. >> that level is farcical that was very far from here. >> yes, quite far from here. >> that's worse than fink. that's worse than what fink was saying. >> given the four good years we've had since then, not including last year where we were flat. let's talk about oil. i had conversations with a number of investment bankers, a lot of them trudging down to houston, shaking hands, saying hello to everybody. the expectation of the wide range of restructuring that will take place there. not every company, but many. many it's interesting, jim, because the reports back i get is there is still a sense of denial on the part of many executives who run these companies that the day is here. it's hard to imagine it's not with 2974 wti now. the day does seem to be very close for these restructurings. not necessarily all bankruptcies, some simply debt for equity. stay out of the bankruptcy proceedings. many will come, it would seem. do we -- once that process begins -- bottom in a sense? >> only if the major oil says we have so much cash, we want to come in. otherwise, no you're right about the opt