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 have to get rid of foreign companies. certainly in the last financial company fed plays a role. in early 2000, head of fed was called a maestro, he didn't want that to happen and wanted to go in good terms and created negative rates and that was also facilitated by two giant cooperations freddie mac and fan -- fannie mae. the fed provided the money to create the bubble. by the way, the bubble wasn't just in the housing market, the commodi