war ticked up and the stock market went down. households lost a net collective $3.7 trillion. that's the biggest drop in household wealth since the recession really. what do you make of these things? the market has come back since then. >> yes, but i do think it underscores the importance of calming trade fears right now for the administration. that was a very turbulent fourth quarter in the stock market. and if you look at things -- ways in which policy might misfire in ways that could cause this ten year expansion to come to an end and slip into recession, economists that i talk to say that a extended trade conflict could be that mistake. so you see the administration trying to head toward a soft landing of these talks with china, to agree to keep talking, get some soybean purchases, get tariffs off, but the fact that the ambassador to china, terry