i am steven lynch and both a bike commuter and regular muni rider so thank you for the hearing and all of the work you have been doing on this topic. it's very important work and i just wanted to echo actually some of the comments of some of the speakers who have talked so far. every time i talk to someone about the fact that i do bike to work almost everyday the main concern that they bring up is safety. their only concern is whether it's safe to ride their bikes in the city and there is a perception i think that it's not safe in san francisco if you're a biker. now there are a lot of reasons for that and lots of back and forth why the roads aren't safe for bikers, but i think we can agree there are incredible strides in the last two years and market street is a great example of the infrastructure the city has built, and i just wanted to emphasize that investments made in bicycle safety will have residual benefits for the other things and increased ridership, muni and decreasing the load during these times and increased bicycle safety and [inaudible] for the city and reduce some of th

i have a chart that comes from steven sutmyer, from merrill lynch. what the chart is showing is a five-year period of time. that's european stocks in a ratio chart versus the united states stocks. if you look at that ratio, that's starting to bottom out right now. i think that european stocks on a mean reversion basis, have a ton of ground to make up. and i think a layup trade is to be long europe and look at that row for the united states. you're talking about p.e. ratios of 11-times and 12-times earnings, versus u.s. small caps at 19 1/2. u.s. large caps at 17. this is an easy trade to make. a lot of the stuff that brian is worried about, is very well-known. very well understood. and i think the prices, the prices and the discount, relative to the u.s., are already pricing that in. i want to say one other thing. and i think this is very important people understand. european banks are going to be the tell. they're going to be the deciding sector that tells you that it's a green light for these markets. eufn is an etf to take a look at to gauge that.