while credit ratings matter, the timing of this warning and the reasons cited for it are off gerard cassidy joins me with more i mean, the reasons are off, maybe the timing is off, but giving where valuations are, could this be a signal that they're not going to get a lot richer >> it's very interesting, because the valuations today for the banks are quite inexpensive. when you look at it, you have to remember that due to the accounting regulations, the banks are taking out the underlying bond losses in their available for sale portfolio, and those are government guaranteed securities or government securities. so there's no credit risk. it's a duration issue. the book values will certainly grow as those unrealized things come back into book value. what's also interesting is they are concerned, fitch, about rising rates, and should the fed be at its terminal rate for fed funds, which may be the case in september, then it's quite positive for the banks, because banks do quite well. >> it's taking a while for banks to start passing along to depositors the benefits of those rates. how much of a

gerard cassidy of rbc. -- >> but i am. >> late to the game. >> good for him. why not? >> but yes here we are. so, tim, what did you make of this action? >> thought the action was interesting. this is on a day when italy announced a 40% windfall tax on their banks and destroyed european banks, too, for obvious reasons, they finally have profitability from higher interest rates take an m&t, this is a company that just announced. they reaffirmed their guidance for '23, they talked about a guidance sheet, 208 in assets, well above the $100 billion threshold. some of the biggest issues for valuations of stocks and multiples they trade it at and the follow-through from investors, yes, there's going to be a pause in buy-backs. there's going to elements of what was very exciting for bank investors over two years and i know banks underperformed a bit this year, but for the most part, banks were investable in a different way than they'd be in a decade and this has set them back but i think this is an opportunity, aga

. >> is a brilliant question, and the way i would put it, and i will give you a story with gerard cassidyural. one day, on sympatric stay, we were with 1200 people at the bank of doing good or whatever, and he was such a rock star. he was reaching for bagels and donut rules at the stage. he was getting hit. i'm back in the cheap seats because i'm not sure about your are cassidy, but it is cultural about the irish banks coming over and buying them. this is brian moynihan, way back when read bank of boston? wheat? before that. it is hugely cultural within the business breed that is underplayed by the media. >> you are right. good to see you. thank you very much. >> thank you for being with us. >> free lobster, next time. >> how much does the lobster roll cost? >> 160 dollars. >> what is ridiculous is the line is six blocks long. >> $1060. >> how many lobsters are in there? >> it's in maine. >> an amazing spending. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your comp