Jim Labenthorl, Is That a Question for You?

Jim labenthorl: Scott, it sounds to me like you do not agree with mark newton that the s and p is going to hit a new low. It's not necessar written in stone; i'm just observing since 19 80,. where we are in that spread, historically is where the fed is almost done with its tightening cycle. If you look at market history, where the fed funds are versus the two year it would almost argue we're close to the end of the tightening cycle.