sridhar: you got me there. tom: does michael barr know? sridhar: i am sure he does.king is important. this is not about selling securities at a loss. it is about earnings potential. when they come out and say things like we will have no losses relies on these securities, that is eating less. is that that was lower? sridhar: you have $500 billion securities portfolio and you are earning 2.5% instead of 4%, that is the $10 million earnings difference. that adds up. it matters. that is the reason the stock is down 20% this year, was down even more last year. lisa: when it comes to earnings potential, we are not talking about extending loans for mortgages. they've gotten out of the game pretty much. how much is this somebody being able to capture the differential to current market yields unsafe loans to high income people persist the beta of what you have to pay depositors, which is basically nothing? sridhar: if they were down 8% and we are talking about how they get to being flat, the latter is what we are talking about. the reason they are down 20% is largely down to

sridhar: it certainly feels that way.ea that it takes about two or three years for rates to work their way through the real economy. the rate hike cycle started in marc in their segment, they are not necessarily seeing the signs of stress is the use 250 years ago, but there's undoubtedly stress developing in the consumer economy, loans, lending, and that lunch? >> they want to go out and find the right opportunitishops and y to grab a share of the market and they will be successful because they have a lot of capital to put to work and time on their side. >> 1987. i was instructed on what portfolio insurance was. it was an ugly afternoon. i remember people literally in tears on the trading floor. there's a shadow out there that we don't see coming. i don't meanas what's visible i, which is activity is not picking up. the big ballast for the consumer banks is their investment bank and we are not seeing a lot of activity there. everyone is seeing -- saying uncertain for the consumer economy. all i am saying is, when you don'