hot nick back gentlemen let s start after a relatively robust numbers of payroll, and durable-goods all showed a softness are really facing a slowdown similar to the last few years or is this something different or just a quick incidents? coincidence? long term it seems america was incredibly unfortunate to have this streak of innovation from the 1830 s write-up to the 1960 s and when the rate of innovation fell sharply in the late sixties or early 70s that set the new normal unemployment rate up four successive ministrations and fired a lot of divination, and nixon will first-aid expansion, reagan tax cuts and george w. bush those entitlement expansion and tax cuts but really that is not a substitute for innovation. so we are suffering from a continuing slowdown of innovation and i would guess the new normal is the rate of six point five or 7%. there is not a lot of room for recovery remaining, i don t believe. and recently living in london as the bank of england