jason, if i might. michael paints a pretty dark picture. todd seems to be saying there's a lot of caution out there. a little caution can be sometimes a good thing, no? >> look this is a natural point to see this in the market. we've been through a pretty rough period over the past three, four five years. it's hard to get everybody back on board. the economy is barry rekoferely recovering. it's making some progress. the fed is doing exactly what it should have done. it should have provided as much stimulus as possible to stimulate deleveraging and now we're getting back to normal. >> the aggregate amount -- >> the aggregate amount of debt to income has come down across the world. all the metrics show it. >> i hate -- i don't want to talk over you, sir, so please. the aggregate amount of debt -- >> that's what you just did. -- >>. >> it's there has been no deleveraging. if if you look at household as a percentage of income it's at 105% -- >> it's my turn now. just a second. just as a look at consumer debt consumer debt started in 2010 at 140% of the disposable income. it is now down to 100% of dispos