right now in terms of lending in the united states, 50% of the capital raised is coming from bankss and about 50% is coming from the bond market. >> right now in europe, 80% of the capital raised is coming out of banks. 20% out of bond markets. that will shift dramatically. and as that 20% becomes 30 and 40%, dpaen, we will benefit from that. >> tom: what about the dodd trafrng reform act that which ban trading with their own money. could that impact business in the u.s. >> not really. i think what we have to see is some amendment to that, and actually, tom, this is a great point. what we're seeing literally around the world is individual countries coming up with some regularulation in the financial markets and for credit rating as l and there's tremendous uneasiness. >> we see regulatory coherence. i'd like to use the word harmonization, but start with coherence. we need to see a leveler playing field. we're not against regulation, but we need smart regulation. and what we need to say away from is those thing that is hurt the market and create unintended consequences. >> tom: on the ed

. >> bankss .you know that.of that, of that possibility. >> smith: eah, yeah. >> banks: but, but no ithink, i think what a lot of people don't realize s that um, and i think what i'm saying is true for most -- certainly most serious fiction writers s, is that i'm, i'm really writing this book in order to understand something in the world that i can't really understand or some person or a type of person that i can't understand without the aid oo the the tradition and the apparatus and the.and the, the craft of fiction. >> smith: yeah. >> banks: .to, to, to make it comprehensible to me in the form of a story. >> smith: you're working this out for yourself basically, yeah. >> banks::exactly, exactly and then when the book is it's become the public property in a sense and.ann my.and i'm in a way.i'm a well-informed reader in.of, of the book but the.i have to change hats almost, you know. >> smith: yeah. >> banks: .the coming out of the.blinking out of my cave after three or four years they were in the darkness and hen i come out into the bright lights and and look at it differentll. i beg