what we are seeing now, is the bursting of the federal spending bubble. we needed s&p flip the switch and everyone realizes that what we are doing 25 years is no longer supportable. the question is, is the political market place going to put in the right policies to react to them as they did not do to the housing bubble. >> housing prices fell 25 to 30 percent. >> with the government doing all it can to thwart the housing. >> and i agree with that. how much further can they fall there? >> there is a similarity. markets are nervous about what is going on in europe and in particular, what the nervousness are about. u.s. money markets are holding a lot of exposure to the european banks that have exposure to european sovereign vet. >> money market investment funds. >> and we are learning here,