and then the rally and then the smoot hawley was passed and then we went back and so here it's fall 85 percent top to bottom contraction in the dow jones and you make a comparison to what's happening now now of course during that depression of the 1930 s. that was a d. play should marry deep depression which is different than an inflationary depression what we saw during why mar republic back in the twenty's so what we had to get to here is going to be a deflationary depression because if you say banks are failing best sounds like deflationary depression but you know what about the other side of the coin here where the money printing is attempted on this gargantuan scale and we go more like oh why one republic type deal alister ok what we've got to do is to separate out this problem into 2 components the 1st one is the problem the banks have open sleigh if i know that these banks have too much during the directors of these banks also fully aware it is scary and this is why if you look at the growth of back lending it's actually started to tail off and if anything it's beginning to cont

long period of credit expansion back credit expansion $929.00 toba was when congress passed the smoot hawley tariff act that was the month went from the previous attempt to high the market fell 35 percent literally by i think it was the 11th of november awesome ducked that's actually very similar to what happened to the s. and p. between roughly and january and march you know last assert and now we've got the rally the rally is taking us higher than the subsequent rally in 192-9930 took the dow but you can see the characteristics the underlying background what's happened to the market is just so similar and then we think ok what happened after the rally after the rally that was more or less when president hoover signed smoot hawley tariff act into law the market then went down and down and down and by roundabout june july 1982 the dow jones index had lost 89. the scent of the valley from his high so we've got intensive what's going on in markets actually quite a similar situation what has it done as done is it get that bit and it's brought forward a lot of the disaster that we would otherwis