David, what's your thoughts over the balance between spending and being fiscally neutral?

I think in general, he's going to spend and he's going to spend a lot.

I think that given who he's put in as chancellor, Mr. Healy, that there must have been an agreement that the increase in defense spending will be very, very large.

But he also has his social program that he also wants to fund.

So when you start looking at the different parts of just those two, you're talking probably between $25 and $30 billion, being very conservative.

So it's going to be more than that.

I think he's brought in Healy basically to figure out how do we do this.

David, would you give any... credence to the idea that we could get a long-term inflation rate lower and thus clearly interest rates lower?