providing markets parents with clarity appropriate regulatory frame wok for dym assets robyn hood wille as always noeflting with products sfdz for customers says dan gallagher, morgan stanley senior vice president of investments, jim good to see you. thank you so much for being here, whether it is this, or whether it is the deregulatory move from from the trump administration you are seeing a very different environment and backdrop when it comes to overseeers in government on business today your reaction. >> if you look at regulatory backdrop it is very, very big deal people don't understand how big of a deal it is, implications on inflation. that it has. you look at regulatory burden under president biden was something, along the lines of 1.8 trillion dollars, now let's compare that to trump one, was about 80 billion dollars, so you are talking about more than a trillion and a half dollars more than we saw under president trump, might go -- it goes to cost for small businesses, small businesses that hire 70% of americans, so, it is a big deal, and it is the single biggest thing we can