Does anybody remember the story about greedy oil companies, their rapacious CEO’s and Big Oil’s conspiracy to bankrupt the American Consumer?  In 2006 the average price per gallon of gasoline was around $2.00.  By July 7, 2008 the price had risen to $4.00.  All kinds of media moguls reported on “Big Oil’s” conspiracy to raise gasoline prices and keep them high.  Just last summer Hillary Clinton was making campaign promises to put a windfall profits tax on oil companies.   Almost no one doubted that greed was the cause of $4 gasoline.  On July 7, 2008 virtually everyone hated the oil companies which were characterized as the new robber barons.

As an economist I’ve never accepted the “conspiracy theory” of gasoline prices.  I argued that despite the size of oil producers and the oligopolistic characteristics of the oil business there was plenty of competition in world oil markets.  High gasoline prices were, in the opinion of this economist, simply a consequence of supply and demand.  High demand, relative to restricted supply was the reason for $4 gasoline.  High gasoline prices weren’t a matter of greed, nor were they the result of a conspiracy.  Sometimes I swear that when gasoline prices hit $4 a gallon in July of 2008 I was the only person in the country who blamed no one, choosing to respect market forces.

Over the past six months, demand for gasoline has abated and supply remained robust.  As a result, the price of gasoline has now fallen below $2.00 per gallon; within pennies of the price of gasoline in 2000, 1990 and yes, even in 1976!  In fact, adjusted for inflation, gasoline is about the same price today as it was for the entire twenty-year period from 1984 through 2004.

Over the past few weeks I’ve been watching television news channels and scouring the pages of newspapers looking for an article praising oil companies and their executives.  After all, if big greedy oil companies and their conspiring executives were responsible for the tremendous rise in gasoline prices from $2 to $4 per gallon, these same companies and executives must have conspired to reduce the price from $4 to $2 per gallon!  Oil company CEO’s must have changed their tune!  The same companies and men who “gouged” us six months earlier must have had a change of heart and are now being benevolent to consumers!  Let’s nominate Exxon CEO Rex Tillerson for a Nobel Peace Prize!  If he is a conspirator, Mr. Tillerson is a hero, doing a lot more than Al Gore to make the lives of all Americans easier during the last six months!

Naturally those who are conspiracy theorists will offer no praise for Mr. Tillerson or his colleagues.  That’s because conspiracy theorists are ignorant of basic economic principles and relish their role as suffering “victims”.   They are spoiled brats who care not to learn about the world in which they live, substituting foolish theories for rational discourse.  The headline of this blog is a spoof.  Mr. Tillerson doesn’t deserve the Nobel Peace Prize, as he neither conspired to raise nor to reduce gasoline prices.  To those who believe that oil companies conspired to raise gasoline prices, I ask a simple question.  If not the forces of supply and demand, what accounted for the recent fall in gasoline prices?

Before I launch into this week’s blog, let me say that there have been times in my life when I’ve been both hypocritical and nonsensical.  Nobody is perfect.  However, public officials stand on a broader stage and their actions affect many more people than the average citizen.  Like the slower wildebeests that succumb to the lions, the most inept politicians receive the greatest criticism.  In my opinion two of the nation’s most pathetic wildebeests are House speaker, Nancy Pelosi of California, and the Senate majority leader, Harry Ried of Nevada.

“Until they show us the plan, we cannot show them the money.” –  House Speaker Nancy Pelosi, Press Conference, November 20, 2008.  Washington DC

Nancy Pelosi and Harry Ried recently sent the CEO’s of General Motors, Ford, and Chrysler back to their Detroit offices, demanding from them a business plan by December 2, 2008.  Of course, having never written or read a business plan, Pelosi was necessarily vague, saying that the plan must show “viability and accountability” and to make clear how federal loan money would be used.

This is such a joke!  Imagine a lawmaker giving chief executives of multi-billion dollar corporations two weeks to figure out answers to problems that their firms have struggled with for over 30 years!

Don’t worry folks.  On December 2, 2008, all three companies will come forward with fancy, 500-page reports filled with complex legal, business-speak malarkey.  Pelosi won’t read it, nor will Harry Ried.  But the “plans”, as submitted to the congress, will suffice!  Money will flow.  Even though these multi-page “viability and accountability” plans from the big three haven’t yet been written, my famous “Salyards Truth Predictor and Translator Software” can disclose the true meaning of all three plans right now!  The essence of all three documents is indicated in the hypothetical letter below:

Dear Speaker Pelosi and Majority Leader Ried:

As CEO of ______ motor company, you know that millions of people work for us and the companies that supply our parts.  You also know that the closure of our company would be bad for the economy and even worse for your political careers.  We wouldn’t be able to pay taxes to the bloated government you’ve created.  Union members whom we unfortunately overpaid for decades would be laid off, and you depend on them for votes.

So, let’s get to the bottom line:  You can insult us on Capitol Hill as long as you want and cast us as the “bad guys” of capitalism.  We will patiently listen and smile while you make your overzealous, politically opportunistic statements.  Then, go ahead and tell the public that there are all kinds of strings attached to the money you give us, even though all of us know that we will spend it as we choose.  After you’re done grandstanding, please send the check to:

_____ Motor Company
50 Billion Dollar Boulevard
Detroit, Michigan 66666

Oh, by the way, I’d like to comment on your snide remarks about me traveling to Washington on one of our company jets.  You see, I’m the CEO of a major corporation.  I make $20 million a year and just like you, I’m not going to waste my time sitting around a passenger terminal waiting for a delayed Northwest Airlines flight.  So both of you can shut your pie holes; I’m keeping my jet.  In the future if either of you need a quiet, swift ride back to your Western political districts, give me a call.  If none of our other executives are using them, I’ll see if we can find you a seat on one of our private jets.

Sincerely,

I.M. Smarternyu, CEO
_______ Motor Company
Detroit, Michigan

I just got back in touch with a very old friend of mine.  I’ve know him since I was five years old and we hung out constantly until I was in my mid twenties.  After my career afforded me a more “grown up” lifestyle, we fell out of touch.  It’s great to see this friend on regular basis again.  Who is this friend?  It’s my bicycle.

The first incarnation of my “friend” was a Schwinn built in the late seventies.  Its hallmark was the long yellow-banana seat and a couple of red stripes running down the middle that terminated with a cursive Schwinn “S.”  I learned to ride it after only a couple of attempts during my first lesson (according to my dad’s recollection) in the wide plains of the church parking lot across from our alley.

My hometown, Winona, is nestled between dynamic bluffs, yet the town itself is almost perfectly flat.  Traffic is also low due to its relatively small population and the whole city is less than five miles from its two furthest points (measuring generously). It’s ironic that, like the bicycle-friendly Netherlands, Winona is built on a combination of islands and filled-in lowlands.  In this admittedly idyllic setting the bike was my constant companion as the reaches of my childhood kingdom slowly expanded.

At this time the bicycle had not yet been transformed into sporting equipment.  Bikes had fenders, kick stands, lights, baskets, and other utilitarian features useful for a device designed to get a user from one place to the other.  Hundreds of helmetless children peddled themselves about town to do their business.  We didn’t have cell phones, and it never crossed our minds to call on the family phone to see if a friend could play when we could simply saddle up, knock on the door and see for ourselves.

Americans got around to screwing up the common bicycle sometime in the eighties.  When it came time to replace my Schwinn with the awesome banana seat, bikes had started to morph into fast road and mountain bike variants   It was no longer vogue to casually move on two wheels, one had to get extreme, right?  Enter bike helmets and Lycra.  Oh, it turned out that biking was really dangerous too and if you didn’t wear a helmet you’re a reckless Communist.  Regardless of this odd shift that was happening in bike culture, my friends and I peddled ourselves through middle school and even high school.  Grant it, we were pale young lads with twenty-sided dice in our pockets and we didn’t care much for cars, but we biked on regardless.

My senior year of high school brought me to a city called Oldenburg in northwestern Germany.  The experience of living there for one year altered me significantly and helped mold me as an individual.  Most of the families I stayed with in Oldenburg had hosted foreigners before.  Upon arrival I was told in a rather alarming tone that Oldenburgers were a city of bikers and that I would have to bike daily to get where necessary.  “Kannst du radfahren?”  Apparently I was a bit of an anomaly amongst Yanks as I happily mounted a Dutch bicycle and took off.

Literally half of Oldenburgers,  there are 140,000 of them, commute to work and school on bike.  It was here that I saw what a beautiful community a bike-centric people can build.  I also fell in love with the old styling of their machines.  They reminded me of my old Schwinn.  Bikers weren’t in a hurry either.  They wore suits, skirts,  and jeans.  Since there were separate paths and streets for bikes almost everywhere, it was incredibly safe.  They followed the rules and waited for lights erected just for bikers.  I never once saw a guy dressed like Lance Armstrong while simply riding to work.  I missed my German “friends” very much upon returning to the USA.

By the time I entered the University of Minnesota bike culture had been fully transitioned to shameless marketers and safety Czars.  Still, my friendship with the bike was solid.  After graduating and getting a car, I still biked to work most days, but battling the traffic of downtown Minneapolis was a different affair altogether.  As more money found its way into my wallet, I abandoned my friend and fell to American car culture.  Ten years later I wondered how I had gained an unwanted twenty pounds.  Peeking through the window on my front porch was a lonely mountain bike, winking at me.

I was resolved to rekindle my relationship with biking.

My wife, who had never met my “friend” the bike, thought me insane when I announced my desire to spend a sizable sum on a new relationship, one made in the Netherlands that is built for comfort, convenience, and reliability…a bike I can ride to work while wearing a suit (an unfortunate requirement of my employer).  I understood her well placed skepticism but plowed forward.  My new bike, an Azor brand Opa from Dutch Bike Co. Chicago has brought me full circle.

For the past two weeks I’ve been shamelessly commuting to and from work in Minneapolis without Lycra, a bike helmet, or a crooked back.  While silently whisking down the streets I dream of Winona and Oldenburg and wonder what our country would be like if we could just relax, slow down, and enjoy life now and again.

Ride on, my friend.

Barack Obama will be the next President of the United States.  I wish him well.  I predicted his election nearly two years ago (See “My Crystal Ball” from December 2006) in this blog, so I’m not surprised that he won.  I didn’t vote for Obama because his rhetoric was decidedly socialist, nor did I vote for John McCain.  If the republicans actually stood for freedom and free markets, McCain might have had a chance of getting my vote, but Republicans stand for nothing anymore.  I voted for candidates seeking many political offices on November 4th, but didn’t make any checkmarks where it said “President of the United States”.

I wish Obama the best during his Presidency.  My hope is that his socialist rhetoric during the campaign was a disguise to get traditional democrats to the polls, and that his policies will be economically rational.  Of course, that would mean lower, not higher taxes.  It would mean market wages, not union protectionism.  It would mean educational vouchers, not more money for public schools run by teachers unions.  Why am I trying to fool myself?  Barack’s a socialist!

This is not to suggest that the Bush administration has done any favors for free market capitalism.  On the contrary, the Bush republican Marxists have commenced their selective “bailout” of the banking and insurance industries.  The auto companies have already started their quest for $50 billion of taxpayer money.  Next will be the homebuilders, the textile manufacturers, and a litany of other industries.  Government has got to say no and say it quickly before we become a banana republic.  I hope Obama knows this, but he probably doesn’t have a clue.

I can think of two immediate benefits of an Obama presidency, regardless of how much or little he achieves while in office.  First, the image of the United States, as viewed by citizens of other countries, is greatly enhanced.  Second, there is a good chance that Obama’s election will reverse a sad, self inflicted, moral and economic erosion of black culture in the United States.

Regarding the first benefit, I’ve never lost any sleep worrying about the fact that some guy in France, or Somalia, or Venezuela hates the United States.  People all over the world hate us; mostly out of envy.  However, the Bush administration’s Iraq War and the “detaining” of hundreds of prisoners at Guantanamo without trial have done nothing to enhance our reputation as a just and fair nation.  Obama’s election will buy us a temporary “honeymoon” with foreign governments, both friendly and hostile.  That’s not a bad thing if it leads to more foreign cooperation, including more help in Afghanistan.

Regarding the second benefit, during the huge election night celebration in Chicago’s Grant Park, cameras focused on the tearful face of Jessie Jackson.  I don’t know if Jackson was crying because he wasn’t elected, or because he was happy for Obama.  I’ll give him the benefit of the doubt and assume that it was the latter.  While the election of Obama ushered in an historic event for our nation and for black people, it will also usher out an entire generation of “black victim” propaganda con artists, orchestrated by people like Jesse Jackson and Al Sharpton.

Obama didn’t get to the highest office in this land by talking trash and complaining that he had been held back by white men.  He got there by taking his studies seriously and by moving beyond the “I’m a victim, do something for me” mentality.

Martin Luther King and other civil rights leaders fought for the opportunity of black citizens to achieve success through education.  The generation after King, the Jesse Jackson generation, squandered King’s legacy by (1) making excuses for the breakdown of the black family, (2) fostering an environment where black children criticize their peers who do well in public schools, and (3) otherwise teaching black people that slavery has made them victims, forever entitled to government pity and handouts.   When prominent blacks like Bill Cosby and National Public Radio’s Juan Williams exposed the real reasons for the breakdown of black culture in the United States, they were criticized by Jackson, Sharpton, and others who have made their living spreading the gospel of black victimization.

Both Bill Cosby and Barack Obama know that education, along with acceptance of personal responsibility, are the keys to black prosperity in the United States.  I’m not going to say that the last bigot in the USA is dead, but with the election of Barak Obama, once and for all, no black man will be able to drag out the slavery and discrimination card as an excuse for his lack of personal success.  To such protests will come the inevitable reply; “Barack Obama, a black man, is President of the United States.  What’s your excuse?”

I conclude this blog pleasantly with a story about my recent visit to the Winona, Minnesota Amtrak station.  There were a couple of elderly black ladies in there, waiting for the train to Chicago.  Because almost no black people live in Winona, I assumed they lived in Chicago.  I asked them what they thought about the presidential election.  One of them beamed from ear to ear as she said, “Barack Obama; he’s MY President!”  I smiled, looked her right in the eye and said to her, “Hon…he’s my President too!”

You will undoubtedly notice that the homepage of this website has changed, thanks to the assistance of my Son, Tad.  The photo of Wrigley Field is gone for now.  Instead I’ll feature a shot of the front porch at our family home on Main Street in Winona, Minnesota.  Each season we will change the shot.  The one featured is the fall photo, highlighted by the golden maple in the background. The next photo will feature a lot of snow!

Not only has the “look” of the website changed, but it there has been a complete software change.  Some of the changes that you will enjoy the most are:

Tad Salyards will become an occasional contributor on this website. There aren’t many Salyards in this world, but the handful of us who inhabit the planet generally have opinions and aren’t afraid to express them!  Therefore, my son Tad will blog occasionally on this site.  Tad, who lives in Minneapolis with his lovely wife Lisa and their son, Marek,  posted his first blog on this site on November 27, 2008.  It is titled “America’s 10,000 Pound Gorilla” and appears right below this entry.  Tad and I don’t always take the same slant on things, but he thinks and writes well.  I think you will enjoy Tad’s work.

The “Comments” feature actually works on this website! From now on, you will be able to leave a comment on any article you choose.  You don’t need to join any clubs or use any passwords.   All we need is your name and email address.  Your email address will not be published or given to anyone.  Once you submit your comment it will appear automatically on the site.  I will view them from time to time and have the authority to remove any comment for any reason, but that is not likely to happen unless vulgarity or libel is involved.

Three Categories Appear on the Site: (1) From the son consists of Tad’s blogs.  (2) Stories from Hubbard, Wisconsin. I’ve got to admit that I haven’t kept up with this little town.  I’ll try to do better in the future, but the past 21 episodes are all on the site.  (3) The Personal Commentary category consists of my personal views about the economy, politics, people, and issues.  Most of the blog entries are listed in this category.

The Search Box at the top of the homepage will prove most useful.  If you vaguely remember a past blog and don’t know how to find it, just type in the subject or a word that would most likely have been used in the blog, and the software will likely lead you to the entry you were seeking.  It works well…give it a try!

Archives: If you remember the month that a blog ran, you can search for it in the archives.   They go back to January of 2006.

Blogroll. These are links to the websites of Tom McMahon, a former student of mine who now resides and works in Milwaukee,  Wisconsin.  Tom’s site has a special feature called 4 Block World, which tickles me every time I go to his site.  The other link is to the site of Walter Williams, a brilliant economist who teaches at George Mason University.  Walter is a nationally known and syndicated author.  I’ve never met Walter, but have admired his words for years.  Once you go to Walter’s site, you’ll never stop looking!

I hope all of you enjoy the new site revision!  Hopefully I’ll get to know more of you when you comment on the articles!   You may also email me any time at: bbwinona@charter.net    If you email me, please put the word donsalyards.com somewhere on the subject line!  That way I’ll know it isn’t junk mail.

Thanks for reading my blog and recommending it to your friends.  I hope to be writing for many more years!

Sincerely,

Donald M. Salyards

While the country basks in a new optimism launched by the Obama presidency, we remain utterly silent on one of the root causes of much of our nation’s misery.  America is fat as hell.  Our waistlines have expanded in such an obscene and alarming rate over the past 30 years that it threatens to undermine our very democracy.  Diabetes, heart conditions and other weight related ”diseases” are at the core of our national health care crisis.  Unfortunately, the ranks of the obese have grown into an unofficial constituency, making it suicidal for any pragmatic politician to touch the issue of American fatness with a 10-foot pole.   What can be done to bring our nation back into a state of health? 

First we need to take a hard look at the food we eat and how the subsidization of corn, soy and other commodities has impacted our health.  There was a time when beef, for example, was raised on grass and cost a pretty penny.  It wasn’t consumed on a daily basis in copious quantities.  Thanks to the virtues of science, we figured out how to move those cows to toxic feedlots and jam them full of corn and grain to help guarantee the sacred American right of chowing down quarter pounders for 99 cents a piece.  This cheapening of the food system has given us the distinct and paradoxical situation of having a nation with morbidly obese poor people. 

The suburbs are another component of the fatness equation.  Population density makes things like walking, biking and the use of mass transit cost effective and desirable.  Ah, but Americans want the best of both worlds…a nice job in the city and several acres on which to raise their families outside of the reach of civilization.  The net result is a life style that requires cars to go anywhere.  The more dependent we are on cars, the bigger our butts get.

Our society’s general rejection of personal responsibility is the final lynch pin in the fattening of America.  Under our new dreamboat president we will find that the costs of insuring the uninsured will be immense as the red states and poor are some of the fattest specimens the country has to offer.  If insurers and regulators can’t penalize self-induced lard how will we ever get a grip on rising costs?  When the taxpayers pony up for your poor lifestyle decisions, don’t they gain a right to regulate what you put into your body or mandate a certain amount of exercise?  The slippery slope of socialized medicine begins to rear its head. 

Folks, this is a problem that didn’t exist until recent history.  It’s time we put down the soda, leave the GMC Landmauler SUV in the garage, hop on a bike to get to work and start moving to real communities with sidewalks, alleys, and culture.  Our beloved lifestyle is an unsustainable rot on our nation and needs to go on a diet.

I have voted for nearly 30 years now and I cannot remember any election when I’ve felt less motivated to go to the polls.  The candidates’ fiscal irresponsibility, negative advertising, lack of character, and inability to effectively communicate has left me dumbfounded.  Nevertheless, I will vote on Tuesday, but mainly to honor the brave men and women who have given their lives to assure me that privilege.

Fiscal Irresponsibility:   Republicans used to run on a promise of smaller government.  They never delivered on that promise, but could at least be counted upon to grow the government slower than Democrats.  That is no longer the case.  One can no longer characterize Democrats as fiscally irresponsible; with record Federal deficits the Republicans seem to have beaten them at their own game.  The huge deficits of the Bush Administration are not, as commonly believed, due to the war in Iraq.  The measly $100 billion spent in Iraq each year is a drop in the bucket for a Federal Government that spends $2.3 billion each year.  It is the unwillingness of politicians on both sides of the isle to cut pork, especially in the Department of Health and Human Services, that has bloated the federal budget.

Negative Advertising:  Negative ads are cramming all forms of media, regardless of whether it is a seat in congress, a governor race or a state senator’s position.  “Candidate A wants to give free college tuition to illegal Mexicans while he is increasing tuition for your children,” states one ad.  “Candidate B voted against giving our soldiers body armor,” states another.  This causes any sensible voter to wonder how stupid the politicians think we are.  After all, is there any candidate from either party that is willing to use taxpayer dollars to favor illegal aliens over the children of tax paying citizens?  Is there any politician that actually wants our soldiers to be without body armor?  Is there anyone out there in public office that enjoys the suffering of Michael Fox?  Of course not!  I’m so sick of these negative ads that I have resorted to watching re-runs of the 1975 Ali-Frazier “thriller in Manila”.  When my wife asks me what I am watching I reply “Anything but the political ads.”

Lack of Character:  In the last few years we’ve experienced way more political scandal on both sides of the isle than I can remember in a long time.   We’ve got William Jefferson (D, LA) under investigation for bribery, the Abramoff-Reed Indian Gambling scandal, Tom Delay (R, TX) being indicted in 2005, Duke Cunningham (R, CA) who resigned his congressional seat over bribery conspiracy charges and countless others.   One starts to wonder if the character of our statesmen has begun a period of permanent decline or whether our politicians are now more likely to sacrifice each other in the name of political gain.  Perhaps term limits for senators and representatives would repress the tendency to accumulate power and wealth at the expense of the taxpaying public.

After Tuesday:  It is unclear whether or not Tuesday’s voting will give the Democrats a majority in either the house or senate.  As far as the health of the republic is concerned, it probably doesn’t make much difference.  Despite Bush’s statements to the contrary, Rumsfeld will be gone shortly and U.S. troops will no longer be present in large numbers in Iraq by the time the presidential election comes around in 2008.  Islamic fundamentalists will continue to devise ways to destroy America and all for which it stands.  The bombing of our marine barracks in Lebanon, the Cole disaster, the original attack on the World Trade Center and the tragedy of 911 have not been enough to awaken a sleeping American public.  Tragically, only when a future attack even greater than 911 occurs on our home soil, will the American public figure out that the United States and all other freedom-loving countries are engaged in a generations-long struggle to survive the threat of radical Islam.  Regardless of the future course of American foreign policy, no matter how much we pander and cater to terrorists, that awakening will occur.  When it does, all of the political concerns highlighted above will be meaningless in comparison.

The French economist Frederic Bastiat might have summed up Tuesday’s election best when he said, “Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.”  After listening to politicians for nearly two years going on and on about how they are going to change the world when they are elected, I thought you might benefit by reading these truths before you vote on Tuesday.

The Government doesn’t produce anything. Everything the government does, from providing cops on the street, to paying teacher’s salaries, to building bridges and highways, is possible only because business enterprises and their employees produce value that is taxed.   When a candidate tells you that the government is going to pay your mortgage, spend more on schools, or fix the healthcare system, they are telling you that they are going to raise your taxes.  Winston Churchill once said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”

Over time, a country cannot consume more than it produces. The gross domestic product of the United States of America (the economic pie) can grow at a sustained rate of only about 3% per year.  If the “pie” can grow only at 3% per year, our nation’s consumption can grow no more than 3% per year, unless we borrow money from other countries to artificially create the illusion of prosperity.   By the way, compounded annual growth rates of 3% will double the size of the economic pie every 23 years.  It’s not bad to be able to double the prosperity of a nation every generation.

The prosperity of a nation or its people cannot be improved through redistribution of income “spreading the wealth”.  George Bernard Shaw said, “A government which robs Peter to pay Paul can always depend on the support of Paul.”  Wealth can be created only when people and businesses work harder and smarter to increase their productivity (output per man hour).   When government taxes producers (businesses or workers) and redistributes the fruits of their labor to non-producers, this saps the incentives of both producers and non-producers to create additional output in the future.  With less output the economic pie shrinks and everyone is worse off than before.

The right to Property is as sacred as the right to Life.     It is tempting for politicians to say, “I’m not going to take away your life, your right to free speech, your right to freedom of assembly, or your right to practice your religion; all I want to do is raise your taxes and take a bit more of your property.”  The problem is that we all trade our time to earn income and purchase property.  Your time is your life; they are synonymous.  When the government takes your money through taxation, it makes a claim on the time it took you to earn that money, and therefore it takes a part of your life.   When your friends and acquaintances tell you that their support for politicians who will raise your taxes is “just a difference in political opinion”, tell them that they are dead wrong.   Tell them that the forcible confiscation of your time and your life isn’t a simple a difference in opinion and that you’re damned upset about it!

Vote carefully on Tuesday.  Remember the wise words of Thomas Jefferson when he said, “A government big enough to give you everything you want, is strong enough to take everything you have.”