Thank you. Thank you. Mr. Sanders. Thank you, Madam Chair. Mr. Greenspan, nice to see you again. Mr. Greenspan, I have long been concerned that you are way out of touch with the needs of the middle class and working families of our country. That you see your major function in your position as the need to represent the wealthy and large corporations. And I must tell you that your testimony today only confirms all of my suspicions. And I urge you, and I mean this seriously, because you're an honest person. I think you just don't know what's going on in the real world. And I would urge you, come with me to Vermont, meet real people. The country clubs and the cocktail parties are not real America. The millionaires and billionaires are the exception to the rule. You talk about an improving economy while we have lost three million private sector jobs in the last two years. Long term unemployment is more than tripled. An employment is higher than it has been since 1994. We have a $4 trillion national debt. 1.4 million Americans have lost their health insurance. Millions of seniors can't afford prescription drugs. Middle class families can't send their kids to college because they don't have the money to do that. Bankruptcy cases have increased by a record breaking 23%. Business investment is at its lowest level in more than 50 years. CEOs make more than 500 times of what their workers make. The middle class is shrinking. We have the greatest gap between the rich and the poor of any industrialized nation. And this is an economy that is improving. I hate to see what would happen if our economy was sinking. Now today you may not have known this. I suspect that you don't, but you have insulted tens of millions of American workers. You have defended over the years among other things. The abolition of the minimum wage, one of your policies, and giving huge tax breaks the billionaires. But today you reached a new law, I think, by suggesting that manufacturing in America doesn't matter. It doesn't matter where the product is produced. We lost 2 million manufacturing jobs in the last two years alone, 10% of our workforce. Walmart has replaced General Motors as the major employer in America, paying people starvation wages, rather than living wages. And all of that does not matter to you. It doesn't matter if it's produced in China where workers are making 30 cents an hour or produced in Vermont where workers can make 20 bucks an hour. It doesn't matter. You have told the American people that you support a trade policy which is selling them out only working for the CEOs who can take out plants to China, Mexico, and India. You insulted Mr. Castle. Mr. Castle a few moments ago. A good Republican told you that we're seeing not only the decline of manufacturing jobs, but white collar information technology jobs. As far as the research says that over the next 15 years, 3.3 million US service industry jobs and 136 billion in wages will move offshore to India, Russia, China, and the Philippines. Does any of this matter matter to you? Do you give one width of concern to the middle class and working families of this country? That's my question. Mr. Congressman, we have the highest standard of living in the world. No, we do not. You go to Scandinavia and you will find that people have a much higher standard of living in terms of education, health care, and decent paying jobs. Wrong Mr. Greenspan. May I answer your question? You sure may. Thank you. For a major industrial country, we have created the most advanced technologies, the highest standard of living for a country of our size. Our economic growth is crucial to us. The incomes, the purchasing power of our employees, our workers, our people are by far more important than what it is we produce. I submit to you that may I? And what I'm saying to you is yes, I found a flaw. I don't know how significant or permanent it is, but I've been very distressed by that fact. But if I may, I just finished an answer to the question. You found a flaw in the reality. The flaw in the model that I perceived is the critical functioning structure that defines how the world works, so to speak. In other words, you found that your view of the world, your ideology, was not right. It was not right. That's precisely the reason I was shocked because I've been going for 40 years or more with very considerable evidence that it was working exceptionally well. You