the startcrowded at of the year and you have the own elect scenario and you could justify it.ow technicals are turning and investor greed has really driven it. jonathan: jay, it is interesting that they were asking for a basic call that the federal reserve and the balance sheet and treasury boosting issuance at the moment because of the fiscal stimulus is overwhelming double liquidity. it is taking away from emerging markets. they complained on the way up and are complaining on the way down down. how does the federal reserve respond? jay: this is coming front and center right now. late last year and the beginning of this year, we were in an upswing of growth. it helped miss the point of the fed tightening but now the growth has decelerated in the euro and japan. the u.s. is going alone well above trend. it is coming out to the forefront. with labor markets running well above potential and inflation rising, it is hard for the fed to stop right now. jonathan: the fed faced several calls this week from indonesia and in dear -- and india to slowdown the balance sheet. do they need