 So let me start with this slide, which may seem familiar, maybe familiar to a lot of you. It's a pretty basic slide. So what it shows at the bottom is the famous 1%. And to be in the 1% in 2012, you needed to have at least $370,000 of income, average income of $441,000. And you can see that if you go all the way back to 1913, and this is, as I said, based on income tax data, so that's essentially when the income tax started, you can see that the share that this group has is essentially back to where it was during the roaring 20s. And again, probably something many of you have seen before. If you look at the red line down below, that is the top .01%. That is the 16,000 households with the highest income. And to be in that group of 16,000 in 2012, you needed to have a little over $7 million of income and $21 million of average income. And again, you can see that that group as well has gotten back to and even exceeded where it was at any point in our history. I want to just focus for a minute on the top 1%. And I want you to look at the bottom bar here. And so this is a decomposition of the 1%. So this light gray area on the left is the bottom half of the 1%. So from 1% up to .5%. The black part is from .5 to .1%. The green is from .1 to .01 moving up. And the red is just that same .01%, those same 16,000 people that households that we talked about before. And so what's interesting about it is if you look at the light gray line in the middle, you can see that in fact the share of wealth of the top 1% of the people between 1% and .5%. In fact, hasn't really gone up at all since 1960, actually gotten down slightly. If you look at the next group of the black line from .5 to .1, you see essentially the same thing. It's only when you get to the .1 and above that you start to see this acceleration of concentration and you see it most dramatically at the .01%, which is that red line. So back in 1975, that .01% had a little over 2% of the wealth. Today it has around 11% of the wealth. So how many people here are Jane Austen fans? And how many people are Downton Abbey fans? A lot of Downton Abbey fans. So if you're a Downton Abbey fan, we'll start with you guys. You can see that about the time that Downton Abbey was set, 1% of the British population controlled nearly 70% of the wealth. If you look at back at the time of Jane Austen, it was sort of in the 55 or 60% range. Probably enough it wasn't that different in Sweden of all places. But then you can see what happened. And this was a mix of tax policies and it was also wars and oppressions and a lot of things that destroyed a lot of wealth, as well as wealth getting broken up into more hands as generations passed. But you can see that it came down for all of these countries. But Britain came down, they all crossed the US right here in about 1960. And so today we actually have a higher share of wealth concentration than Britain, then France, then Sweden, not back to these levels, of course, but still we are now the leaders. And one of the ironies of this, of course, is the US. I think we all think of the US as a country that was founded on this progressive anti-establishment people can get ahead kind of idea. And we were that way for much of our history all through the 19th century. We did not have this kind of level of wealth concentration. But today we are the country that in a way has the greater concentration of wealth, the greater ability for people to accumulate wealth and to keep it.