[applause] >> before we get started, want to take a minute to remember ned gramm let who taught hereean's if not the first dean of the policy school year. i knew him as a member of the board of governors of the federal reserve in washington. he was a terrific colleague. he was one of the first people to figure of the subprime issue, as you probably know. it was a great loss when he passed a few years ago. so i just wanted to say that and to thank you for inviting me to michigan. >> we're delighted to have you here, and thank you for your special n your specialed gra -- special words about ned gramlet. perhaps a good place for this -- for us to start our conversation, i am sure we have been paying attention to the fiscal cliff. that is a term that you are credited with pop ruralizing -- for popular are rising -- for popularizing. a deal struck recently. what are your views of the outcome. when you think about fiscal policy, there are a whole lot of issues. first is the long run sustainability of our debt. as experts have shown, if there is new changes in the next couple of decades, de