very good, professor kuttner. dr.murphy, please call your first witness. >> yes, your honor, i would like to call john allison to the stand. [applause] >> let's hear you participate. this is not a library. >> mr. allison, please raise your right hand and place in the copy of your favorite room. do you swear to tell the truth, the whole truth and nothing but the truth so help you and ran. [applause] [laughter] >> mr. allison, could you state your occupation and policy? >> i am recently retired from the caito institute. i was ceo for over 20 years, the longest ceo serving. >> perhaps have you written any books that are relevant. >> i have, i have read on the financial crisis and financial cure which was wall street best seller. >> very good. could you explain -- a lot of people think that the fed made a good job, they take these crises as given. would you agree with that and the fed needs to be there to rescue the situation? >> i do not. i do believe in premarket. i think the cycles are good in the sense that markets ha