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Thanks very much. We have a puzzle here. I have the rapid update of gdp in the Fourth Quarter but the data which leads to a downgrade also makes economists optimistic. Here is the data. Q4 tracking 2 . That is down 0. 3 because of the data this morning. Q3 gdp 2. 1 . Thats tracking right now. Here is the Fourth Quarter outlook. Bank of tokyo mitsubishi at the high end at 2. 8 . Goldman sachs, barclays at 2 . Atlanta fed gdp, 1. 8 . Morgan stanley at 0. 9 . Here is the data that brought down the growth forecast despite the down grades though some see reasons for optimism for the Holiday Shoppin...

Commissioner makras, here. Commissioner meiberger [inaudible] all are present. Lets rise and say the pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Thank you. Could you please call the next item . [inaudible] thank you very much. Ladies and gentlemen, well go into closed session at this time. We will resume with our agenda at 2 30. Thank you. Before we go into closed session, we will take Public Comment. Im so glad to be redirected. I and others...

Afternoon, we will go aled and get started. Welcome you tathe regular scheduled meeting of inSan Francisco eployment retirement system. I [inaudible] cohen [inaudible] vice president. Are there any announcements . No. Could you call roll, please . Commissioner cohen, aye. Commissioner [inaudible] on the way. Commissioner makras, here. Commissioner meiberger [inaudible] all are present. Lets rise and say the pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice ...

With liberty and justice for all. Thank you. Could you please call the next item . [inaudible] thank you very much. Ladies and gentlemen, well go into closed session at this time. We will resume with our agenda at 2 30. Thank you. Before we go into closed session, we will take Public Comment. Im so glad to be redirected. I and others have strongly objected to the board going into closed session to start your meetings forcing active City Employees to wait several hours in the lobby to reconvene in open session. Using benefited vocation time to be here. As far as i know no other board or commiss...

Would be very poloit of you totake that into consideration. Any other for Public Comment . Public comment is closed at this time. I want to remind that in concession to what i heard, the desire to have Public Comment at the end of the agenda, the reason i asked we move for the beginning because we were in jeopardy of losing a quarm so what i asked to be respectful of members time is we have a time certain when people can come back and that time certain for this meeting is published and it is 2 30 today. I also want to announce item number 7, the discussion item which was going to be an informa...