but in fact the reason i think that we haven't had to eat three this year is because we got bill to yarrow and from europe from that you see the on how do we not have it all to yarrow back in december and february and then we would have had q e three i believe because that would have been necessary to push the stock market back up but a trillion new euros did that very nicely that's interesting so so go a little bit more into this because you're pointing out an issue here which is that . we or l t r o isn't necessarily about stimulating the banking sector or to lend in those respective economies the us and the e.u. but is in fact about propping up the stock market well and the whole global economy if you prop up the stock market creates the wealth effect and boost consumption and that boost the economy so yes i think these these new l.t.r. o. and q e one two and sooner or later three probably four are necessary to support the global economy i think you can say the global economy is like a big rubber raft but instead of being inflated with air it's been inflated with credit and i'm going al

. >> let's bring in, if we could, jay yarrow from "business insider." are you with us? >> give us your take on this. do you believe this decision has been made pre-ipo? >> i have no reason not to believe it. i don't think you come out and lie about something like that. if you get discovered you're lying it's terrible for you and the company so i would hope he's telling the truth in this case. >> i think both can be true. i think he could have planned it but it could have been accelerated, the decision could have been accelerated. that's all. >> jay, what do you think this means to the company, what does it mean in terms of -- what does it mean, if the decision was made in may, pre-ipo, therefore if that is true does it say anything about his view about the future prospects of the company in. >> he made an investment in 2004. what was he going to do, hold onto these forever? would you prefer he waited until the stock was at 60 and jumped? this is the problem being a public company and having been an investor early on. it's always going to look kind of bad no matter when