peter hooper, wonderful to have you with us. prince is in the investment world of bridgewater and he would talk about the effect of the zero bound on the markets. from where you sit as an economist, what are the effects of the permanence of the zero bound on our financial system and our markets. peter: good news in the u.s. is the fed is taking the zero bound fairly seriously. unlike a number of other countries, the fed is not going to be going negative with rates, certainly no time soon judging from everything we have heard. doing so would be painful the financial system, would be painful to banks and for households. households are not savers -- the native return we are getting on assets is at an all-time low. i think the zero bound is effective in the u.s. and that is good news. i look at all of the good news and all that is going on right now. that is fine. there is a point where the ammunition runs out. does your team have a worry the fiscal impulse ends? out,: ammunition running we are concerned. economy,news on the which w