from our studio in new york is kelly evans head of the tate columnist at the last return kelly i want to thank you so much for joining us tonight so i just you know spoke about all the data there and you have people running against a goal that's again hitting highs you have people buying a treasury to treasuries despite the fact that the yields are so low people seems like they're panicking like they want some kind of a safe haven what does that tell you yeah it tells you about a lot about mentality right now it tells you that these are the kinds of moves we typically only see during periods of financial crisis so to take one example which i wrote about today in my column if you look at gauge of the money supply known as m two the only times we've seen a bigger increase in the money supply and weekly basis are basically right after nine eleven and during the week of the global financial crisis of september two thousand and eight so that the third biggest move that we've seen in this particular gauge was the week ending august first and that tells you a lot about first of all you know

administration wrong is there any in between joining me from our studio in new york to discuss this is kelly evans the head of the tape columnist at the wall street journal thanks for being back on the show and i want to start with this news that we're waiting for in terms of the s. and p. and this threat that they may indeed downgrade the u.s. debt as early as tonight is what they're saying what that actually mean what would that look like for the u.s. economy if that went ahead. this has been the big debate people been having for the last couple of weeks months and i have to say i'm sort of with those who say we'll see if it has any real impact there could be contagion effect immediately from funds that are forced to shed debt or do otherwise but the fact that this will be a surprise it's been well telegraphed it may not be a move from say aaa to double a it may just be a place on outlook negative or something like that means the number one we may not necessarily see any real immediate effect and number two remember there are three rating agencies and a lot of investors when they're making decisions abou