. -- fiscaliscal for policy went into reverse. huge worries about buildup of deficit and debt and posterity started. -- and austerity started. i'm not going to criticize america. actually the best example of recovery that we have in the world economy. , undoubtedly austerity delayed in your. -- in europe. joe: there has been a lot of acid value growth, especially stock market in major cities. do you think the leaning on monetary policy has exacerbated the inequality crisis? robert: of course it has. quantitative easing has boosted the price of assets and a lot of the money has gone into asset price. against the general dis-inflationary pressure, there has been this big increase in asset prices. i think that is very dangerous, because that is the basis of the next crash. that is exactly what happened in the buildup to 2009. when we come back we will be discussing syria as russia's air war nears its fourth week. scarlet: this is a time -- it is time for the bloomberg business splash. alix: ibm third-quarter revenue falling short of