stephen macklow-smith, still with us.ing here in europe and watching a man going into a role that could halt the advance of financial regulation. how do we in europe read that? will the gap widen in how banks are regulated in the u.s. and how they are regulated here? >> it is really difficult to know. that's always been framed from the point of view. what impact it would have over here is limited. in europe, we have a different regulatory track. i think increasing the robustness of the financial sector in the eurozone has been a priority. to be honest, there is every sign that it is working. the flow of credit seems to be improving. the issues with italian banking seem to be on their way to being sorted out. santander was prepared to purchase populare. guy: we will come back. tom: we have a lot to talk about, particularly about equities. coming up, on bloomberg television and bloomberg radio, he is the u.s. secretary for veterans affairs. that is in the 7:00 hour. with london and new york, it was outstanding. ♪ guy: guy j