i would just like to briefly comment for you on the work this time is different by rinehart rogoff. what did you think? >> he's one of my long-term colleagues and friends. i have great respect for both him and miss rinehart. i think it's a very interesting piece of work. it's particularly instructive because it uses a lot of historical episodes, data, as opposed to purely theoretical approach to the problem. >> it's an important piece of work. you were effusive in your praise at least on amazon, i saw. i thought the title is important because every central banker, economic official says this time is different. yet th basic themes of debasing a currency, inflation, lack of spending discipline, rinehart and rogoff highlight the similarity of poor action by bankers and governments to destroy their economy through a lack of discipline. it's an important lesson for us. we have a report from the national council of state legislators that talk about financial stress now in 12 american state just recently the state of illinois borrowed another $3.7 billion, paying 50 basis points more to bo

i would just like to briefly comment for you on the work th time is different by rinehart rogoff. what did you think? >> he's one of my long-term colleagues and friends. i have great respect for both him and miss rinehart. i think it's a very interesting piece of work. it's particularly instructive because it uses a lot of historical episodes, data, as opposed to purely theoretical approach to the problem. >> it's an important piece of work. you were effusive in your praise at least on amazon, i saw. i thought the title is important because every central banker, economic official says this time is different. yet the basic themes of debasing a currency, inflation, lack of spending discipline, rinehart and rogoff highlight the similarity of poor action by bankers and governments to destroy their economy through a lack of discipline. it's an important lesson for us. we have a report from the national council of state legislators that talk about financial stress now in 12 american states. just recently the state of illinois borrowed another $3.7 billion, paying 50 basis points moreo b

well, they should probably pick up the book, "this time it's different" by professor rogoff at rinehart, i believe, one of the great universities. their book proposes and shows how governments, sovereigns get into financial trouble and how quickly bad things can happen and the title it should tell you something. the title is "this time it's different." and the title suggests that all of these great financeers and these countries that ran up too much debt never thought it was going to happen to them. and when people raised questions they said, don't worry, this time it's different. well, is this an extreme book? is this a dangerous book? because they say that when your debt, based on history and worldwide studies, reaches 90% of your total economy, your total debt reaches 90% of your g.d.p., your economy on average loses 1% growth and is at risk of a -- a catastrophic adjustment. some sort of crisis. well, what percent of g.d.p. are we now? we've gone over 95% and the experts tell us that by september 30th, when this fiscal year ends, we'll be at 100% of g.d.p. so is this some sort of fe

well, they should probably pick up the book, "this time it's different" by professor rogoff at rinehart, i believe, one of the great universities. their book proposes and shows how governments, sovereigns get into financial trouble and how quickly bad things can happen and the title it should tell you something. the title is "this time it's different." and the title suggests that all of these great financeers and these countries that ran up too much debt never thought it was going to happen to them. and when people raised questions they said, don't worry, this time it's different. well, is this an extreme book? is this a dangerous book? because they say that when your debt, based on history and worldwide studies, reaches 90% of your total economy, your total debt reaches 90% of your g.d.p., your economy on average loses 1% growth and is at risk of a -- a catastrophic adjustment. some sort of crisis. well, what percent of g.d.p. are we now? we've gone over 95% and the experts tell us that by september 30th, when this fiscal year ends, we'll be at 100% of g.d.p. so is this some sort of fe

this time it's different.at professor rinehart i believe, one of the other great universi. universities, and other book is proposing and shows hownd how government sovereign get into financial trquouble and quicklye bad things can happen and the title of it should tell you tim something. the title is this time it's different. the title suggests all of these great finance years in these countries that ran up too much t debt never thought there was the going to happen to them and whes people raise questions they said don't worry.. this time it's different. ahis is this an extreme book? because they say that when youry debt based on the history and worldwide studies reaches 90% or the total economy, the total reh economy on average loses 1% growth and is at risk of a catastrophic adjustment. well, what% of gdp for weeks we've gone over 95% and experts tell us that by september 30th when this fiscal year ends we 0% of will be at 100% of gdp. so is this some sort of fearrinr mongering talk or are we justinh dealing with reality? we are we really facing a crisis we can see plainl