debt markets was built into dodd-frank. that was explicit in dodd-frank. >> okay. so what is your reaction to that? we're policymakers. we could remedy that if you think that is a flaw. >> you know, we have tried to write a rule that is consistent with dodd-frank as it was legislated. >> so if we -- would you look favorably upon us saying that sovereign debt should not be exempt or should comparable to corporate debt? >> that's something i would have to look at more carefully. >> but did you not look more carefully at this subject matter when you wrote the volcker rule? >> well, we put into effect the allowance that congress included in dodd-frank to exempt treasury securities. >> well, no, that's treasury securities. i'm asking about sovereign debt, which was excluded from the volcker rule. written into the language of dodd-frank is exclusion of u.s. sovereign debt, not the exclusion of other sovereign debt. i would call this a lack of enthusiasm from you. >> time of the gentleman has expired. the chair now recognizes the gentleman from massachusetts, mr. capuano,

debt markets was built into dodd-frank, that was explicit in dodd-frank. >> what is your reaction? we are policymakers, we could remedy that if you think it is a flaw. >> we have tried to write a rule that is consistent with dodd-frank, legislative. >> would you look favorably upon us saying that sovereign debt should not be exempt or should be comparable to corporate debt. >> that is something i would have to look at more carefully. >> do you look more carefully at this other matter when you wrote the volcker rule? >> we put into effect the allowance is that congress included in dodd-frank to exempts treasury securities. >> that is treasury securities, sovereign debt was excluded from the volcker rule. written in the language of dodd-frank, exclusion of u.s. sovereign debt, not the exclusion of other sovereign debt. i call this a lack of enthusiasm from you. >> time of the gentleman has expired. the chair recognizes the gentleman from massachusetts for five minutes. >> thank you for being with us today. a couple areas i would like to pursue. in your confirmation hearing you made a

note that is code for in dodd-frank is a bailout. >> the regulation that cause the economic collapse,ublicans for years and conservatives and certainly libertarians has said less government and less regulation because dodd-frank corrects them. >> it caused the economic collapse less regulation and less government and how to that cause the collapse? well, it was a bubble. >> and we had these banks doing whatever we wanted to do in merging the banks and credit unions i could do all these different things and there is no development. and the moral hazard was the fact that the government came in and said that we will ensure all of you bad mortgages under fannie and freddie. and for once you tell someone go ahead and make a bad loan -- they tend to make albums. with dodd-frank now this is the large bailout and they're going to take these rest on more risk. >> really now? george w. bush, a conservative, if he wouldn't have prompted up we would be better off? how is that the case be one no privileges, no mail outs, if you lose money, he lose your own money. >> the united states at the center

it is the dodd-frank programmable and -- dodd-frank row graham -- dodd-frank program

as i stated in my opening statement, i'm very concerned about dodd-frank implementation. i certainly hope that you will clearly communicate with congress if there are statutory ambiguities or obstacles that prevent the fed from doing the right thing when promulgating regulations. in that context, i'd just like to ask if you agree -- when chairman bernanke was before us -- last year i think it was -- i asked him the same question. i'd like to know if you agree with him that the areas of the end users, swaps pushouts and reducing the regulatory burden on community banks are areas in which we need additional statutory attention to getting it right. >> so the three areas that you mentioned are ones that are high on our list of concerns, areas that we are looking at ourselves as we design the dodd-frank regulations, in all of these areas we're doing our very best to address in these areas you've mentioned issues that have been raised and that we consider quite appropriate. it makes sense to me that congress should consider these areas as well. i want to assure you that we will

title 11 of dodd-frank act intends to address these concerns by limiting federal reserve's ability to engage in arbitrary bailouts. while i believe the correct solution is an altogether repeal of paragraph 13, dodd-frank's title offers bailouts. the federal reserve was late and i'm getting a will to intimate these provisions as the chairman is where. and notice of proposed rulemaking was released just days before christmas last year. let me briefly mention a couple of issues that i have with the rule. the foremost is the determination of insolvency. i find the rules definition exceedingly narrow and does nothing to limit the federal reserve discretion beyond what is already included in title ii of dodd-frank. the notion that a firm is only insolvent once it is already in bankruptcy or receivership contradicts historical practice. i think we need to be concerned about the fed's ability to provide assistance to insolvent firms by passing that assistance to solve and firms as with the purchase of bear stearns by jpmorgan. the final issue i have with the rule, final top level asia have wi

. >> dodd-frank codified the law we had in place, including steroid, and bailout, if you make loans to low income people, you are predatorial ending, they had no choice, now the government tells them under dodd-frank, you do we what we say, we'll have an orderly liq liquidoing, code word for bailout. >> republicans and conservatives and libertarians, less government, less regulation, then government collapsed, and dodd-frank corrects them. >> wait, it was lack of regulation that caused credit bubble. >> the lack of regulation that caused the collapse. >> how. >> how? >> yeah, it was a bubble. >> no one was mining the store. you had banks doing whatever they wanted to. they could do all these things there was no defining line. >> moral hazard was that cause of this, of that government came in there said, we will ensure all these bad mortgages under fannie and freddie. so 1 you tel -- once you tell someone go ahead make a bad loan. now with da dodd-frank alarge bailout. >> where would we be now had they not saved banks. bankss >> we would be better off. >> we would be better off? >> how.

legacy of janet yellen's first testimony, the true legacy of janet yellen will be how she institutes dodd frankultimately it was the financial system and the collapse thereof that affected the american people, the middle class, the homeowners, jobs that are lost. >> and why dodd frank was passed in the first place. >> it is important that the american people understand what the fed is doing. ultimately the fed makes it's own decisions independently, as much as some congress people don't like that fact, they do make their decisions independently. >> thank you to you all. that brings us to the end of this edition of "inside story." we want to hear what you think about the issues on this or any day's programs. you can log on facebook page, twitter, our handle is aj inside story am or reach me directly at ray suarez news. see you for the next "inside story." in washington, i'm ray suarez. people being deported from the united states. >> right now we're headed to san juan bosco, a shelter here in nogales where the mexican immigration authorities have picked the people who were just deported, they ta

the real threat to homeowners and financial institutions again is the dodd frank act. y's chief economist, mark zandy has testified that dodd frank could increase mortgage interest rates one to four percentage points. and reports half that the mortgage loans made last year would not comply with the dodd-frank rules that went into effect just last month. in short, dodd-frank could cut the number of mortgages in half and double the cost of those that remain. and that's why the path act will reverse many of the most harmful regulatory burdens of the dodd-frank act that had been imposed upon consumers and businesses alike. let me conclude with these thoughts. as our nation charts a path forward on housing reform, many will maintain that we are having a debate between house and no house. i disagree with that framing. i think the real choice is whether or not our generation is going to perpetrate a system that demands for house for us so that our children in turn receive less house tomorrow. if so, what an unjust inheritance we leave the next generation. and that's why this d

what you see the fee -- gerri: thed to frank? did dodd frank have a role? it's part of the dodd frank ability. gerri: let's back up six paces here. dodd frank. we bailed out the bank with taxpayer dollars and now it's coming back to bite us in the butt. we no longer have free checking. how is it we pay both times? >> it's the law of unintended consequences. the idea occur win bin was talking about punishing the banks and helping small savers inspect tend hurts small savers they're the ones paying fees. gerri: let's take a look at the numbers. these monthly service fees are interested for no interest checking account they go from $1.77 in 2009 to $5.54 in 2013. when you look at interest-paying checking account. 2013 $14.64. is there any way out of this? can you not pay the fee? >> there is a way. actually, the largest bank which are subject to the fee cap on the debit cards. they are getting rid of the free checking. the smaller banks those less than $10 billion in assets for the vast majority have free checking. gerri: that's interesting. because they are u

debt markets was built into dodd frank. in dodd frank. >> so what is your reaction to that? we're policy markers. we could remedy that if you think that is a flaw. >> you know, we have -- we are required to write a rule that -- that is consistent with dodd frank. >> would you look favorably upon us saying that sovereign debt shawl not be exempt or should be comparable to corporate debt? >> it's something they would have to look at more carefully. >> did you not look more carefully at this subject matter when you wrote the volcker rule? >> well, we put into effect the allowance that congress included in dodd frank so exempt treasuries securities. >> well, no, that's treasury securities. i'm asking about sovereign debt which was excluded from the volcker rule. written into the language of dodd frank is exclues of u.s. sovereign debt, not the exclues of other sovereign debt. i will call this a lack of enthusiasm from you. >> time of the gentleman has expired. the chair now recognizes the gentleman from massachusetts, for five m

. >> they are moving to make the implementation of it hard thench vote to cut dodd frank. >> the republicans have pushed a record number of filibusters therchl blocked president obama's executive and judicial nominations. >> republicans blocked appointments as matters of general principal. >> jon: the g.o.p. saying they

as it was originally conceived in dodd-frank, and how it has been operating to this point. the agency, mr. chair, has refunded $3 billion to 9.7 million victims of unfair, deceptive and abuses practices in -- abusive practices in financial markets. the cfpb has helped people and fraud has been curtailed. the message has been sent to the next generation of financial huskers, that there is a dedicated cop on the beat in financial markets. the singular and dedicated mission of the consumer financial protection bureau is to protect consumers from financial products, from schemes, and inspires trust in our markets that attracts capital and promotes allocations of that capital to productive, legitimate endeavors. my amendment affirms that the current management, oversight and funding source as enshrined in dodd-frank are the best way to preserve the integrity and independence of the agency. and to ensure that we don't return to the bad old days and bad old ways that put the objection in the ditch by creating the -- ox in the ditch by creating the 2008 financial crisis and the $70

regulation in the wake of the financial collapse i mean my whole thing is what financial regulation dodd frank said joke we have the chamber of commerce trying to systematically destroy every facet of doctrine before it's even stated even if we were to reinstate glass steagall even if dodd frank were working in elizabeth warren actually was in a panel facing for congress and she was like what dodd frank prevent another government bail out every one of them said you know so you know i just i just don't know i don't know it's hard to get in the mind of someone that i'm so removed from and i call out every day this kind of industry but they are someone's son or brother and it's what humans and you know at the end of the day it is human beings and everyone needs help and everyone needs something that resources to reach out to a lot of compassion they're. having it's awesome having you on the show thank you for being here that's all for now but you can see all segments featured in today's show on youtube at youtube dot com slash boom bust our t. we also love hearing from you so please check out our

it's the dodd-frank program. we are actively completing our work there and i'm very hopeful that is going to effectively deal with it. we will monitor as we go forward if more needs to be done. >>> the committee will come to order. the chair now recognizes the man from georgia for five minutes, mr. westmoreland. >> thank you, mr. chairman. and thank you madame chair for being here. we've heard from the other side of the aisle that the president's policies are not having any ill effect on the economy. yet, chair yelen, we have just recently all seen a report from the cbo that the obamacare affordable care act is estimated to cost 2.5 million jobs over the next decade. do you believe that regulation or overregulation has an impact

as i stated in my opening statement, i'm very concerned about dodd-frank implementation. i certainly hope that you will clearly communicate with congress if there are statutory ambiguities or obstacles that prevent the fed from doing the right thing when promulgating regulations. in that context, i'd just like to ask if you agree -- when chairman bernanke was before us -- last year i think it was -- i asked him the same question. i'd like to know if you agree with him that the areas of the end users, swaps pushouts and reducing the regulatory burden on community banks are areas in which we need additional statutory attention to getting it right. >> so the three areas that you mentioned are ones that are high on our list of concerns, areas that we are looking at ourselves as we design the dodd-frank regulations, in all of these areas we're doing our very best to address in these areas you've mentioned issues that have been raised and that we consider quite appropriate. it makes sense to me that congress should consider these areas as well. i want to assure you that we will

we responded with the dodd frank act, where we got ahead start over the rest of the world in getting our financial institutions straightened out and when, and people never give up and i think it is important this week and in passing through the votes on the debt limit with relatively little drama is we are seeing government not putting a burden on the economy that makes it harder for the american people, the self-inflicted wounds of the last few years kind of slowed down some of the economy recovery, just as it was taking off, i am pleased we are not seeing that right now. >> rose: what do you think changed? >> well, you know, i think first of all, you know, you go through an experience like the government shut down and the crisis over the debt limit in october and -- >> rose: people took lessons from that. >> people learned from it, i took to heart that there were no leaders who minimized the importance of resolving it in a way that didn't have a lot of drama and didn't have a lot of anxiety for the u.s. and the global economy. it was politically challenging, it is difficult to do,

i want to get some good questions from dodd-frank.d legendary prosecutors not like your boss. >> all the presidential appointees, five of us, she is the chairwoman and the title she has chosen, the chair run the place like the ceo, she has added duties plus all the duties to vote on rules of the making and enforcement action. she has a big job, she comes with high credibility as you point out, private law practice. all of the issues the sec are important to us. almost been here a year and so far so good. she is a great colleagues, hard-working. liz: when she was named, we were conducting a live interview with jamie dimon of jpmorgan during davos. what is going to say? >> that is a good slice. >> her work ethic is unbelievable. not even going to guess. liz: what is the volcker rule? >> and volcker, more than an urban legend out there that you regulators that the sec, the justice department, targeting jamie dimon and jpmorgan because he was critical of dodd-frank in the president acts economic policy. >> i can speak to the sec, can spea

janet yellen's first testimony -- the true legacy of janet yellen will be in how she regulated dodd-franktimately it was the financial system and the collapse thereof that affected the american people, the middle class, the homeowners, jobs that were lost as peter was saying -- >> and why dodd-frank was passed in the first place. >> right. so it is important that the american people understand what the fed is doing. the fed makes its own decisions independently as much as some in congress don't like that fact, the fed is an independent agency. >> good to talk to you all. that brings us to the end of this edition of "inside story." thanks for being with us at home. the program may be over, but the conversation continues. we want to hear what you think about the issues on this or any day's program. you can log on to our facebook page or send us your thoughts on twitter or reach me districtly at ray suarez news. see you for the next "inside story." in washington, i'm ray suarez. ♪ >>> welcome to al jazeera america, i'm del walters. these are the stories we are following for you. thousands of

you testified before congress on dodd-frank. >> since dodd-frank was passed in response to the financial crisis to protect consumers. what we are seeing in practice consumers are having less access to credit and savings, banks fees are at record highs. over 3 million people have been shut out of the banking system. this is the law of unintended consequence. >> another appealing theme is we should buy. we are americans. we should buy american. >> american buy from farmers we get good lower prices. i want poor people to have access to the lowes price gods. when americans buy from foreigners we send money abroad and that money comes back to america as -- demand for american exports or investment in america. it is normally not seen by the people who don't know my economics. but it is definitely real and it helps america. >> isn't it more patriotic if i buy american stuff? >> no. when you buy -- when you buy american -- that means you are not employing resources as they should be employed. there is month reason you shouldn't choose the best deals you can find. that's patriotic. >> income ineq

dodd frank will stop problems in banking. >> they believe paper and pro r proub will fug- -- >> smart regulation. they always say that. apparently this dodd frank, this is smart, except after the collapse in enron a law called cher bane was supposed to stop but it didn't stop persbernie f madoff. >> you get more rules. government is a hammer government is force. when you have the hammer everything looks like a nail. but there is a better way a private sector way to protect consumers without force. the power of reputation. i will go to a movie any more, i won't go without checking the rotten tomatoes web site. when i travel i always look at what other tourists wrote about hotels i might stay at. i trust this more than any certificate of approval from department of business regulation. libertarian radio host, liberal host says... >> look at all of the trees that died for that, huh? >> stop financial fraud not just the beginning. >> if we hadn't had the collapse in 2008 maybe we wouldn't need to have furl thurr legislation. >> they put them on steroids including bailouts telling lenders

that are high on our list of concerns, areas that we are looking at ourselves as we design the dodd-frank regulations, in all of these areas we're doing our very best to address in these areas you've mentioned issues that have been raised and that we consider quite appropriate. it makes sense to me that congress should consider these areas as well. i want to assure you that we will do our best in writing regulations in these areas, however, to address the concerns that have been raised. >> thank you. i appreciate your attention to it. i also believe that you need additional clarification and strength in the statute to do it right. i hope that we'll be able to provide that from congress. next, in numerous hearings last year it was revealed that we ed dot there are no undue oues t interruptions after they finalized the proposal for the banking organizations last week, the european commissioner's office issued a statement that the fed rule conflicts with the standards on the cross-border cooperation in the bank resolution. what concrete steps are you taking to ensure effective coordination w

you testified that dodd-frank is the cure. >> dodd-frank was passed in response to the financial crisiso prect consumers, but what we are seeing in practice is that consumers are having less access to credit and savings, and bank fees at record highs, and 3 million people shut out of the banking system. it's a law of unintended consequences. john: as americans, we should buy america. >> buying from foreign, we get goods at lower prices. you want access to the lowest priced goods, but when americans buy from foreigners we send that money abroad, money comes back to amera as demand for american exports or investment in america. it's normally not seen by the people who on't know economics, but it's real, and it helps america. john: more patriic if i buy american stuff. >> no, no. when you buy american stuff for that sake, that means you are not employing resources as they should be employed. there's no reason you shouldn chse the best deal you can find. that's patriotic. john: income inequality. the theme of the day, and it is gross that some people have so much more than others, shouldn't

now in terms of fixes then how does dodd frank which is the crisis as signature regulatory legislation deal with these lapses by auditing firms. well certainly everyone else is complaining about dodd frank in the business environment and that's a good sign that is might cause a little bit of trouble for them and maybe add a little bit of control but the auditors escaped any kind of mention frank there was one small area where perhaps they might have been. held accountable and that was the possibility of reintroducing third party liability for aiding and abetting frauds who are people like auditors and lawyers that were involved in supporting corporations to these however that the specter amendment was completely squelched not by anyone in particular but by all of the legislators and general again because of the very strong lobbying that the audit industry does and behalf of all of the firms and because there are serving both government and private industry now what kind of accounting changes would you personally recommend would mandatory audit or rotation work. well i'm not necessarily

dodd frank's title xi limits federal bail outs. as the chairman is aware, notice of proposed rule making was released days before christmas last year. let me mention issues i have with the rule. one is the determination of insolvincy. it does not to limit the notion that a firm is only insolvent once it is bankruptcy contradicts historical practice. it passes the assistant via solvent firms. the final issue i have with the rule, top level issue i have with the rule, is also the definition of broad based. while i am against any bail outs, i believe the intent of dodd frank is that you are only assist classes of firms not individual firms. i believe the language proposal falls short of that. i will say it is a notice of proposeal making. i will be optimistic that hopefully these issues will be addressed in the rule making process. thank you. >> you are now recognized for five minutes. >> thank you for the opportunity to testify today. i'll lead with my conclusion. it has never been more important for the fed to be transparent and acc

let's go back to the conference. >> and the final rule released last week, section 165 of dodd frank,bank financial companies. at this time it indicated a desire to basically tailor this rule. can you tell me more about what the fed has in mind with respect to the tailoring? >> so we understand that the business models of insurance companies are quite different than those of banks. that there are a number of ways the asset liability matching separate accounts and so forth that require tailored design of capital and liquidity requirements so they're appropriate to those business models. and we're trying to take the time that'ses necessary to understand in detail the businesses of these companies and what is appropriate. i would say, again, though, that we do have some constraints in what we're able to do because of the collins amendment. >> okay. so could you give me some insight into what extent might the tailoring -- >> i want to take a break from the janet yellen testimony for a moment to give you breaking news regarding nelson peltz and pepsi trying to get pepsi to split its bevera

federal reserve has undertaken the expansive new banking regulatory powers it obtained under the dodd-frank act. and why it fails to conduct formal cost/benefit analysis. we will also consider whether dodd-frank has constrained the fed's 13.3 exigent powers properly and precisely what should its role as lender of last resort be. we will closely examine an old debate in monetary policy between rules and discretion. during successful periods in the federal reserve's history like the great moderation of 1987 to 2003, the central bank appeared to follow a clear rule. today, it seems to favor more amorphous guidance, shifting from calendar based to tight thresholds to loose thresholds, which arguably leaves investors and consumers lost in a hazy mist as they attempt to plan their economic futures and create a healthier economy. chair yellen i look forward to working with you as we examine these issues and to ensure in the 21st century the federal reserve has a well-defined, specific mission that it has both the expertise and resources to effectively accomplish. the chair now recognizes the ranki

has the fed done estimates of job loss as a result of dodd-frank in the economy and could you give us a response if you anticipate that looking into that? >> i think it's very difficult to estimate in total what the implementation of dodd-frank will mean. on balance i feel that dodd-frank was passed to make the financial system safer and sounder and to avoid -- >> do you think it's worth that review to see what job losses occurred? >> well -- >> the time of the gentleman has expired. the chair now recognizes the gentleman from michigan mr. kildee for five minutes. >> thank you, mr. chairman. thank you, chair yellen, for being here and i know others have said this but having a daughter and a granddaughter who will now grow up in a world where the president of general motors is a woman and the president of the fed is a woman, it's something to celebrate. >> thank you very much. appreciate that. >> i wonder if you'd comment briefly. later today presumably the house will vote to extend for another year the nation's debt limit to ensure that we meet the obligation that is we have already m

they are not even going to consider it because we see the problems that are coming out of dodd frank and out of obamacare. they still don't know how to administer either one of those laws well enough to get it going. by all the delays and regulations for both of those laws. so i don't know. we have enough to worry about out there right now. we need to keep our hats on, and if we are going to fix things, we have to identify things we can do together because the senate is not doing anything that the house suggests or passes and vice versa. it is just not happening. bob, what do you do? caller: i am a teacher and i work with dealing with common core, which was a bipartisan program that i am not certain is right either. know,ou know, i don't unfortunately when a law is passed, we have to deal with the outcome of that, and the unintended consequences. toon't know if we are going -- as a republican, i live in a district that is 90% blue, so i am not represented in the house, almost nothing that i want done .ets passed i have two democratic senators. so me calling my senator and congressman

dodd-frank, stress stress, were think that will do anything. i will watch activity in the bank stocks before that. we've seen a lot of call activity in dfs, discover financial, in march. i don't think it will matter. the stock market continues higher. >> andrew, more breaking news on bottom of your screen. three fed bank presidents voted to increase the discount rate in january. does that surprise you and what it tells you about the future. >> of course it doesn't surprise me. nothing surprises me in the stock market. throughout the history of 12 years of trading heart of heart biggest bear out there. unfortunately if i want to make money as trader, only two ways to be long on the market or flat on market. we have concerns in china. concerns in emerging markets. oil breaking above $100. we see cold winters everywhere. we see retail starting to slow down but the fact of the matter s&p and dow is continues to move higher there is chase for performance including stocks like tesla. melissa: andrew, thanks for standing by on the breaking news. we ap

. >> well, they should be beating the drum on dodd/frank. rning, noon and night on dodd/frank. >> get this. mr. obama didn't work with republicans. that's his charge. they didn't play ball with them under no plan. the real tragedy mitch mcconnell is saying here is none of this was necessary. republicans have always been willing to work with the president on reforms that would have been broad bipartisan support. and we believe a far better impact on the lives and livelihoods of ordinary americans, things like paring back regulations, tapping into vast energy source through projects like the keystone pipeline and putting the nation's finances on a more solid footing. he is basically saying if the president would sign up for the republican party, become a tax paying duce member paying of the republican party somewhere in chicago, he would be okay. >> right. even by the low standards for honesty in washington, that op-ed by mcconnell was extraordinary. >> i remember. when the president was trying to do a bipartisan health care bill. >> yeah. >> a

we should also point out this, there are '60s rules inside what's known as dodd-frank, that the sec stilles. now, there are maybe 260 rules inside dodd-frank, but 60 -- liz: right. more than a thousand pages? >> it's huge. if you've ever seen it, you know, it's the one piece of financial regulation. if you think about it, this thing's been in effect since 2010, i believe. of 60 have yet -- liz: is there a chance -- >> let me just say -- liz: -- they have to get thrown out? >> let me just get through this. that is a very question, but one other thing, and here's another thing that scares a lot of people inside the sec, there's a trillion dollar market called fixed income. it spans treasuries, everything, all these derivatives. they are understaffed in that, and if you really want to see where the problems can arise, they're worrying about stuff in these markets. remember, the london whale trade was not exactly a stock market trade, this was a derivative trade that involved fixed income, from what i understand. these are markets that are very opaque. the sec, people say if you really want t

the federal reserve, alan greenspan, talk about issues with the current immigration system, the dodd-frank financial regulations law and income inequality. his comments came down a one-on-one interview during the national association for business economics conference in the washington, dc area. this is 45 minutes. [inaudible conversations] >> good morning everybody. i'm here with a map that needs to ointroduction, going to share with us about what he thinks the current economic conditions are, the challenges we're facing with the recovery and then get into some of the policy recommendations that dr. greenspan thinks are necessary to solve this stagnant recovery we're in right now. so, dr. greenspan, let's starts with a very generic type question. what is your current view on the u.s. economic outlook. >> i would say essentially more of the same. that if it weren't for the fact that asset prices were probably still undervalued in part, i think we'd be in a much more difficult series of problems, many of which larry went over. but we're still in position where the equity premium on stocks, f