i also want to take this opportunity to thank joe glauber. think sometimes her virginity to take joe for granted. he has been a chief economist for so long but raj just commented to me, joe as we were walking out. no, what a terrific job you do in explaining the outlook in a way that folks can understand and appreciate it. and i think really, joe deserves another round of applause for his work applau. [applause] spent i want to thank them for doing this. this is a great opportunity for us to have a conversation with all of you. so this is going to be divided into three parts. first opportunity will give each panelist a chance to say a few words to you directly. then i will have a few questions and then we'll open it up to audience participation. so cathy, i think it will start with you and move right down the line if that's okay, take a couple of minutes to visit with the folks and then we will have some questions. >> good morning. i come to you from root of the supermarket industry as the deputy mentioned. i spent 30 years in the industry. i