jon: margaret patel over at wells fargo. think value of what we have seen more recently, can i continue ny? margaret: he is certainly a brilliant guy, and i value his opinions, but to me, it is more of a history book standard of how economic cycles work, and i think this point in the economy, we are at a different phase because of the increase in government debt, the lack of support, lack of growth in the emerging market. u.s. and china look like they are the two drivers. i'm not sure we get have a classic rebound, continuing growth in these cyclical sectors, and inflation ticking in. i would love to see it, but i'm skeptical at this point. tom: you have the record for most rubber lunch meals and the equity market in boston. of anyone i know. your thoughts on the spac uproar? when everything is said and done, especially the spac uproar and accounting of the last two weeks or so is a debate about circumventing the initial public offering market and some of the signposts of 1934 as well. is your radar up on spac's? margaret: n