also listening to peter dixon and simon.yesterday, draghi went after the esteemed academic from deutsche bank and has been on this show and other locations has been scathing about negative rates. is the negative rate theory forever damaged -- or has the negative rate experiment now after months and quarters and ears of reality? peter: it has diminishing marks of return the further you go into negative interest rates. actually, it's not just the private sector thinks that, you see a series of e.c.b. stock paces and suggests while there is stimulus of impact there's a diminishing impact the further you go in negative interest rates, forward easing, forward guidance buys you time. it's an expensive way of buying time but provides a window for some of the changes the e.c.b. government wants to see from governments and whether they squander the time or use it will determine whether the detracting is a failure or a success? tom: do you change your view on the equity markets after the ballet we've seen on fixed economics the last 2