. >> i want to get your take from neil ferguson writing over the weekend. mr. supporters like nothing better than to portray him as the peacemaker to the warmonger. people havemore died violent deaths in the middle east during his presidency. is this the legacy? depends on how you look at it. yes, people are dying of violent deaths in the middle east. the question, are americans involved in all of that? there is turmoil in the region. that is killing people. some of it is because bitcoin has been overthrown. certainly a more volatile region than when the president took office in some respect. less americans getting shot at at the same time. >> when was the last time we saw a defense secretary have to effectively remake and redefine the role of the u.s. military to the extent that the secretary is having to do right now? >> i think you have to go back to the last drawdown, which started in the late 1980's and through the end of the first bush administration. the cold war ended. away.ent the u.s. military had to figure .ut what it is going to do now >> how did th

but i think one of the more interesting articles written on this was neil ferguson writing and articleyears of sovereign debt crises and the peculiar thing about most of those crises is that the markets have remained very calm of the budget went down. until one day they didn't. and then something would set them up. saying that it's a bit of bad budget news and when they set off i really set off and that is to say three or 400 basis points in a matter of days. >> we will get the questions from the audience in just a second. amanda and then tony. there is a lot of work that is done is the dumb woman approaches and talking with investors and the media explaining what happened. so how is this communicated to markets. in the markets understand and do they accept that there is a political process here that needs to play out? and of the public pay any attention to that? >> we had never gone to a situation with such limited time between when parliament needed to make the decision to increase the debt ceiling and when it was going to run up against the limits of the debt ceiling. it was an infa