 I have not seen it like this since I went five bid for a half a million shares of Citigroup and I got hit in 1990. This is a different kind of market and the Fed is asleep. It was not a... it would be one of those things where it was humiliating and I was soundly and roundly criticized and it's the stupid thing that makes you think well is it worth it to to try to expose things or tell the truth to stand truth to power. I guess I don't play for dinner I'm fortunate enough to have done well in my life that I wasn't fearful so what you saw was a not fearful passionate guy who was widely held to being let's say office meds and it's a shame it's a shame but it's what happens sometimes and I look back and I'm proud of what I did. I have talked to the heads of almost every single one of these firms in the last 72 hours and he has no idea what it's like out there. None! And Bill Pool has no idea what it's like out there. My people have been in this game for 25 years and they are losing their jobs and these firms are going to go out of business and he's nuts! They're nuts! I was a hedge fund manager before that I worked at Goldman Sachs and if you look at my age you'll recognize that the people I started working with and we're friends of pretty much every single firm had all risen in the ranks to the point where they were running firms or running trading desks and there was a fixed income crisis going around where it was very clear that the mortgage market was absolutely falling apart and firms are going to fail and they needed the discount rate. They needed the discount window open. They needed interest rates to be cut rather dramatically. They had just risen 17 straight times. This was the fulcrum of this decline was the housing. People walking away for their housing not putting any money down. A lot of bad loans so the mortgage bundles were falling apart but the Fed seemed very unaware of that and I was dealing with people all over the country who were telling me maybe if you spoke and the last guy I talked to was a major subprime and it got me really firing on all cylinders. I came in hot at one point my good friend Aaron Burnett said Jim if they lowered rates would be Armageddon and that triggered a second round of ramp but the first one was mostly about how they were out of touch and I have a real money piece about what went through my mind how out of touch they were versus how in touch I was subsequently the transcript of the meeting that occurred three days after my rant made fun of me. They basically said listen the real problems are the economy is getting stronger not weaker Jim is really Kramer's wrong. I was a laugh line and that's a shame because they still could have done something to save things. They had to cut rates dramatically and they had to realize what was happening that there was Armageddon and it was different it was a different kind of market and they didn't understand it and because they didn't understand it because they were complacent definitely Mr. Poole a very nice man from St. Louis had good data but just either misread the data or didn't understand they were out of touch with the real world they were in a different world their world that was not it was a glass full and my world was glass empty. Are there any warning signs you see in the current environment? The only one I see but I really don't like it is in subprime auto. I was watching an ad for AutoNation where they're talking they have people saying vacation the go-go song but they're calling it paycation they're talking about your children chair dancing in a car about how they don't have to pay anything for the next couple of months they can just go get a car. That's the kind of thing that we saw on ads before. I don't mean to pick on AutoNation I think it's kind of a national phenomena but the reason why thank you Matt Horwee for pointing us out to me is my writing partner that one of the things that you see is that cars are no longer the same as they are each year but just different model look the cars the old cars are no longer technologically good. We've come to accept that there are certain technologies and so you have cars that no longer hold their value and that's interesting because houses didn't hold their value now Halsey Market was a $14 trillion market there was a gigantic number of loans that were made at a very high price point remember your housing loans obviously more than a car but it's something worth watching because it's where the Fed should be saying listen Wells Fargo is up to 720 on the FICO we want that to be the standard and they could say that I mean Janet Yellen could just come out and say I'm not comfortable with all the subprime loans that are being done and just kind of jawbone them higher say look you know Wells made a lot of mistakes they're not that they have been terrible when it came to what they said did to the different accounts but they're right about auto loans and what I really wish had happened back then was is that instead of tightening and tightening and tightening one for mortgage loans Bernanke would have stopped you know that's the Fed funds rate up 17 times was way too much and he should have cut rates here and he should have said something he should have said I don't like what's happening banks you can't keep lending at 120 LTV loan to value what people were doing was that they were buying homes and they were taking out a a he locked they're taking out a home equity loan in order to pay off the down payment or there were no down payment no no uh no dock I see things happening like that in autos and it very very does it concerns me