if you look at break evens on forwardn, from 2008 they fall dramatically.u look at the recession, housing started to collapse in early 2006. it's not until mid-2008 when you see the contraction take place. it fellnd half of 2008, asleep at the wheel. feed into yourt skepticism of the fed's current policy? >> i think the fed is grounded by the believe that the adherence to low inflation are back in 2008 it was worried that it was getting above that. presently, it's working and a framework that -- one of the big implications is that why has the fed policy been so seemingly impotent and the last seven the fednd i think it is not wanting to do anything that will allow inflation to take off. come all the assets will be returned ultimately. janet yellen said the balance sheet will shrink, which means , implying temporary no inflation. the forward-looking markets realize this. 2007-2008, the fed did not sterilize lending to banks. >> we have to leave it there. thank you very much. shudderenue sent a through the market. ♪ >> i am scarlet fu. "what'd you miss?" firs