 Welcome to all of you, and now I'll say it, I didn't say it, I'm all to it, I'm saving it for your happy birthday. It's a pleasure to say a happy birthday to someone from my generation. But courage has been second nature to Edward Teller. From the time he left a pro-fascist anti-Jewish government in Hungary and later left Germany for the United States in 1935. Since 1941 we've been able to count him as a United States citizen. Courage, brilliance led him to seek a solution to the major problems of war and peace as he worked in the field of nuclear energy. His courage and tenacity in the face of the hostility within the scientific community made him the father of the hydrogen bomb. But for him the Soviets would likely have been first to have a nuclear monopoly and we'll never know if they would have been as restrained in its use as Dr. Teller's autopsy company has been. Dr. Teller has been outspoken in urging safety precautions for nuclear reactors. The Soviets have been working hard toward a monopoly of strategic defense even though they worked at what would have been first to the hydrogen bomb. Once more Dr. Teller had the courage, support of a defense policy while at the same time he was the leading advocate of open cooperation in science. And so you can see there's something in my favorite punch. I highly recommend it if you haven't had it before but you're here for a birthday party. Dr. Edward Teller, congratulations. For your 41st anniversary of your 39th birthday. I'm getting younger very rapidly sir and that is all due to your influence. If I may respond very briefly. I did want to say that it was not quite easy to start to work on the atomic bomb. I did it with some doubt. And the man who convinced me that I should do it was President Roosevelt talking to me and two thousand others. But I had the feeling he was talking to me and saying at the time of Hitler's invasion of Holland and Belgium that it is our responsibility to work for defense. I knew at that time that the president already had the atomic possibilities in mind. There was no way for me to misunderstand the message and I never regretted it. I had very much more at least personally much more remarkable experience to have President Reagan's personal encouragement. The same as with Roosevelt but minus two thousand other people. And so it cannot be any surprise that I continue to be dedicated to the human human approach to peace through defense and I hope through the joint pursuit of defense and disarmament because I believe that disarmament alone without defense may not be quite so good but the two together as proposed by our president is the one hope with which I remain comfortable even at the age of 41 years plus. Thank you. All right. Well, enjoy. Thank you. Yeah, show some daring on my part. We had to close the government down because we couldn't get people across town and I'm going to take off the dead David. Secretly, I'm hoping I'll be snowed in. All right. Thank you. Well, I know we, well, we've been awaiting this but going to be very pleased to have a little summary in advance. First of all, we all want to take this opportunity to thank you for your confidence and ask you to do this report. By way of a backdrop, Mr. President, the first thing that we'd like to mention to you is the changes in technology in the 80s. The concept that there's marketplaces really doesn't exist anymore. The marketplaces are put together by electronics, computers, telephones. They're put together by all the modern technologies and all that. In the course of our study, we found out there's been 300,000 of these screens that you see in Broader's offices and went on during the 80s. There's a backdrop to what happened. The other things we'd like to mention to you is certainly the market was too high by almost any standard that people used to measure markets. It was too high because it was some speculation. And also, there were some mechanical trading stack strategies, which people running funds and money used, which were pretty much price insensitive. They didn't, they didn't look to value. They looked to timing when to buy and that sort of thing so that they weren't, the market came down a third, which it did, but the speed of which it came down over five days and in one day the 19th of October was some 22% or something like that. And this is dangerous for two reasons. One, it places enormous strains on the financial system.