welcome back to the cause report time now to go to new york and talk with reggie middleton of boom bust blog dot com reggie middleton welcome of the kaiser report thank you all right now you write in a blog that deserves your zero interest rate policy is literally starving j.p. morgan now this is the exact opposite of what most people would think explain that does it lowers the cost of capital to effectively zero if you lower the cost of capital to zero people don't respect the capital so you're not really making you know giving up the capital you simply loring the respect for the capital in the system. j.p. morgan is not making any money on this interest bearing assets so everything that is invested in it has a much lower return the common belief is that j.p. morgan can borrow money at zero percent and then invested at x.y.z. percent and they captured a spread that's free money but again there's nothing with the free j.p. morgan is not doing business because a capital is not respected and b. the economy's in adult rooms so there's we know where for them do business if you look at their