i did this chart without even knowing that gary shilling did this chart. rate to personal disposable income. on the right side is that leg up in savings. are acting normal, aren't we, given all these distortions? gary: postwar babies have been notoriously poor savers, and they have to say like crazy or they will have to work until they die. another interesting thing we are seeing in japan is that low interest rates encourage people to save more. you can say, well, low rates, they do not want to save anything because it is not worth it. but if you have to look at a retirement goal and you do not have the money and interest rate are not there to do the job, you have to save more. tom: gary shilling is with us. 10.71 right now. in new york tomorrow, we're thrilled to bring you robert feldman of morgan stanley. what a perfect time to have an extensive conversation with dr. feldman, on his japan. worldwide, this is bloomberg. ♪ francine: i am francine lacqua in london. tom keene is in new york. this is "bloomberg surveillance." let's get to the bloomberg busines