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And the market is feeling it. >> lets put this in perspective. right now out about 4%. but we were down 6%. we have to get to 6.98% to make it into the top 20 percentage lots on the do you but we werent at 6.98% and this feels different because we havent seen the pullbacks because of the euphoria you are talking about, the investor head in the sand that weve ignored normal things happening. >> and ali, the administration likes to knock the obama administration all of the time by the economy sinc...

Unglued, the fed would look at that as an indicator of future expectations about where we are and where were going and it might give the fed some pause. so it is a double-edged sword with respect to the federal reserve. it does not key off the stock market, it keys off of real economic data and news. but when you get a big dislocation in the market and we havent had one yet, even though this looks scary, the fed would find a way to respond or make some comment about the environment in which we f...

Perspective, we had a 700 point drop when the first financial bailout bill went down in 2008. but the market was at such a lower level, so this is a smaller percentage wise drop but it is a jolting drop for market participant and i think everyone is looking at this as, won, the end of some of the irrational exuberance the market had been showing and secondly and concern about where the economy is headed, inflation, the potential for overheating. >> so that is really where the conversation have t...

Significantly, he did not so far as least when i was listening to his remarks today in ohio, i didnt hear him mention the stock market. what is he going to say did b -- about this tomorrow? it is riskly to lash yourself to this. >> is stephanie still there? did her plane take off? because we talked about this. but as i say, i think ive said it 200 times in the last year, live by the sword, die by the sword. the president cant resist talking about the stock market all of the time. and there arent...

Haven buying in the dollar because we are seeing it in the bond market today. >> so were going to continue to monitor this, sue. and ill ask you to stay nimble for us because we may need to come back to you on this. this is definitely something that even sue and i who have been doing there for a long time have seen this. >> we dont see this. >> and john harwood is nearby. and we get caught up in the numbers. a thousand point drop is a big deal. we had one a few years ago accidently. but the mark...