 We've just had a good discussion of our midterm planning review issues that are on the plate for the lame-duck session, as well as the coming year. And just happy to have you join us, Mr. President. Well, listen, I'm happy to do that and grateful to all of you for taking the time to be here and participating. And that's, you know, you and the Patriots in other lines of business and small independent business in this country are responsible for nine out of ten of the new jobs, almost nine out of ten of the new jobs that are created. And I don't know if America could be in better hands. And I think that you and again your compatriots who have made us the envy of the world in that regard, I don't know whether anyone has discussed it already. I have been saying wherever I couldn't as many times as I could about talking about the progress that we've made. The tax is down 15 percent now. It will be 25 percent to July 1st. Growth in spending, federal level, 17 percent a year, down to 6 percent. Now inflation was 12.4 in the day before yesterday. I was saying it was down to 5.1 for 1982. But now as of yesterday I can say it's down to 4.8 because of the drop in the September rate. Interest rates as a result are falling. I know that even though the prime has stayed with some of the 11.5, a couple of savings and loans have come down to 11.75. Basically it's 12. But also again, as we had earlier around the country, there are some financial institutions that are voluntarily putting up fixed sums of money for mortgage rates at lower rates of interest on the market to stimulate the building, practice that on you before I go back out on the trail again tomorrow. I would rather hear from all of you. Mr. President, every woman in America notes your position on the Equal Rights Amendment. Your belief that women's rights can be fully protected by enforcing existing laws and your promise to modify them where they are shown to be unfair to women. Mr. President, an extraordinary opportunity does not exist to make good on your campaign pledge because such a law exists, which is clearly discriminatory to women. The exclusion of women as a group from the small business administration's 8A business development program with a strove of a pin, you can make good on your campaign promise and you can open the American economy to a virtually untapped resource, the creativity and entrepreneurship of women on the business. If you add women to the SBA's 8A program, you would be encouraging their entry into the free enterprise system in a concrete way, creating more jobs for others and joining the National Highway and Economic Road. And women would go from dependent on government resources to contributors for government resources. Well, you have said something that has caught me by surprise on that, other than that we have ordered and have in process a program of finding all those areas of government where there can be discrimination or is discrimination now due to regulations or laws or whatever. And I know that Elizabeth and working we have put together a working group here in the government on that and have secured the cooperation of all 50 governors who have appointed contacts representing them for following through at the state level also. Have we looked into this? Yes, and Mr. Herrera is here this morning and be happy to visit with you about that as well, the small business administration. Of course there are a number of programs that are helpful to women throughout the government so we'll be happy to follow up with you on that. Mr. President, I almost thought that the 14th amendment did the job that Herrera was supposed to do because it actually uses the word persons. Actually, you don't have discrimination against any persons. Mr. President, I'd like to make a couple of positive suggestions. One is a fairly short term and addresses the area of capital formation and investment which we've been talking with Dr. Hunter and Dr. Felston. There is a pending ruling on Treasury regulation called 385 which goes to the heart of trying to define or redefine debt and equity for tax purposes. This is something that I think when you're set on a chance to check into it and Vice President Bush is the most helpful by the way in this area. That it's a completely downside and no upside kind of ruling. Essentially what will happen is currently scheduled to go into effect next April but with the change over in Congress and so whether maybe even difficult getting hearings before this. This ruling would so muddle the picture of debt and equity that it would virtually eliminate a lot of the venture capital that is currently extant in the country in terms of doing deals and interfere with the relationship of an owner of a small business and his business relative to lending money in short in most cases when the company pays the loan back it would be considered a dividend to the individual. It's quite a pernicious thing. We've talked to Treasury many times and different groups have talked to them with very limited success and it seemed to be kind of moving to debt and I'd just like to highlight your attention on this. It's called Treasury Regulation 385 and I think when you look into it you'll see that there's very little to recommend. The second thing of the long-term nature I'm happy to hear from Mrs. Dole that you're going to have a later session on international trade. I'd like to suggest that you form some form of a president's small business task force to help form international trade policy. In the past three years and even currently for the first time small business representatives have been on the industry sector advisory committees under Ambassador Brock and the Commerce Department. But we frankly it takes a while, it took me a couple of years just to learn the language and so forth because you're dealing and I'm on the aerospace committee and the nearest company to me is E-Systems which is three or four hundred million dollars and then you go up to Boeing's and so forth. I think in particular a small business task force of people in a small business sector are familiar with international trade, peculiar problems and small business getting into trade would be the most useful and productive committee for you to form a task force. But we have, we've been very interested in that and have been taking some actions to try and open up export trade and do some business. I've just noted this one down here and we will look into both of these. George, you know with the reason that George is heading on our task force on regulations that are making useless and ridiculous regulations. Mr. President, I know that you're going to have to leave us in a couple of minutes but we do have a presentation which the realtors would like to make to you at this time. If we can move forward please with the presentation. Right. We have to, we have to slip so that you don't have to take it. Turn this around. Mr. President. Wait, wait just a moment as the press is putting in just a pause, a hesitation. There will be two minutes. Bill, everybody turn your lights on. Do you like our craftsmanship? Mr. President, we're pleased to inform you today that our surveys show that activity is picked up across the country on the part of those individuals who are interested in buying homes. And I think of equal or even greater importance is the fact that not only is activity picked up on the part of those individuals interested in buying homes but in fact they're buying new homes. Our surveys indicate that during the month of October so far more than 150,000 families at an annualized rate have been able to buy homes as opposed to those who are able to buy homes in the month of September. Now this has brought about a number of things and I think probably of very great importance is the fact that it's created as many as 150 or perhaps 200,000 new and continuing jobs. Jobs in the area of individuals who are preparing these homes for sale or individuals who are carpeting or redecorating these homes after the sale is made as well as those individuals who are involved in the service of performing the sale as well. This of course has been brought about in our opinion because of your leadership in reducing deficit spending and encouraging a more appropriate growth in the money supply. And I think that you should be aware, sir, that this of course has resulted in reduced interest rates as well. Long-term rates are down by 3 percentage points from the level that they were at earlier this year. That 3 percentage points equates to a reduction in the average house payment of $150 on the average home that's been sold so far in the month of October. And that means that as many as 4 million families who prior to this time have been locked out of the opportunities of home ownership are now able to afford homes as a result of these reduced interest rates. Mr. President, on behalf of the American homeowners and all of the people who are interested in seeing the programs that you have helped this nation enjoy a recovery, we'd like to present to you a resolution on behalf of the board of directors of the National Association of Realtors representing 600,000 members from every state and community. We thank you for providing leadership to bring interest rates down and allowing more families to satisfy their housing needs. We urge you to continue this leadership so that mortgage interest rates can return to normal and keep the American dream of home ownership alive and well in America. And we present this to you to indicate that, sir. Thank you very much. I think that you just gave, because I know what that means. It means that millions of more people are now due to that reduction in the average house payment are going to be able to afford homes. This does mean, as you pointed out already, there's more jobs to come. And I'm grateful to all of you for this. I can't help but recall another procrastination that you mentioned here. Back in my previous career, there was a prominent writer in Hollywood, his little girl, who wanted a dollhouse for Christmas. But she wanted a real dollhouse. She kept emphasizing a real dollhouse. So her father went to that department in the studio that makes the miniatures for some of the shots and had those craftsmen make this truly marvelous housework. And on Christmas morning, she broke in the tears. Said she wanted a real dollhouse. And her father couldn't understand it, and he said, well, how real? She said, no swimming pool. No, there's no swimming pool. No swimming pool. Lights, please. Thank you. Thank you very much. I think it's Robin. Four of five things that I mentioned are such that there is some sunshine in the garage. Because your industry, almost by itself, can, if not eliminate, make a drastic reduction in recession because of the very associated things that you mentioned, the appliances and all the other things that are in recession because of what the industries have done to house them. So you probably have heard the expression before, but I can assure you we're going to stay the course. That referred to the other hand. Lights, please. Thank you.