we also have david gillmore and rick is with us still as well. andy, let me start with you because people have been saying frightening things in the past 24 hours that this is the subprime problem some people tried to explain it away and say that it was contained and it could be the start of the big new problem where do you fall? >> i don't know if it's the start of a big new problem. it's a pretty big problem right now. when the advent of the euro occurred in 1998 we all looked at the southern part of europe to be the people that were going to see the biggest benefits from joining, but they were also the weakest links and this really is the first major test for the european union and the euro zone and we're not quite sure exactly how this is going to play out. one of the biggest questions is how does the e.u. or the ecb, can they legally bail out any of these nations and that's a major question that just has rpt been addressed. >> david gillmore, what's the answer to that? that's a very key question that andy asked and it may impinge on the futu