we have really worked on watermark, embarcadero, 600 units on an affinity, right now, we are on hawthorne and mission bay. we are familiar with the area. to report a lack of new products coming on the market, several years ago, there were sales for immediate occupancy. i think a year from today, we would be down to just a couple of hundred units. in 2006 and 2007, approximately 500 units were permitted for construction each quarter for sale. 500 units per quarter. if we look at 2008 , to does mind, and 2010, it dropped down to 150 per quarter. the third quarter, we're down to 70 units for sale permitted by construction. we're down to 14% of the number of units permitted just for five years ago. as we all understand, it takes approximately t of years to build any project of size. even if a shovel got into the ground next year, we would not see new product until 2014. i think this situation will be exacerbated late next year. there were 24 projects for sale a year ago. we're down to 11. most of those only have single- digit units left. i am an advocate of the project. i think it is well don

we have really worked on watermark, embarcadero, 600 units on an affinity, right now, we are on hawthorne and mission bay. we are familiar with the area. to report a lack of new products coming on the market, several years ago, there were sales for immediate occupancy. i think a year from today, we would be down to just a couple of hundred units. in 2006 and 2007, approximately 500 units were permitted for construction each quarter for sale. 500 units per quarter. if we look at 2008 , to does mind, and 2010, it dropped down to 150 per quarter. the third quarter, we're down to 70 units for sale permitted by construction. we're down to

so i think the mood of the country is quite different than when we saw it as sort of the high watermark of tea party, deficit mania, get government away. i think we have come down from that. >> i'm sensing in the base, because i travel a lot. last year in 2010, when i was traveling a lot, you could almost feel a depressed state, and people kind of feeling that no one was speaking for them. when i went through ohio and all around for this election, people were energized, rallies, and i think the base of the progressive democrat liberal, whatever you want to call it, they had the energy this time. >> remember the way on the arc of it i think galvanized the tea party and a lot of money poured in, and it gave the right a very concrete thing to target their energies against. and that gave them energy into the midterms. i absolutely agree, that energy that is flagged considerably. the exhaustion of the progressives. which was so drawn out and so exhausting and demoralizing, that is gone and replaced by the energy on the left. >> well, i think also a lot of people on the left wanted to talk ab

they've been able to actually forge the al qaeda watermarks that go out on official pronouncements to sew dissent and confusion amonghe ranks. >> it's said... this look book looks out ten years. it's said over the ten years there have been all kinds of developments but what has been the impact of drone missiles? >> well, drone missiles have certainly been an incredible tool to keep the terrorists and the leadership off balance. at the same time, a lot of people think the drones are a strategy. they're not. they're just a tactic. they're just a tool and in some ways the governmt is almost overrelying on drones as the counterterrorism tool when it needs to be a whole of government attack at terrorist finances, at their networking, their work on the internet. >> is there anything... panetta said for example in his congressionaestimony that he thought the next pearl harbor might very well be in cyberspace. >> 90% of the american cyber rgets, you might say, are in the private sector. only 10%f the defenses. 90% of the defensesre with the military. but because of a bunch of other laws that