mr. deutsch and i've had this conversation in the past. do we wake up at several sites and first in international arbitrage and secondly, i read even starting to see movement in the energy markets internally? such as rational economically is deeper to where you perceive the lowest cost of doing trade. and my barking up a tree? if you've had sent out with your smart people, could you find it internationally to arbitrage some of the rule sets? and you find a domestic way? >> thank you for the question. clearly regulators have express and have been doors a profound intent to effeminate regulatory arbitrage internationally. you think you see that very clearly in the efforts in relation to the margin slots. it is difficult to envision that everything could be completely the same across the world. there will be instances of preference. will be certain entities, certain participants in the market, pension plans at a slightly different rule sets that apply to them. i think it is simply unrealistic to suppose were going to get complete harmonizatio

mr. deutsch. can you speak, talked earlier about october 12 and prior to that, and all the exemptions that have come out from the point time. can you speak your position with regard to the exemptions which are obviously temporary, right, with regard to commodity pools and then basically us understand the situation, in securitization that you basically have swaps within the securitization and exemption give you some -- whether that is due to the marketplace and what relief permanently you would be looking for? >> over the summer i think securitization market kind of put a lot of pieces together and realized that the commodity pool regulations may actually rope in securitization's. which are by definition operate for the purpose of trading in commodity interest. auto loan securitization, credit card, mortgage securitization. those aren't conceived at all for the purpose of commodity interest but instead to fund credit. we purchased the cftc in june, and many follow pleasant dialogues with the cftc s

mr. boehner? well, going -- joining us now, the chief global economist for deutsche bank.hank you for joining us. >> great to be here, lou. lou: quite the beginning to the week. think investors are overly invested in the negotiations in washington? >> maybe a little bit. i mean, there's certainly buying into the idea that a deal is near, and, you know, i think they will reach a deal, but the markets now set up for the possibility that there's -- if there's a glitch in the negotiations, there could be disappointment in the market. lou: what are they pricing? just curious. pricing in minimal taxes, say, you know, maybe $500 being? are -- $500 billion or cuts, $6 trillion? i don't think so. >> certainly not. lou: what gives investors such excitement they go out and throw money at stocks? >> i think the excitement is just that there's an increasing chaace we're going to avoid going off the cliff, and that would be such a potentially damaging factor for the economy that if we increase the chances we're not going to do that, i think that gets people excited. in terms of tackling