and, um f there's anything i want you to remember about simba, it is that we are truly independent. we don't have any backing from any publisher group, any retailer group, any software group, any hardware group. we don't have any stake in any action that you take, so whenever you want independent and hype-free analysis, you can always turn to us. now, in order to start talking about what's actually going on with e-books and retailing as it relates to physical stores, we have to actually look at e-books specifically, and we really have to learn quickly how much we're misreading about what's actually going on in the market. because there's so much hype, so much conjecture and there's so much speculation i even can't keep up with it sometimes. and one of the ways it actually has been misread lately just to name a couple is that we're overstating the influence of new gadgets as they're coming on to the marketplace in terms of where they're going to sit with e-book consumers. now, we actually did a proprietary, nationally-representative study when the ipad first came out, and we discover

. >> and later on it becomes the simba couca. (music). (music). (applause). >> (speaking spanish). >> one of the stars also and they would play with the guitar which is not here today and also the violin. >> (speaking spanish). >> and it was called sapa tao. >> (speaking spanish). >> okay. so dance to the sound of a violin or the guitar is one of the unique forms of perare you vaifian dance and brought with the african slave trade in the 16th century. the spaniards started it and not only as a form of social dominance but ways of enforce their ideology and with the footwork and done individually or in a group. >> (speaking spanish). >> so we started with a certain type of dance until at least two dance we challenge each other, yes. >> (speaking spanish). (applause). >> (speaking spanish) (applause). >> this type of patterns that he just performed are called this and this is a communication with the son and the mother and when we die, and the second one is with the hint he just showed. >> (speaking spanish). >> most of the instruments that werwere

. >> i am more simba that the two central bankers and i was 10 years ago. it is important to understand i and my comments both in my comment, my published comment and my speech in 2002 about inflation. my main point was a determined central bank can always do something about deflation. inflation is a monetary phenomenon and the central bank can always create money. i argued and i think it is well understood that deflation can be a debilitating factor in growth and employment in an economy. so we acted on that advice in the united states in august and some timber of last year. we could infer from tips prices and inflation indexed bond prices that investors saw something on the order of a one- third chance of outright deflation going forward. there was significant risk there. the securities purchases that we did were intended in part to end that risk of deflation. i think it is widely agreed that we succeeded in ending that deflation risk. also our policies were constructive on the employment side. this is a bit more countersue but we did take actions as need