spreadtrades at a wider to the u.s., that has a good opportunity over the next six months.: what do you make of that? krishna: with respect to leverage, yes. is quitecoverage ratio reasonable because of the high level of profitability. i disagree the that reflects credit concerns in the market. it is a supply issue far more than anything else when you have a large m&a transactions coming into the system. the math is easy. jon: we are talking about a slow-motion credit crunch, the federal reserve -- let's assume they have. my question, how are we going to get an ecb that can get away from negative rates when we are having a conversation right now about whether they moved by 10 basis points in september or december of next year. first, they have to get rid of their quantitative easing program. slowly, they are reducing that. we wind up with a financial conditions continuing to tighten like they are, you wind up with a situation where the ecb cannot do anything except potentially reverse the quantitative easing program. how do you quantitatively tighten? how do you raise inter