thanks for joining us. >> my pleasure, maria. >> you heard richard fischer. he says the key issue is the debate over the fiscal cliff, the year-end deadline when the bush era tax cuts expire and the mandatory spending cuts from the debt ceiling fight go into effect. what's the danger to this waiting game? how does this play out? >> i think the dallas fed chairman's comments were spot son. in the absence of fiscal activity near term, the fed does have to continue to do it alone, provide more liquidity or easing to the economy because right now they are the only game in town. ultimately, that's proven positive to stock prices because that money that the fed has put into the economic system is finding its way into higher prices for stock prices as well as more speculative bonds. that's probably going to continue. the market is perhaps a bit ahead of itself in the near term, but the fed will have to probably ease more and make some announcement between now and the election. >> what's the impact, david? when you think about the fact that interest rates are already