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And the market is feeling it. >> let's put this in perspective. right now out about 4%. but we were down 6%. we have to get to 6.98% to make it into the top 20 percentage lots on the do you but we weren't at 6.98% and this feels different because we haven't seen the pullbacks because of the euphoria you are talking about, the investor head in the sand that we've ignored normal things happening. >> and ali, the administration likes to knock the obama administration all of the time by the economy since the crisis. it was a slow and steady improvement and from a long-term investing standpoint, sl...

Unglued, the fed would look at that as an indicator of future expectations about where we are and where we're going and it might give the fed some pause. so it is a double-edged sword with respect to the federal reserve. it does not key off the stock market, it keys off of real economic data and news. but when you get a big dislocation in the market and we haven't had one yet, even though this looks scary, the fed would find a way to respond or make some comment about the environment in which we find ourselves, either to calm investors or to let them know this is a two-day blip in the stock ma...

Perspective, we had a 700 point drop when the first financial bailout bill went down in 2008. but the market was at such a lower level, so this is a smaller percentage wise drop but it is a jolting drop for market participant and i think everyone is looking at this as, won, the end of some of the irrational exuberance the market had been showing and secondly and concern about where the economy is headed, inflation, the potential for overheating. >> so that is really where the conversation have to go. because we could talk about markets for a long time and we're now 1100 points lower, almost 4....

Significantly, he did not so far as least when i was listening to his remarks today in ohio, i didn't hear him mention the stock market. what is he going to say did b -- about this tomorrow? it is riskly to lash yourself to this. >> is stephanie still there? did her plane take off? because we talked about this. but as i say, i think i've said it 200 times in the last year, live by the sword, die by the sword. the president can't resist talking about the stock market all of the time. and there aren't many people who will tell you that the losses last week and this week have anything to do with ...

Haven buying in the dollar because we are seeing it in the bond market today. >> so we're going to continue to monitor this, sue. and i'll ask you to stay nimble for us because we may need to come back to you on this. this is definitely something that even sue and i who have been doing there for a long time have seen this. >> we don't see this. >> and john harwood is nearby. and we get caught up in the numbers. a thousand point drop is a big deal. we had one a few years ago accidently. but the market is higher than back then. the market is 24,450. so you have to be thinking about this. the per...