will not tell you that i have data from our report that says you guys are meeting or exceeding, but based on the interaction i have with other companies like myself, the anecdotal data is not making it to people like myself. and i've and ask -- my purpose is to make sure you redouble your efforts and be committed to making sure it is san francisco first. at the regional companies across the bay, the state companies, the national companies that come in that fly in and take these contracts they do it like everything else in america, efficiently as possible with no regard to the long-term reinvestment in the community. i think the thing i am doing is building the community and building for the future. although i do not have any grandchildren, one of these days my grandchildren may interact with people whose lives are being impacted by the decisions we make today. that is important to me. i hope to have grandchildren sunday, but i do not live to see this, i least one to rest assured that i did all i could to make this place a better place than it was when i found this. all i ask is that you redouble your efforts. i am local, which means you can reach out and hold m

the anecdotal data. it would tend to say as you point out qe-3 is more distant because of this improved economy. and the question becomes for the stock market, what do you want? do you want the fed coming in and easing amid a weak economy? or do you want the possibility of fed easing more on the back burner because of a strengthening economy? >> right. people want to see the stronger economy but say you can't not be exposed to risk at this point. one way or the other -- >> i'm going to cut you off. i'm watching the market selloff on this just a bit and run-up in anticipation of this. [ overlapping speakers ] >> don't give me growth. >> you're so right. it's an addiction practically. broadly speaking it would be great if we weren't at that point, but of course right now they'd rather have it -- >> i'll be the referee because you guys are both right. you're on the same point, i think, which is this, this whole qe-addiction, it's the great paradox we're fating now. if growth slows shouldn't the market go up

the recession? >> i don't have any data on the last piece although i've heard anecdotally the business is -- goes out of business. obviously the plan is coming to me a small when your resources are trained you will cut back on contributions if nothing else. when employers say they are now putting the planning for business reasons, there are a few that are topline reasons. one is they don't think the employees care and if the employees they give me cash, then the employer to another just give them cash if they have it. the second as if you're small businesses are notorious for not lasting very long. and if you aren't sure you're going to survive, you're hesitant to do some integrally says hey, i've arrived. i can plan long-term, too. and the third is the cost. i think some employers don't understand how inexpensive it is to set up a plan, the most commonly the issue is they don't feel they can afford to make a contribution or to promise to make a contribution. that is why we we are supportive of the auto ira proposal because he can get employers and without out-of-pocket costs themselves and will thin

public getting the facts of what's going on in the gulf so i think our scientists tell us you can't take anecdotes and you know multiply that you that it's data but it is alarming you know the regulators tell us that the seafood is safe i certainly wouldn't gulf seafood myself but guess what i don't have to swim in the gulf every day and we're seeing really troubling things out of dolphins out of kili fish that are little minnows that live in the marshes that you know bigger fish need to eat a little fish to survive and those little fish are in trouble that could mean trouble for the whole ecosystem well the whole food chain and guess who's at the top with us right. now this is incredible. what is the story with the bottle nosed dolphins you mentioned. what's going on absolutely and you know it really frustrates me when people say that this hasn't been the catastrophe that was predicted or i think like that look i was in the gulf right after the oil spill happened we were coming back from the slick and i looked over the side of the boat and they were dolphins swimming alongside us and one of them suddenly turned and was swimming on its back a

the folks who were offering it, did they jettison those programs during this recession? >> yeah, i don't have any data on that last piece, although our members certainly anecdotally -- you know, if a business is -- goes out of business, obviously the plan is gone. and certainly as a small business, when your resources are drained, you will cut back on contributions, if nothing else. but the -- when employers say they didn't -- they're not putting a plan in for business reasons, there could be -- a few top line regions. one is they don't think the employees care. and if the employees say give me cash, the employer would rather just give them cash, if they have it. second is that if you're -- small businesses are notorious for not lasting long. and if you aren't sure you're going to survive, then, you know, you're hesitant to do something that really says, hey, i've arrived, i can plan long-term too. and the third is the cost. i think there's some -- some employers don't understand how inexpensive it is to actually set up a plan. but most commonly, the issue is that they don't feel they can afford to make a contribution or to promise to make a contribution. and that's why

anecdotal. i heard her stories and i've heard other student's stories through the years. do you happen to have an annual report of some sort where you collect the data of all the different pieces of the peer resources that your students are involved with and what kind of a result you're getting? >> yes. we do an annual preand post evaluation. so we get that qualitative data about what's change. we also collect data in terms of service provided, the number of students served, that kind of thing. so we can put something together. >> when do you come out with the report? >> it will be in the summer. >> in the summer? >> yeah, in the summer. >> that would be great because i think that report, in addition to the anecdotals, it's going to be powerful in terms of going forth in the next few years to get the piece refunded. and -- to me it's -- it's not one of these either or type of situations. i think like my colleagues on the board i believe that we should have peer resources fully funded as well as the justice piece. i also think -- if it's not done yet, i don't really know. i see peer resources program as a strategy to justice. if it hasn't been done,

anecdotally a lot are going bust. >> that's what con founds us is that trade data, basically china trade data, doesn't seem to be matching the recovery. smes continue to fight tight conditions and need more cuts along the way. and i think that will happen to get the banks to increase credit growth. so i don't know about the pmi index. it doesn't correlate for us in terms of forecasting gdp and given that the official china pmi is pretty short, we can't use it statistically. >> in terms of strategy, though, a lot of the key north aern markets have tacked on on double digit fwans. are investors getting it wrong and are we looking at a very undervalued index and should now be the time to pile in? >> i think the next several weeks there will be opportunities. because like i said, by the end of the second quarter, the data in asia will indicate clearly that we're in a rebound phase. and as you mentioned, and i agree with you, the china siend second quarter, we're looking at 6.23, which is well below market expectations. but remember we have a very different macro view. >> and where is that supported by? >> trade is pot what's dri