. we think it will be a grinld. the economy and underlying pace running 2% and absorbing higher interest rates. it will take awhile before we get good growth. we think 3% growth will come, sometime in spring, summer 2014 and unemployment rate will be down to about 6.5% if our forecasts are right. >> one met trick we haven't talked about is inflation, which they are also wanting to raise before they start thinking about tapering. lately, the inflation data have been very tame, gold prices are coming down, oil is hitting multi month lows. where do you see inflation now? >> i think we got inflation globally and in the u.s. at close to record lows. i think it's very important to highlight that because low inflation is one thing that helps th

i worked in the space called the sharing economy. i want to pick up on something when we look at shared resources it's not just transportation it's he stind into every sector for services for children and the list goes on. and when we think about sharing assets as opposed to ownership them it's really good for that community building. and mayor lee you were one of the 15 mayors to sign the sharing resolution declaring our support. i'd like to hear our violation. but really around collaboration what does this mean for the government and vavns mechanisms and so forth >> gosh i could talk about the sharing but are other areas like mission bay and the pharmaceutical lavishes like fiber and bayer we did a lot in the infrastructure to visit them in but their you roifls the federal research dollars are a drying up so their innovating. they start thinking sharing we when you going down there today you see those expensive labors that are being shared by two or three pharmaceutical companies that wouldn't talk to each other years ago but they