(00:00:00) My charge this morning is to speak to you about money and power two of my favorite topics more specifically its to explore the Savings and (00:00:09) Loan catastrophe (00:00:11) as both a reflection of what has gone wrong in America, and as an opportunity to develop a progressive strategy. If you will, let me (00:00:21) begin this address not in 1990, but in 1924 that (00:00:26) is really where the Story begins her. After World War One the most conservative governments of the modern era came to office as President Calvin Coolidge boasted. The business of government is business (00:00:39) in the 1920s. We embraced laissez-faire (00:00:42) with a religious fervor (00:00:44) the federal government reduced taxes in 1921, 1924, 1926 and 1928 the share of the wealth held by the top one percent of u.s. Adults or families skyrocketed from 31% in (00:01:00) 1921 to over 36% by 1929 (00:01:06) and that concentration in turn led to the greatest (00:01:09) speculative frenzy in American history has (00:01:12) people with more money than they knew what to do with turn the country into a (00:01:16) giant and Grand Casino to borrow John Maynard. Haynes app description of that era the biggest casino of all of course was the stock market. (00:01:28) Banks could invest in Securities and they could land (00:01:30) on Securities stocks could be purchased for as little as 5% down. (00:01:35) No one needed to talk about deregulation in the 1920s because (00:01:39) government had never regulated (00:01:41) and then in 1929 as we all know the speculative Bubble Burst and with it the rhetoric and philosophy of American (00:01:49) politics changed (00:01:51) Franklin Delano Roosevelt tapped into the nation's anger at those who had managed to bring a fundamentally strong (00:01:57) economy to its knees a (00:01:59) conservative. He observed is a man (00:02:01) with two perfectly good legs who however has never learned how to walk forward. (00:02:07) When the rich complain that he was a communist and a non-american he retorted the economic royalists complain that we seek to overthrow the institutions of America, but they are really complaining about is that (00:02:19) we seek to take away their power (00:02:22) Franklin Delano Roosevelt saw the inequality of wealth persistent and widespread poverty and excessive competition as problems amenable to government (00:02:31) intervention the New Deal intervened in many parts of the economy from agriculture to the workplace, but for the purpose of this address, let me focus on that Ira's response to the collapse of the American Financial system and I use the term (00:02:46) collapse advisedly because within a few days of FDR's taking office Americans Banks (00:02:52) formally closed down and when they reopen the rules had changed (00:02:58) the government had erected barriers between Banks and (00:03:00) speculative markets like Securities. (00:03:03) It required the stock market to dampen it speculative thrust. It monitored Bank lending practices and it guaranteed the (00:03:10) deposits of depositors. (00:03:13) The New Deal save the financial system from itself, but new dealers believed that government had a role Beyond (00:03:20) stabilizing the economy (00:03:22) and that was to develop institutions and regulations that would Channel resources to achieve widely accepted social objectives. And one of the most important of those (00:03:32) objectives was individual home ownership. (00:03:36) The government created a secondary Market that made possible long-term fixed-rate mortgages with a modest down payment and it established a financial institution to provide residential (00:03:47) mortgage lending and that financial institution was called The Savings and Loan Association. It was to be rooted in the community. It (00:03:55) had to have at least 400 shareholders which meant for all intents and purposes. It was a mutual (00:04:01) Association and not a public stock owned Corporation (00:04:05) Savings and Loans had to invest their money (00:04:07) locally and they had to invest eighty percent of their money in housing. (00:04:12) So the SNL was tied organically by regulations by law to the community and the community in (00:04:19) turn was tied to the (00:04:21) SNL because government established the conditions that encourage local residents to (00:04:26) deposit their Savings in the SNL's (00:04:29) that was relatively easy in the 1950s and the (00:04:32) 1960s because you got a quarter of a percent higher in Straight if you put your money in a savings and loan then if you put your money in a bank and frankly there weren't any alternatives, especially when a 1970 the (00:04:45) government raised the minimum investment in (00:04:47) treasury Securities from $1,000 to $10,000. If you would average working person, you put your money in a bank or Savings and Loan and you got a little sweetener if you put it in an SNL (00:04:59) and then a 1966 Congress put the final and in retrospect probably the Fatal piece in this (00:05:05) puzzle. It capped interest rates. No interest would be paid on checking accounts and relatively little interest would be paid on savings (00:05:13) accounts that was done to keep mortgage rates low, which was politically popular. But as we shall see they put the SNL's into a straight jacket which in The Changing Times of the 1970s and the 1980s (00:05:25) was to prove their undoing (00:05:28) so by 1970 everything was in place. We had a community based institution. We had Community Based depositors. We had (00:05:34) Community Based Lending And low mortgage rates were coupled with low interest rates on deposits. But in the 1970s the social contract began to unravel at first slowly and then with wild abandon (00:05:48) in the wake of the Vietnam War build up in our refusal to raise (00:05:50) taxes to balance the budget then interest rates Rose (00:05:54) and after the first oil shock in 1973 interest rates rose again to all-time highs and serendipitously a (00:06:02) technological revolution had taken place the microprocessor the computer on a chip had been invented and (00:06:09) suddenly technology was available that could gather money from thousands of individual (00:06:13) investors and purchase Securities or deposits in another (00:06:16) place Bankers call this process disintermediation, which (00:06:21) means basically third parties or brokers who (00:06:25) simply move money around and rely on computers (00:06:28) to keep their overhead low. The age of the broker had donned the money market fund was born (00:06:36) by the end of 1977 money market funds had increased to three point nine billion dollars and after the second oil shock in 1979 interest rates again, (00:06:45) sword to unheard-of (00:06:46) Levels by 1982 money market assets had reached 208 billion dollars indeed at one point in 1980 Savers were pumping cash into the money funds which meant in large (00:06:59) part. They would taking cash out of their Savings and Loans at the rate of 3 billion dollars a week. (00:07:05) In the late 1970s Congress reduce the number of (00:07:08) stockholders needed to own an SNL and (00:07:11) March 1980 Congress phased out controls on deposit interest rates and raise the federally (00:07:17) insured deposit from $40,000 to $100,000 (00:07:21) and agreed to ensure an unlimited amount of deposits. (00:07:24) So long as each individual account did not exceed $100,000 (00:07:28) by the end of 1982 SNL's were allowed to start offering their own money market funds (00:07:34) and in fact within 12 months the money market funds in SNL's went from zero to three hundred and seventy five billion dollars, but it was basically an internal transfer taking money out of your savings account in the SNL and putting it into the money market account in the nests, NL because people could still earn higher money and treasury Securities, (00:07:55) but the SNL's had a problem their portfolios contained (00:07:58) long-term low-interest fixed-rate mortgages, (00:08:01) but to be competitive in the new deregulated Financial climate they had to Very (00:08:05) high rates interest rates for deposits (00:08:09) SNL's responded by demanding and receiving permission to invest their money beyond their (00:08:14) local borders and to invest their money in high yielding, but high risk Investments other than housing that final link to the community and to the social objectives of the new deal was cut (00:08:26) States quickly imitate. And in fact our did the feds, California, Florida, Texas and Arizona established rules allowing one person one person to own an SNL and to grow into a major institution within a matter of (00:08:39) months to direct mail and broker deposits (00:08:42) indeed in 1983 and 1984 and SNL (00:08:45) became a post office box number and a Mainframe computer. (00:08:49) Meanwhile, financial instruments proliferated individual investors were bombarded with advice (00:08:55) for where to put their money (00:08:56) money magazines today have newsstand sales more than (00:09:00) twice that of businessweek Forbes and Fortune combined (00:09:05) in February. 1986 Money Magazine advised its readers. Now it pays to park your cash out of state. It's important to remember that even by 1983 the situation had not gotten completely out of hand a catastrophe still could have been avoided interest rates were coming down the basic problem the spread between low-interest long-term mortgages and high-interest short-term (00:09:29) deposits was serious, but it was resolved Abul as the banker saying goes Bankers never die. They just lose interest they were hurting (00:09:37) in 1983, but it wasn't a catastrophe we could have paid off the (00:09:41) losses for twenty billion dollars or less, but we (00:09:44) refused instead we chose not only deregulation, but an (00:09:49) Pint of the oversight functions of government the (00:09:52) federal Home Loan Bank board repeatedly asked (00:09:55) asked for more examiner's and Auditors (00:09:58) yet in Texas the site of more SNL failures than any other state. The number of SNL examiner's was cut from (00:10:05) 54 to 12 from 1981 to 1985 (00:10:10) Street Corner institutions with no experience in big-time Finance competed for Jumbo deposits and doubled and tripled deposits in months William Taylor Chief banking (00:10:20) regulatory officer at the Federal Reserve says quote in retrospect (00:10:25) someone at the time should have said this is ludicrous. No one in finance has ever been able to grow like this and stay (00:10:32) alive. In (00:10:33) fact to stay alive many began (00:10:35) cooking their books many began making inside deals and many took Kickbacks. (00:10:39) Why didn't we do something in 1983 when it was apparent that the (00:10:43) situation required remedial efforts there were two reasons one was ideological the Structural the structural reason had to do with politics because the nature of American politics had changed (00:10:57) Americans political America's political parties never strong (00:11:01) had virtually collapsed as effective entities at disciplining their members money began to dominate elections incumbents never lost by the late 1980s incumbents. If they wanted to be erect re-elected were re-elected by an over 97 percent (00:11:16) rate and elections became incredibly expensive and Savings and Loans (00:11:21) were a major contributor to political action committees that Finance those elections (00:11:26) moreover unregulated SNL's served many people many purposes. They were Kickbacks to politicians that will low-interest loans (00:11:34) to friends. They would junk bond purchases for (00:11:37) companies. In fact in Texas. The CIA used the banks to (00:11:42) channel money through to the countries. But above all aetiology the ideology of the times had changed the connection between money and ideology has always been close but in the 1980s, it became intimate the 1920s was repeating itself indeed. You may (00:12:01) forget but one of the first acts of (00:12:03) Ronald Reagan when he came into the White (00:12:05) House was to take down (00:12:06) the portrait of Thomas Jefferson and to replace it with a portrait of Calvin Coolidge. We renamed the Department of Commerce the Hoover building and you may remember that the Beloved Secretary of the Department of interior (00:12:20) James Watt change the Insignia of the (00:12:22) Department's of the Buffalo was looking not left but right (00:12:29) indeed in the 1980s one was never embarrassed to be wealthy. Oh, yes. Oh, yes when Michael Milken revealed that his income for 1987 was five (00:12:39) hundred million dollars (00:12:41) David (00:12:41) Rockefeller. I presume for the sake of appearances responded (00:12:45) one has Be concerned when the Norms that have been (00:12:47) accepted over the years suddenly become so distorted (00:12:52) to which combative Lee Iacocca angrily responded in justifying his own 21 million dollar payment salary in 1986 from Chrysler quote. That's the American way if the kids don't aspire to make money like I did what the hell good is this country? In an interview with Fame magazine, just last year Donald Trump harken back to 19th century biological theories to explain his success and I quote to me the single most important thing and this is unfortunate because you either have it or you don't are the genes. Well that may be so but it also may be the fact that Donald's (00:13:33) father was a millionaire real estate developer. (00:13:37) From 1981 to 1986 the income tax rate on the rich fell from (00:13:43) 71 percent to 28 (00:13:45) percent from 1977 to 1980 8 according to the economic policy Institute federal tax policies transferred 129 billion dollars from the bottom (00:13:55) 90% of America to the top (00:13:57) 10% a gift of fourteen hundred dollars (00:14:00) from the poor to the rich per family. (00:14:03) We had the most rapid increase in the disparity of wealth (00:14:06) since the (00:14:07) 1920s and we had a debt bubble speculation junk bonds (00:14:12) Commodities Futures. I don't need to repeat the history of the wild casinos of the 1980s, but consider one figure (00:14:21) Between 1960 and 1980 for 20 years the overall debt in the country. That is the government debt and household debt and corporate debt stood at the same percentage (00:14:31) of gross national product 130 percent of GNP, (00:14:35) but between 1980 and 1990 the overall debt in this country taken on by business and (00:14:42) government households increased from 130 percent to over two hundred percent in just nine years, and now the bubble has burst you read the headlines of the papers and you know, the debt bubble has burst the deficit bubble has burst the stock market bubble is bursting and the Savings and Loan bubble has long since burst business bankruptcies are in our all-time high commercial real estate is collapsing the Mutual mortgage insurance fund which (00:15:08) provides single family (00:15:09) housing loans has seen its net worth decline from eight billion dollars in 1979 to 2.6 billion dollars in 1981. Junk bonds are turning out to be as worthless as many suspected. (00:15:21) For the first time since World War Two the proportion of people especially of those under 29 (00:15:26) who own their own homes has gone down and that is especially important because the vast majority of Americans for the vast majority of (00:15:34) Americans more than 90% of their life savings is tied up in their homes after working for 45 years. The average American family has (00:15:43) relatively small amounts of financial assets their net worth is in their home (00:15:49) and if they never get to own a home and their rent payments are building up the (00:15:52) landlord's net worth and not their own. It's a time of Crisis, (00:15:57) but it's also a time of opportunity the challenge before us is how do we take (00:16:01) advantage of this opportunity if it comes if I can borrow a phrase from someone now out of fashion, what is to be done first is the question of the disposition of bankrupt assets (00:16:13) the resolution trust corporation, which was (00:16:15) created to manage the liquidation of insolvent (00:16:18) SNL's has an 18 months become. (00:16:21) Not only the world's largest Banker, but the world's largest real estate broker (00:16:25) as much as 400 billion dollars in solvent and insolvent assets including some 300,000 properties that includes role and shopping centers Office Buildings (00:16:34) factories businesses residences will shift hands (00:16:38) Washington wants only that (00:16:40) these assets should be liquidated quickly speed is Washington's only criteria for evaluating. The resolution trust Corporation is job, but we should raise the question of social goals. (00:16:52) What types of values do we want to encourage in this (00:16:54) massive unprecedented transfer of assets. (00:16:58) I submit to you that one is a (00:17:00) sense of community. We want to build stronger (00:17:04) communities communities that can increasingly manage their own affairs with (00:17:08) the old Spirit of mutual Aid is revived a rapid liquidation of assets means selling them in bulk to very large institutions. As of last spring just two Banks bank one of (00:17:22) Ohio and North Carolina National Bank had received over half (00:17:26) of all deposits and assets transferred by the resolution trust Corporation and that increases concentration and undermines Community institutions. (00:17:36) When we demand that community be a criteria for the (00:17:40) resolution of the Savings and Loan catastrophe. (00:17:43) We will find surprising allies. Listen to The Independent Bankers (00:17:47) Association of Texas, which no one has ever accused of being a radical (00:17:51) they like in the RTC to quote a powerful switch engine pulling the mighty financial industry (00:17:55) train off the Tracks Of Sound public policy (00:17:59) a bank is not simply a (00:18:00) business Corporation says these very conservative Texas Bankers (00:18:04) along with its special privileges go a special Duty or obligation to reasonably meet the credit needs of the (00:18:10) community. It was chartered to serve. (00:18:14) Transferring whole Banks is certainly quicker than selling them off Branch by Branch. But if doing so reduces credit to smaller communities and increases the concentration of our financial system (00:18:24) the long-term cost to the nation May. Well exceed any short-term benefits of the RTC (00:18:29) in March of this year the RTC paid (00:18:33) North Carolina National Bank (00:18:35) $700,000 to take a hundred and four million dollars in federally insured (00:18:40) deposits from one Galveston SNL. Surely Community Banks or Credit Unions would have gladly accepted those insured deposits. (00:18:49) We can also use the community orientation to revive the community reinvestment act which was passed (00:18:55) in 1977, but was rarely enforced (00:18:58) but part of the 1988 law setting up the RTC also Force Banks to make public their (00:19:04) Community reinvestment act ratings and the (00:19:06) increasing fluidity in the financial system means that banks are increasingly asking for permission (00:19:11) to merge and acquire other. And that gives Community groups more leverage than we've ever had (00:19:18) in the last 12 months for example more than a billion dollars and potentially seven billion that (00:19:23) several billion dollars in the coming 12 months has been pledged for Community reinvestment lending by Banks (00:19:30) and we should teach people that community-based institutions dedicated to building the local economy on the principle of fairness is (00:19:38) not only morally right, but it's economically sound one of the most important lessons of the 1980s is that we discovered that lending to small businesses and low-income households (00:19:49) is a lower risk than lending to (00:19:51) big businesses and Rich developers. (00:19:53) I know that here in the local area the women's Economic Development (00:19:56) Corporation, which lends money to women (00:20:00) starting out on unsecured loans women who don't have (00:20:03) any assets and need a personal loan. (00:20:06) They found out that the default rate after five years by those usually (00:20:10) one woman businesses in an unsecured loan was low. Than the default rate for small businesses and big businesses by First Bank. (00:20:19) We discover that poor people unsurprisingly take money much (00:20:23) more seriously than rich people (00:20:26) Cleveland's Ameri trust Development Bank, which deals exclusively in local development projects reported 1989 pre-tax profits of $800,000 on assets of 65 million dollars Wells Fargo bank has yet to record a default on a hundred and thirty seven million dollars in community reinvestment act housing loans since (00:20:44) 1986 now profits on CRA lending may not add up to a gold mine, (00:20:50) but they don't look bad when compared with returns on third (00:20:54) world loans or those that financed some of the Splashy takeovers of the Roaring 80s either that's a quote from business week. (00:21:02) We can also use the current debacle as an opportunity to address the issue of equity and fairness the law establishing the (00:21:10) resolution trust Corporation (00:21:12) explicitly mandated that an Affordable housing by reducing the selling price (00:21:17) and providing direct financing if necessary to attract buyers (00:21:21) low-income households and nonprofit corporations have the first right to (00:21:24) bid on residential housing below a certain price (00:21:29) yet when seidman the head of the RTC announced in May of this year a quote filene's (00:21:34) basement sale (00:21:35) including steep price D can these discounts and attractive financial terms just like the famed Boston Discounters, he and the board explicitly refused to (00:21:45) extend those incentives to low-income housing fairness can be an issue fairness can be an issue also in who pays we know who benefited the rich (00:21:56) they benefited because Congress guaranteed their deposits no matter how large and in the Heyday of the SNL's SNL's bid up the interest rates so that they would pay higher and higher (00:22:06) amounts for the use of that money. (00:22:09) The Southern Finance project research project has estimated that 30 to 50 percent. Of the accounts in insolvent (00:22:16) SNL's were accounts larger than $80,000 but smaller than $100,000 (00:22:21) yet. The average American has no Financial assets at all of those. Who do the average (00:22:26) account in an SNL is about $8,000 (00:22:30) now, assuming $100,000 deposit that fat cat depositor and assuming a 1% interest rate premium because of deregulation that's a positive would have received premium gains because of deregulation of more than 8,000 (00:22:45) dollars between 1983 and 1990. They should have to pay that ill-gotten gain back (00:22:51) Joseph Kennedy introduced a bill to do precisely that it's a bill now in Congress that imposes a 7.5 percent surcharge on interest income above a (00:22:59) hundred thousand dollars to pay for the bailout. It seems to me that the penalty perfectly fits the crime (00:23:06) George Bush on the other hand and most of the Congress both Democrats and Republicans want to get out of the SNL (00:23:12) catastrophe by borrowing I want to borrow money from the same people who benefited from (00:23:17) deregulation and as a result of borrowing we will pay additional interest so that the bailout cost is not 200 or 300 billion dollars but a trillion and by one estimate (00:23:27) one point four trillion dollars as (00:23:29) even investment banker Felix real (00:23:31) hot and says borrowing money to pay off past debts is absurd (00:23:36) the issue of fairness is potentially powerful the vast majority of Americans support Kennedy's (00:23:43) bill, but last year it didn't get out of committee. (00:23:47) If we look at the budget deficit debacle right now. We find that (00:23:51) after the Congress overruled the president and decided that they would take the deficit cutting into their own hands. We find capital gains is back on the table. (00:24:04) George Bush saved personally more than $300,000 from 1981 to 1986 because of tax (00:24:10) cuts and he wants even more there is no ground swell of support by the American people to reduce capital gains 80% of whose benefits would go to people who earn more than $100,000 a year. (00:24:25) In fact a CBS poll just recently said that the vast majority support raising (00:24:30) taxes on the wealthy as a priority. The issue of fairness is an issue that can bring together many Americans (00:24:37) but it is still coming through the (00:24:39) filter of 1980s etiology the Star Tribune just a few days ago had a (00:24:45) front-page headline which told us of New Jersey governor James (00:24:49) florio's program to quote soak the rich (00:24:52) I eagerly scanned down the first page and then the inside page to discover. What kind of confiscatory policies this Marxist Governor could be imposing that would justify such an inflammatory. Mark headline twenty four paragraphs later buried near the end of the story after the reporter had (00:25:10) repeated the headlines colorful phrase (00:25:12) arrived at a surprising bit of information Florio proposes to raise the taxes of families earning more than (00:25:19) $3,000 a week a week (00:25:22) by seventy (00:25:24) dollars a week. Well suddenly, it doesn't sound like the Russian Revolution does it? Well, we need our own phrase. We need to say we don't want to fatten the rich (00:25:38) and we don't need to argue it on the basis (00:25:41) of needed revenues. We should (00:25:43) remember that the populace of the 1890s did not call for a progressive income tax because of the need for Revenue. In fact, most of our Revenue at that time came from import taxes, and we didn't have a big government. They argued it on the issue of fairness and they got it passed and when the Supreme Court overturned it as unconstitutional they argued it on the basis of fairness and they got a (00:26:06) constitutional amendment that allowed it we (00:26:10) can and should use the S&L crisis as well as an opportunity to speak to the issue of deregulation itself. The S&L is only the biggest and most (00:26:21) visible debacle of deregulation. (00:26:26) In the 1980's we deregulated telecommunications air travel Trucking virtually every sector of the economy and few (00:26:33) Americans. If you ask them today believe we benefited from the deal (00:26:36) in each case prices fell as competition increased Cutthroat competition in sued a wave of bankruptcies swept the industries. And finally we ended up with more concentration than we had before but this time in a (00:26:48) deregulated environment Northwest Airlines Now controls 80% of the gates at this airport TWA controls the same proportion in st. Louis trucks are now increasingly unsafe we know about our phone system you now own the phone and the wire to the wall somebody owns the wire in the wall. Somebody owns the wire outside of the (00:27:08) house. Try to figure out your (00:27:10) phone bill today sometime. (00:27:13) I wrote a column on I know on the need for re-regulation and got a call from California from the head of a California (00:27:21) transport Association asking if he could reprint it in his newsletter, (00:27:25) he was a very conservative Republican but he understood what Franklin Roosevelt meant by excess competition. He understood that in total deregulatory climate. His members would have to compete (00:27:36) against oneself. Most of them would lose money and they would end up having to sell out to National and international firms. We can make coalition's between ideological lines. If we issue if we argue the issue of fairness the philosophy and the issue of Regulation the (00:27:54) philosophy of the (00:27:55) 1980s didn't work (00:27:57) everything that (00:27:58) laissez-faire touched fattened the rich and turn the rest of the economy into ashes (00:28:04) and yet (00:28:05) last month by decree. We deregulated the (00:28:10) banks. We allowed the banks for the first time since (00:28:13) 1933 to buy. Purities. Y0 (00:28:17) public Groundswell (00:28:18) for further deregulation (00:28:20) in 1991 after the election. There will be an Omnibus Financial bill before Congress, and I assure you that unless we do something in this election. They will be (00:28:29) massive Financial deregulation at that time. (00:28:33) And finally we can use the S&L crisis to (00:28:35) address the issue of money and power money and politics. We now know that much of this Congress has been for sale. (00:28:43) We need to argue not for kicking out the incumbents, but for a change in the way we have elections, (00:28:50) the Senate is largely a club for Millionaires, and the House of Representatives is moving in that direction. We need to abolish political action committees. (00:28:58) We need to require mandatory debates. We need to (00:29:02) require free advertising time for candidates progressives are used to speaking truth to power. (00:29:09) The 1980s have been a dreary time. We're all of our (00:29:12) nightmares have come true now is the time for Reckoning (00:29:16) the economic royalists and their (00:29:18) elected minions will not relinquish their Authority easily, (00:29:21) but never in my lifetime I ever have I (00:29:23) seen men and women on the street. So angry (00:29:27) that anger doesn't (00:29:28) necessarily lead to Progressive politics it can just as well (00:29:32) swing toward right-wing populism of the type that one David Duke and Louisiana more than 45 percent of the vote last week, but for the first time incumbents are (00:29:41) terrified the system is close to collapse and the rich are no longer boasting of their wealth. I began with FDR and let me end with him as well a (00:29:51) few months before he died in (00:29:52) 1945. He predicted and I quote (00:29:55) my own party can (00:29:56) succeed at the poles (00:29:58) only so long as it continues to be the (00:30:00) party of militant liberalism. This is a moment fraught with Peril, but it's also a moment alive with possibilities and tunity The 1920s are over (00:30:13) will we see a new dedication to the (00:30:16) principles of community of fairness of equity of true democracy in the coming decade that is a challenge before you and that is the challenge of the 1990s. Thank you.