very cleverly benny robbing from tim need to pay to me ok we're talking about ben bernanke in timothy geitner of course so in what way is the fed directly subsidizing the government in your view yeah i think this is taken on you know we started with q.e. one then we had q.e. two that ultimately had operation twist and now we have something that doesn't really look like a free market anymore the fed owns about twenty percent of all the coupon treasuries that are outstanding but because of operation twist the fed now owns about thirty five percent of all treasuries that have maturities a five year greater so effectively the has bought up a large chunk of the back and it's and not just because of their direct purchases but every hedge fund myself we all know that the fed's out there buying so that makes you slightly more comfortable buying treasury just so you know you have this deep pocketed investor who's going to continue buying and isn't particularly yield sensitive in fact isn't sensitive at all so i think that's had a huge influence on rates so if you look at the eight trillion or so that'