. >> joining us for senator more is jonathan tepper. thank you for coming by. you've heard the comments there from s&p.jonathan tepper. thank you for coming by. you've heard the comments there from s&p. what strikes you about this particular town grade or more broadly speaking the likelihood that spain gets its act together and asks for a bailout? >> i don't know why people pay too much attention to the ratings agencies. a lot of people manage their bonds in line with the rating, but it's been obvious that spain was missing its budget targets and the whicheconomy was gettin worse. particularly the last year. so the horse has already bolted the barn on this one. >> except on the basis that we had in june this idea that spanish banks could be recapitalized, by the thought we had a plan for the ecb to buy debt, and it's not coincidental that they made it two days after the meeting where we're getting continued stalling. >> this has gone on for a couple years, but the typical pattern is you have some market tank, yields widened, stock market goes down, things calm