where credit is much more rationed where it is going to be much slower world so the question i was a gallegly be with is as we look back at the story of the jpmorgan group, the story of credit innovation which part of the innovation can we actually preserve and which part can we check out? is there a way that we can actually take some of the original ideas of that innovation that would develop in the '90s and actually keep them for the good or is it the case that all complex finance is bad? i think looking back at the stories and how they have i should try to develop the ideas offers one way of showing it didn't have to be like this and so i hope that for the future it would also provide a pointer of not just a terrible mistake that the banking industry has made but also perhaps some ways we can try and control the risk from going forward. so thank you and i will take any questions you'd like to throw at me. >> there has been a new complacency it seems to me in the private derivatives market, it is going to be exchanged traded, it will become more transparent. do you think that all the proble