hentoff is not intended to substitute for the aps markets as they existed before the crisis. -- a b.s. markets as they existed before the crisis. we want to get the markets back to life by mitigating some of the stresses they are experiencing. it should allow them to reach their purpose has in a less dis. the top program has been working. some investors are re-entering the market without the support which is a good sign. the third precept relates to size. until recently, monetary policy had changed in small steps. it was a behavior that some have labeled. our response to the present crisis has moved beyond gradualism. our cats were one indication and the size of our untraditional policies is another. last march, we announced a considerable increase in the size of another program, our large-scale asset purchases where we by agency debt and treasury securities. these actions taken together represent an escalation of our non-traditional policies and will probably increase the size of our balance sheet will above what it was until a year ago. i think this aggressive move was a proper it c

but the sense that obama has is the seeing armament on difficult grievance, hentoff of moments in american and great arc of the shared fortunes and what he would have to preside over i believe is it may not have the kind of terror and pain of one's high street bank about to close its doors but it will in the long term be a transition for america from the grandiose idea of the american century through an america which somehow understands tough realities in the world. we understand for example we can't go on simply squandering away natural resources. we understand america is becoming interestingly will to cultural place the way in which franklin if any of you have had a look are astonished to find franklin paranoid about the threats of the german threats actively and, you know, he was so obsessed with the excellence of the scottish irish and definitely number three on the list, english composition of the american population and they actually thought germans were not ready to actually take upon themselves the duties of citizenship. there is also more worried about the swedes that he described