he was a democrat rat and price chair with you at the fed, but mr. zandy has been bipartisan. let me quote from them. they talk about aggressive fiscal and monetary policies that not only averted a great depression but result in the beginnings of a recovery. when we divide these effects into the two components, including the fed's quantitative easement, we have to estimate the latter was substantially more powerful than the former. this assessment of how we did better says that monetary policy and things within the jurisdiction of the fed were more important than the stimulus. this effort to denigrate the role you can play in that seems to me to be greatly mistaken. look to page 17 of your report. there is a chart on the bottom, and net change in private payroll employment, 2005 to 2012. what it shows is and it measures monthly job loss. the lowest point, the worst monthly job loss comes in early 2009, in other words, just after the change in administrations. then beginning in february or march of 2009, you get one of the steepest rises you have ever seen. you get a substantia