as they were trying to get prepared for bassel 2, and ultimately bassel 3. it created a real panic.here was an absolute, you know, lacking of liquidity. so what president dragi did, they started with the first ltro, which is a three-year term repo, and did it again last night, this morning. and they're stabilizing the liquidity in europe. and i think this is really essenti essential. we have seen italian and spanish yields decline over 300 basis points. a good indication of the stability we're beginning to see in europe. we should not think that this is a fix. this is a stabilizer. this procedure creates an atmosphere in which now the politicians can find ways to stabilizing their deficits, and most importantly, they have now two to three years to start fixing their economy towards growth. so i think what the ecb has given is europe time to fix their problem. this is not a fix, it's a stabili stabilizer. >> i think some people would argue, look, part of this whole strategy is the ecb is having the banks borrow the money, and then the banks can buy the sovereign debt. but are we load