economist and heidi moore, the guardian u.s. finance & economics editor . thank you for being here today. friday morning was an interesting time to hear from the ecb and from china all within moments of each other. tom, what do you think this means? >> look, i don't think anyone should be surprised by the fact you have this -- people call it coordination, i don't think it is coordination. i think the reality is the economies are going through a cyclical swing down and require a lift. i think the ecb was telegraphed ages ago. the china development was something of a surprise to be sure. even there, i think how surprised can you be when you look at their pmi oscillating above and below grade the last two years. i think the reality is the u.s. is fortunately not in the same boat. the fed policymakers are going to basically try to take some of that a stimulus out. it is interesting the dichotomy we have right now. >> heidi, it may not be a coordinated effort, i don't think th is the case but this is the neighbor policy and we have seen this round robin around t