How to close the Media Bay/ VST window?

Hi, Ive just started using the new Elements 8. On the right hand side is the Media Bay/ VST window. Is there anyway to reduce its size or close it all together? It takes up so much screen space…thanks in advance

Will

This has been covered (as I myself was wonering the same thing and found it through the search) but to save you the trouble the key command is called: editors -> “Show/Hide Rack.”

You can also click on the “setup window layout” button and turn off “racks.” if you dont want to assign a key command.