give it to talk -- david kotok is still with us. ou were on the panel asking questions of janet yellen, what would you ask her? david: i would go right to a technical question right away. the liquidity coverage ratio has changed the use of bank reserves . two years ago it did not exist. the high-quality liquid asset has changed the alternatives for banks. chair yellen, what is this doing to monetary policy? longer access? how are banks changing decisions? does that change your credit multiplier? that is a very technical question for general listeners. david: implicit in your question is, it is changing -- how is it changing decisions? david: they now have to hold liquid assets to me to test. do they hold them with reserves at the central bank? that is no caps off, 100% counts, 100% safe, or do they take risk and have haircuts? we see behavioral changes. we see large banks selling fannie mae and freddie mac because there is a haircut. david: because they are too risky, ironically. david: from a liquidity test point of view. this whole