schenectady warehousing buckles?>> a warehouse in doubles and i believe that professor people mentioned in 2002 to 2003 the was more like a normal market except then massive refinancing boom in 2003 -- >> going back to that is pretty slim i hope? >> in the short term, yes. but this is a country where we have had a long history of housing doubles every ten to 15 years. so i hope we have learned something this time around but i'm not convinced of it. >> dr. calabria, has the force of the prospective homeowner been lost in the discussion of what the government can do to mitigate the market for cultures? >> this is an important point and i'm sure many of us know, i have friends to try to buy short sales and homes on foreclosure and have those transactions fall through. and this is important to keep in mind which is any time we try to push up prices artificially, we're simply transferring wealth from the potential buyers to sellers and i certainly don't think that is legitimate -- >> and interfering in the market economy.