often seem to think they are disconnected but as you noted in 2008, we learned we are intimately connected. right now one of the scariest things i have to deal with, i think our recovery and growth potential going forward is in the hands of our elected officials in washington and i don't like feeling that way as an economist, nor as an american. so that's something that disappoints me right now and also scares me. but there's been cumulative effects. during that crisis in 2011, a lot of other policies were sidelined. our status in the globe, in the world was undermined and we didn't go forward with trade talks that have already undermined our competitiveness. last week, president obama had to cancel a trade talk which also further are setting us back and critical talks with china that also have geopolitical implications as well as economic implications. these kind of costs are starting to seep in and undermineus both as a nation in our geopolitical sense and economically. that's the part financial markets are fully pricing in