So I think we have a to be very, very cautious about dismissing that as a risk. And I think, and perhaps the former vice chairman of the Federal Reserve Board, you know, might comment on this, but I think the Federal Reserve has over the years been aware that there is a wealth effect and has certainly been taking that into consideration, even though the Fed very clearly does not want to target the stock market or try to set any limits or deflate bubbles or anything of that sort. The wealth effect being that you spend more if you have more in stocks and you think you're worth more. If your stock portfolio appreciates, you feel wealthier, you don't feel you need to save, you can go ahead and buy that new car or whatever. There's certainly evidence that that's true, but it can be exaggerated.
More people own stock now than used to.
They may have some in their pension plan, but they may not be terribly conscious of what's happening to the value of the pension plan such that it would affect their daily spending. So I would rather come out where Allen Sinai does. Their incomes are rising. They feel good about the economy. And they're spending.