so it wasn't spending their way out of the problem. it was the bankruptcy process itself that allowed people to get rid of assets that were no longer performing and to keep the assets that were. >> my final question is about income equality. as a progressive, aren't you a little disappointed? >> i'm very pleased the president has started to make this a big issue. two days ago i was at a speech he gave which talked about the problems, not just that some people were not doing well but it means the whole economy suffers because we don't have a strong middle class. we don't have adequate demand. it means we don't have government that works. not enough middle class to demand the policy that's we need. >> so you are not disappointed. >> no. >> thank you everyone for joining us. to go facebook or twitter to weigh in on our fireback