for for the financial times, good morning, john. >> good morning. >> it soundses like it was good news and it was the thing to do when things were going well in the economy. put away plenty of money for savings. you might need it for a rainy day. now that we're in these rainy days with americans borrowing less and saving more, what is the down side? >> at the moment they're not saving more. in the last few weeks we've seen they're spending more out of their savings, paying down their debts, but are still buying things, even if they're looking more carefully for bargains. the downside of all of this, plainly, is that both america and the rest of the world have been used to this idea that americans have a bottomless source of cash that they will always be the buyer of last resorts. companies are used to the notion and economies are used to the notion that americans will keep on buying if everybody has to get used to a world in which there's less credit available,