jason trennert completely agrees. ggest a move from negative interest rates to normality may be a cause for challenge and it is tension you put on this is in the financial area. jason: i think -- one of the ironies about the policy that we have -- we have easy monetary policy with tight radio for a policy. the benefits of largely accrued to the wrong people. this is part of the reason -- this is the bull market no one loves, evil call it a rally, the market bottom six years ago. the benefits of largely accrued to the financial markets have not occurred at the real level at the economy. not as much as it has. does that lead to instability? if we have a great distortion how do the banks in europe or america -- jason: it goes back to the water story, if you're fixing prices, if you do not have prices or you are distorting prices, you get allocations of capital. i think central banks have decided this is a risk worth taking. it is hard not to believe it is not causing problems or misallocation of capital. olivia: what pric