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Institute, susan. welcome everybody. okay, harry, forget it a new recession, you think we can't get out of the first one. you have two economies, the households with middle and low income wages and part-time jobs instead of full-time. many are underwater in their mortgages and their unemployment rates are more like 9 0 -- 9 to 10% and the flip side. the college, they're gaining jobs and control about 85% of the financial assets outside of real estate and what the fed has been able to bubble back up with the artificial stimulus and we don't think it's going to lost. the top 20% are doing okay. ...

As the edsel and we're actually working against the companies that manufacture here like honda and toyota. so we're wasting a lot of money we'll never get it back, we need to move on. >> harry, do you think we'll get it back? >> no, i don't. i think that demographics, housing earlier in the cycle. age 37 to 42, it's this simple. predictable people and autos peak between 46 and 50. and when we see the autos, are going to take a similar slide to house being many years ago and we're not going to see autos turn up for a long time. if general motors has not paid us back now, they're not going to pa...

Top 20% are doing that well to be honest. susan, how can we say we've had over three years above 8% when obama clearly said we'd be at 6%, that's good news. that's the uber spin right there. i agree with jonas, we might be in this 8% and i hope we're not headed more toward europe, greece edging closer to 20% unemployment, but that may be the way. the bottom line, i don't think we're going to enter nor recession and it feels awful now, but we've been in kind of this awful mode for a while. i think in order for us to get worse, right now, housing prices would have to go into another slump, and f...

Said in the past, very european without the good food and that's the-- >> and well, we could argue about that, but, toby, if it feels like a recession to two-thirds of americans? is it a recession? they're not going to spend. businesses are not going to spend. isn't that a recession. >> it's for this equation, we have the same amount of discretionary income today than almost ten years ago and that means that the pot has not grown and it does feel like a recession, ergo, it is a recession barring a fortunate few or people that live in energy states. now, the question, how do we get around it? l...