Archive for the ‘CNBC’ tag
Jim Grant spends exactly the correct amount of time (zero) discussing the “urban myth’ of the trillion dollar coin in this brief interview on CNBC; instead deciding to try and strike up some intelligent understanding of the dire situation we face. By providing context for our massive 16 trillion dollar debt (360 million pounds of $100 bills), and explaining how exponential the idiocy has become, Grant brings us full circle as he explains to the money-honey that once upon a time our debt was backed by gold, and “there was only so much gold and so many dollars,” thus limiting our exuberance, but “now we have neither the gold covering the dollar nor do we have interest rates constraining us [thanks to Bernanke et al.]; the only thing remaining to constrain us is some sort of civil discussion, a numerate discussion about the debt,” which it appears the bespectacled and bow-tie-bound bond brain-box hopes is possible. “The debt has increased twice as fast as federal receipts,” he warns, adding correctly that “the United States is truly submerging.”
Our fiscal problems are enormous and yet the Federal Reserve, that is “The Bureau of Money Materialization,” can print money (materialize dollars on a screen), removing the fiscal constraint too; so what we have is a fiscal problem when the underlying problem is monetary.
With the decidely un-Hamiltonian Lew now in charge and a hyprocritical ‘bewailing the debt’ Obama now wanting no limits, our future is in the hands of foreigners he warns – and the debt markets will only react when they grasp exactly how big a trillion really is.
Wow. I never thought an entire week would go by and not one official story nor even one leak . . . regarding Mark Haines cause of death.
In 25 years of law enforcement, I’ve never seen anything like this. Homicides, accidental deaths, (even the most embarrassing kinds) and suicides are eventually disclosed in time frames of less than one week. Even in Mayberry.
I am sure that this has nothing to do with CNBC or Haines’ public persona. At this point, I am going to quit searching for news on Haines. Clearly, the people in charge of news dissemination do not want this news disseminated. We have been given the CNBC send off, the tribute is over, now move along folks nothing more to see here.
The news that frequent CNBC guest Peter Yastrow of Yastrow Origer (and formerly with DT Trading) told CNBC that “We’re on the verge of a great, great depression. The [Federal Reserve] knows it” is going viral today.
But this is not news to anyone who has been paying attention.
As I pointed out Tuesday, billion dollar fund managers agree: the government never fixed the underlying economic problems, so we’ll have another crash.
I provided details last month:
As I noted in January, the housing slump is worse than during the Great Depression. [Confirmed here]
As CNN Money points out today:
Wal-Mart’s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
“We’re seeing core consumers under a lot of pressure,” Duke said at an event in New York. “There’s no doubt that rising fuel prices are having an impact.”
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they’re “running out of money” at a faster clip, he said.
“Purchases are really dropping off by the end of the month even more than last year,” Duke said. “This end-of-month [purchases] cycle is growing to be a concern.
And – in case you still think that the 29% of Americans who think we’re in a depression are unduly pessimistic – take a look at what I wrote last December:
The following experts have – at some point during the last 2 years – said that the economic crisis could be worse than the Great Depression:
- Fed Chairman Ben Bernanke
- Former Fed Chairman Paul Volcker
- Economics scholar and former Federal Reserve Governor Frederic Mishkin
- The head of the Bank of England Mervyn King
- Nobel prize winning economist Joseph Stiglitz
- Nobel prize winning economist Paul Krugman
- Former Goldman Sachs chairman John Whitehead
- Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb
- Well-known PhD economist Marc Faber
- Morgan Stanley’s UK equity strategist Graham Secker
- Former chief credit officer at Fannie Mae Edward J. Pinto
- Billionaire investor George Soros
- Senior British minister Ed Balls
States and Cities In Worst Shape Since the Great Depression
States and cities are in dire financial straits, and many may default in 2011.
California is issuing IOUs for only the second time since the Great Depression.
Things haven’t been this bad for state and local governments since the 30s.
Loan Loss Rate Higher than During the Great Depression
In October 2009, I reported:
In May, analyst Mike Mayo predicted that the bank loan loss rate would be higher than during the Great Depression.
In a new report, Moody’s has just confirmed (as summarized by Zero Hedge):
The most recent rate of bank charge offs, which hit $45 billion in the past quarter, and have now reached a total of $116 billion, is at 3.4%, which is substantially higher than the 2.25% hit in 1932, before peaking at at 3.4% rate by 1934.
And see this.
Here’s a chart summarizing the findings:
(click here for full chart).
Indeed, top economists such as Anna Schwartz, James Galbraith, Nouriel Roubini and others have pointed out that while banks faced a liquidity crisis during the Great Depression, today they are wholly insolvent. See this, this, this and this. Insolvency is much more severe than a shortage of liquidity.
Unemployment at or Near Depression Levels
USA Today reports today:
So many Americans have been jobless for so long that the government is changing how it records long-term unemployment.
Citing what it calls “an unprecedented rise” in long-term unemployment, the federal Bureau of Labor Statistics (BLS), beginning Saturday, will raise from two years to five years the upper limit on how long someone can be listed as having been jobless.
The change is a sign that bureau officials “are afraid that a cap of two years may be ‘understating the true average duration’ — but they won’t know by how much until they raise the upper limit,” says Linda Barrington, an economist who directs the Institute for Compensation Studies at Cornell University’s School of Industrial and Labor Relations.
“The BLS doesn’t make such changes lightly,” Barrington says. Stacey Standish, a bureau assistant press officer, says the two-year limit has been used for 33 years.
Although “this feels like something we’ve not experienced” since the Great Depression, she says, economists need more information to be sure.
The following chart from Calculated Risk shows that this is not a normal spike in unemployment:
As does this chart from Clusterstock:
As I noted in October:
It is difficult to compare current unemployment with that during the Great Depression. In the Depression, unemployment numbers weren’t tracked very consistently, and the U-3 and U-6 statistics we use today weren’t used back then. And statistical “adjustments” such as the “birth-death model” are being used today that weren’t used in the 1930s.
But let’s discuss the facts we do know.
The Wall Street Journal noted in July 2009:
The average length of unemployment is higher than it’s been since government began tracking the data in 1948.
The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
The Christian Science Monitor wrote an article in June entitled, “Length of unemployment reaches Great Depression levels“.
60 Minutes – in a must-watch segment – notes that our current situation tops the Great Depression in one respect: never have we had a recession this deep with a recovery this flat. 60 Minutes points out that unemployment has been at 9.5% or above for 14 months:
Pulitzer Prize-winning historian David M. Kennedy notes in Freedom From Fear: The American People in Depression and War, 1929-1945 (Oxford, 1999) that – during Herbert Hoover’s presidency, more than 13 million Americans lost their jobs. Of those, 62% found themselves out of work for longer than a year; 44% longer than two years; 24% longer than three years; and 11% longer than four years.
Blytic calculates that the current average duration of unemployment is some 32 weeks, the median duration is around 20 weeks, and there are approximately 6 million people unemployed for 27 weeks or longer.
Moreover, employers are discriminating against job applicants who are currently unemployed, which will almost certainly prolong the duration of joblessness.
As I noted in January 2009:
In 1930, there were 123 million Americans.
At the height of the Depression in 1933, 24.9% of the total work force or 11,385,000 people, were unemployed.
Will unemployment reach 25% during this current crisis?
I don’t know. But the number of people unemployed will be higher than during the Depression.
Unemployment is expected to exceed 10% by many economists, and Obama “has warned that the unemployment rate will explode to at least 10% in 2009″.
10 percent of 154 million is 15 million people out of work – more than during the Great Depression.
But it is important to look at some details.
For example, official Bureau of Labor Statistics numbers put U-6 above 20% in several states:
- California: 21.9
- Nevada: 21.5
- Michigan 21.6
- Oregon 20.1
In the past year, unemployment has grown the fastest in the mountain West.
And certain races and age groups have gotten hit hard.
According to Congress’ Joint Economic Committee:
By February 2010, the U-6 rate for African Americans rose to 24.9 percent.
Unemployment rates for less-educated and younger workers:
- As of the third quarter of 2009, the overall unemployment rate for native-born Americans is 9.5 percent; the U-6 measure shows it as 15.9 percent.
- The unemployment rate for natives with a high school degree or less is 13.1 percent. Their U-6 measure is 21.9 percent.
- The unemployment rate for natives with less than a high school education is 20.5 percent. Their U-6 measure is 32.4 percent.
- The unemployment rate for young native-born Americans (18-29) who have only a high school education is 19 percent. Their U-6 measure is 31.2 percent.
- The unemployment rate for native-born blacks with less than a high school education is 28.8 percent. Their U-6 measure is 42.2 percent.
- The unemployment rate for young native-born blacks (18-29) with only a high school education is 27.1 percent. Their U-6 measure is 39.8 percent.
- The unemployment rate for native-born Hispanics with less than a high school education is 23.2 percent. Their U-6 measure is 35.6 percent.
- The unemployment rate for young native-born Hispanics (18-29) with only a high school degree is 20.9 percent. Their U-6 measure is 33.9 percent.
No wonder Chris Tilly – director of the Institute for Research on Labor and Employment at UCLA – says that African-Americans and high school dropouts are experiencing depression-level unemployment.
And as I have previously noted, unemployment for those who earn $150,000 or more is only 3%, while unemployment for the poor is 31%.
The bottom line is that it is difficult to compare current unemployment with what occurred during the Great Depression. In some ways things seem better now. In other ways, they don’t.
Factors like where you live, race, income and age greatly effect one’s experience of the severity of unemployment in America.
In addition, wages have plummeted for those who are employed. As Pulitzer Prize-winning tax reporter David Cay Johnston notes:
Every 34th wage earner in America in 2008 went all of 2009 without earning a single dollar, new data from the Social Security Administration show. Total wages, median wages, and average wages all declined ….
Food Stamps Replace Soup Kitchens
1 out of every 7 Americans now rely on food stamps.
While we don’t see soup kitchens, it may only be because so many Americans are receiving food stamps.
Indeed, despite the dramatic photographs we’ve all seen of the 1930s, the 43 million Americans relying on food stamps to get by may actually be much greater than the number who relied on soup kitchens during the Great Depression.
In addition, according to Chaz Valenza (a small business owner in New Jersey who earned his MBA from New York University’s Stern School of Business) millions of Americans are heading to foodbanks for the first time in their lives.
The War Isn’t Working
Given the above facts, it would seem that the government hasn’t been doing much. But the scary thing is that the government has done more than during the Great Depression, but the economy is still stuck a pit.
The amount spent in emergency bailouts, loans and subsidies during this financial crisis arguably dwarfs the amount which the government spent during the New Deal.
For example, Casey Research wrote in 2008:
Paulson and Bernanke have embarked on the largest bailout program ever conceived …. a program which so far will cost taxpayers $8.5 trillion.
[The updated, exact number can be disputed. But as shown below, the exact number of trillions of dollars is not that important.]
So how does $8.5 trillion dollars compare with the cost of some of the major conflicts and programs initiated by the US government since its inception? To try and grasp the enormity of this figure, let’s look at some other financial commitments undertaken by our government in the past:
As illustrated above, one can see that in today’s dollar, we have already committed to spending levels that surpass the cumulative cost of all of the major wars and government initiatives since the American Revolution.
Recently, the Congressional Research Service estimated the cost of all of the major wars our country has fought in 2008 dollars. The chart above shows that the entire cost of WWII over four to five years was less than half the current pledges made by Paulson and Bernanke in the last three months!
In spite of years of conflict, the Vietnam and the Iraq wars have each cost less than the bailout package that was approved by Congress in two weeks. The Civil War that devastated our country had a total price tag (for both the Union and Confederacy) of $60.4 billion, while the Revolutionary War was fought for a mere $1.8 billion.
In its fifty or so years of existence, NASA has only managed to spend $885 billion – a figure which got us to the moon and beyond.
The New Deal had a price tag of only $500 billion. The Marshall Plan that enabled the reconstruction of Europe following WWII for $13 billion, comes out to approximately $125 billion in 2008 dollars. The cost of fixing the S&L crisis was $235 billion.
So even though the government’s spending on the “war” on the economic crisis dwarfs the amount spent on the New Deal, our economy is still stuck in the mud.
Why Haven’t Things Gotten Better for the Little Guy?
Government leaders make happy talk about how things are improving, but happy talk cannot fix the economy.
Two fundamental causes of the Great Depression, and of our current economic problems, are fraud and inequality:
- Fraud was one of the main causes of the Depression, but nothing has been done to rein in fraud today
- Inequality was another major cause of downturns – including the Depression – but inequality is currently worse than during the Depression
There are, of course, other reasons the economy is still stuck in a ditch for most Americans, such as encouraging too much leverage, bailing out the big speculators, failing to break up the mammoth banks, and failing to spend wisely, where it will do some good. See this and this. But fraud and inequality were core causes of the Depression, and our failure to address them will only prolong our misery.
Today, I searched for Mark Haines cause of death. Still nothing.
Now the media and the family are causing me to raise my eyebrows. Any autopsy on an unattended death should be done today or at the very latest, tomorrow. At that point, we will surely know the cause of death. Or should.
The silence surrounding this and some of the weasel language people are using (telling others not to speculate) are serious clues. I won’t speculate here either but there is no reason to keep an event such as a sudden heart attack or a stroke quiet. I am leaning heavily towards an unnatural death or suicide based on the great lengths they are using to keep this out of the media.
Everything is a mystery in the new America. I miss the America of my youth.
The following are some snippets from the most recent issue of the International Forecaster. For the full 31 page issue, please see subscription information below.
The world is awash in dollars and that is being reflected in the USDX, which are six major currencies versus the dollar. The loss of value is being loudly trumpeted as the IMF says a replacement must be found. This is the same IMF that has been foisting non-gold backed SDRs on us since 1969. Every time they have tried this it has been a failure. We can give the Illuminists an ‘A’ for effort, but what they do not get is that the professionals and investors see right through it. Another batch of fiat currency is not going to solve the world’s currency crisis, which can only be saved by gold backing. Needless to say, the mainstream media will never talk about this in realistic terms, because the elitists control them. The denigration of currencies versus gold and silver are advancing apace, as the elitists day after day try to suppress gold and silver prices.
The major media is as complacent as ever because they are totally controlled. It is not ignorance or incompetence. It is control. The media tells us the stock market is headed higher, but fails to tell us why. The reason is manipulation by the US government, and those who control it, and funds swamping the market via QE2. This is an economy where few jobs are being created, unemployment remains steady and we are told that a rising stock market means recovery, which is far from the truth. Propaganda flourishes as well as physiological warfare. There is no truth for the American people and the people of the world, it is all controlled and capsulated for consumption and control. There is no real recovery; it is all smoke and mirrors to mislead the public. Government and the media declare there is no inflation, but yet it abounds. This is the same media that has ignored the climb in gold and silver prices for 11 years. They have few explanations as to why gold and silver prices are rising. It is because the value of fiat currencies are falling versus gold and silver, but that is not the explanation we hear. We are told a number of absurd falsities.
Gold and silver are just now beginning to break out of government instigated doldrums, which has been government induced by those who own the Fed. None of the old tricks and nostrums is working anymore, so new tactics are being taken. You have seen ongoing attacks on gold and silver that has been going on since 1988, and in the last 15 years they have been relentless. As of late the theme is destroy the gold and silver shares to make people believe that there is little value there, to shake novices out of their positions. The psywarfare plan is to force down gold and silver share prices and gold in order to destroy silver prices so that JPM and HSBC can cover their shorts. It hasn’t worked and won’t work. Needless to say, we get the usual from CNBC, CNN, MSNBC and Fox. Is it a bubble or a craze? Again, what else would you expect from a media which is usually wrong.
The debt and inflation will become more terse as we struggle forward. Government knows it has to cut Social Security, Medicaid and Medicare, screwing the participants and better enabling government to control and reduce these benefits. Allowing government to renege over and over again does not instill confidence in its citizens. There are mammoth cuts coming, but the military industrial complex will experience few. This is how the elitists keep their empire by threat of force. Just look around you and look at the Patriot Act and Homeland Security or the new Gestapo the FBI. Yes readers, you already live in a police state.
As Americans overlook these developments and the fact that anyone who criticizes government is a terrorist, price inflation is destroying their purchasing power and it’s being done deliberately, as a result of saving a broken banking system that only catered to the wealthy and connected. Loans are available, but generally only to AAA corporations and fellow elitists, as interest rates begin their devastating rise into the future. That needless to say will be accompanied by a falling dollar and higher gold and silver prices. Many other countries have duplicated these events, so not only will the US dollar fall in value, but also so will the currencies of most every other country versus one another and particularly versus gold and silver. In case you missed it, or forgot, versus nine major currencies over the past 10 years on average gold has appreciated 15-1/4% annually and silver 20-3/8% annually, thus, these facts are nothing new. They have just been hidden from you. As a result of the loss in purchasing power and ever building debt we have seen demonstrations and riots throughout Europe for the past two years. That has been followed for the same reasons, plus price inflation, in the Middle East with the overthrow of the governments of Tunisia and Egypt. Several more monarchies and dictatorships are on the verge of falling as well. In the US the attempt to radically change retirement benefits and unions has led to demonstrations in Wisconsin, Indiana and Ohio. We believe in time as unemployment rises with prices and there is no economic recovery that demonstrations will increase and they could, as they have elsewhere, turn violent. If police in the US fire on civilians or beat them into submission there will be retaliation and law enforcement will get decimated.
There is absolutely no way the dollar and other currencies can be saved. That is why the prices of gold and silver move relentlessly upward. There already is waning confidence in the dollar and many other currencies, and that is why the USDX, the dollar index, as a yardstick, is inferior to measuring all currencies versus gold and silver. You may not realize it now, but you are living through the collapse of fiat money systems. The future of monetary and fiscal matters will take many twists and turns, some good, some bad. It is far too early to make solid predictions on what routes will be taken. At this juncture it is easy to see where we are headed, but the future is more difficult. It could be inflation, hyperinflation, deflationary depression and another contrived war to distract people from the more important issues of the economy, finance and economic survival. In the meantime in reaction to such events gold could go to $5,000 or $10,000 and silver $100 to $500, as the flight to quality becomes a stampede.
Our studies and intelligence tells us that the elitists running the show deliberately planned a collapse so they can form a world government. For them everything is on the line. If they lose they’ll lose everything. If we lose the same could be true. We are not going to lose, because to many people worldwide already know what they are up too and that what we are experiencing was planned that way. Why do you think QE1 financial sectors were saved in the US and Europe and in QE2 the US government was bailed out. It is very obvious to thinking people as to what is taking place. The edifice that underlies elitist power has been bolstered as the US and European economics are being allowed to fail. Tough decisions will have to be made to save the dollar and the economy and that is not going to happen because those running the show behind the scenes do not want that to happen. The route being presently taken is that of the Fed funding all Treasury and Agency needs including deficit spending. In such a scenario gold and silver prices have no limits to the upside. It could also be that the majority of your gold and silver holdings may never be sold due to the ongoing turmoil the world may be buried in.
The stock market in Dow terms is about 12,400 due to trillions of dollars being poured into the economy via the Fed and QE1 and QE2 and via the manipulation of “The President’s Working Group on Financial Markets.” The insiders know what is going on but investors and the public do not have a clue. How is it that denizens of Wall Street get richer and the poor get poorer? It is because Wall Street and banking control the government. The question arises is the market overpriced? Of course it is, but hundreds of billions of dollars are available to Wall Street and banks to speculate in their rigged game. Can you imagine that it is possible for several banks and brokerage houses every day for months to have no losing trading days? Of course that is not normally possible. That can only happen when they create the inside information. They are slaughtering the average investor. Will the market collapse again? Of course it will, but the timing is very difficult. Perhaps if there is an announcement that QE2 is over and there will be no QE3, maybe major unrest in the Middle East will cause a correction, or perhaps a realization that there will be no further recovery, or perhaps we’ll see demonstrations in the US similar to those in the Middle East? After adding tax-pork legislation of $862 billion last year the administration is asking for $200 billion more. What the Fed has done with zero interest rates and quantitative easing at least temporarily is put a floor under the market. Eventually that floor will crumble as real interest rates climb further and perhaps QE comes to an end. Needless to say, were that to happen there would be total collapse. The US and for that matter, European economies cannot survive without major stimulus. In Europe the financially healthy nations are supplying $1 trillion to six poorer nations knowing full well $3 to $5 trillion is needed. German Chancellor Ms. Merkel says Germany will hold the euro together. Last week in elections in the Hamburg region the voters sent her a warning by crushing CDU candidates. If the CDU wants to be thrown out of office they will continue to advocate more support for sick members of the euro zone. We think the support by Germany is at an end and that means it is only a matter of time before the euro is history. In this regard the G-20 meeting went nowhere, as sick nations demanded that the solvent nations stop exporting so much. One asks where does it end.
Eventually the Dow will fall. When that will begin we do not know, but if it follows history it should fall to 6,650 and then to? Dow 3,200. It could fall lower, but 3,200 is the goal. The damage wreaked on the economy by deficit spending and QE will take years to correct. The longer the upside continues on the Dow the higher gold is going to go because in terms of gold the US dollar and other currencies will continue to fall. That is why the US Treasury and the Fed and other central bans want so desperately to stop gold and silver from going higher, which gets more difficult with each and every day.
That brings us to the performance of gold and silver shares, which have been under attack by government consistently for the past 15 years. You have major shares prices reflecting in many instances reserves at $300 an ounce or at 25% of gold market prices. Many of these operating companies are reporting profit increases of 20% to 40%. We have been involved in mining shares for 51 years and those who try to put a P/E ratio on producing mines are pursuing a futile quest. The reason is the enormous leverage in these shares that you are now seeing. In 1980 producers saw P/E’s of 350 times earnings. Gold is the perfect hedge against the collapse in value of other assets, currencies and inflation. For 6,000 years it has had no peers. Silver runs a close second as a store of value. Gold and silver are a reflection of the real value of currencies and are the most stable assets in the world. The proof of the dominance of gold and silver over the past ten years has been performance. Versus nine major currencies the average currency has lost 15-1/4% annually versus gold and 20-3/8% versus silver. There have been no assets that can come close to matching that consistent return and the trend is still upward. We wonder why CNBC, CNN and Bloomberg don’t site these statistics on their programs? You all know why, it is because the elitists behind the scenes own the media. So as a result you get totally managed and slanted news. There is never dissension and truth.
We have talked about an eventual market correction. We have just seen over the past six months the breaking of the bond market bubble and real estate continues its downward slide. That leaves gold, silver and commodities as the select investments.
In recent years real estate has proven to be a poor hedge versus inflation, as it still resumes its downward journey. It has become illiquid at market prices and can only be liquidated at severely reduced prices. Over the next few years massive inventory overhang will take prices lower and then there will be years of stagnation. That doesn’t sound like a very good investment to us.
We just saw the 10-year note fall from a yield of 2.20% to its current yield of 2.60%. We believe rates over the next two years could reach 5% to 5-1/2%. If we are correct that means 30-year fixed rate mortgagees could move to 6-1/2% to 7%. It also translates into large bond losses. The biggest question is will there be a QE3 and hyperinflation? We do not know for sure, but all the signs point in that direction. That means as inflation rises so do gold and silver related assets. Will we then see a flight to quality to gold and silver? Yes, we will. They will be the only game in town. We have been in an inflationary depression for two years. Next is higher inflation, probably hyperinflation and then deflationary depression. In all these environments gold and silver related assets will be the only place to be. These are the truthful facts of life today and a clear snapshot of where we are headed. Get your house in order, because if you do not you won’t like the consequences.
THE INTERNATIONAL FORECASTERSATURDAY, FEBRUARY 26, 201102/26/11 (8) IFE-MAIL ADDRESSESFor correspondence to Bob:firstname.lastname@example.orgFor subscription and renewal; technical support, log in problems, etc.:email@example.comCHECK OUT OUR WEBSITEhttp://theinternationalforecaster.com/RADIO APPEARANCES:To check out all of our radio appearances click on this link below:http://theinternationalforecaster.com/Radio_Interviews
A friend emails:
This morning CNBC did NOT cover live Bernanke’s prepared remarks before committee
CNBC broke away during Bernanke Q&A to cover a several minute interview with a Chrysler exec
CNBC broke for extended commercials during Bernanke Q&A
CNBC broke for minor news (some a few hours old,) during Bernanke Q&A
I can’t believe CNBC producers are that dumb; this is the first testimony by Bernanke since the change in Congress; I can only assume CNBC was either told to avoid coverage… Just my opinion, but this is so blatant, & disgusting, that I wanted to comment –