Quick thoughts on the banks. How how

they doing these days?

>> I mean they just continue to kind of

carry the football here and it's not

just US. I mean Japanese banks even with

yen intervention and JGB yield Japanese

banks continue to lead. European banks

have been absolutely exceptional

throughout all this and

>> really

>> what I think it has told us when you go

back to earlier in the year and there

was all this concern about private

credit and

it never was a message of some systemic

threat pulsing through the banking

system. I mean public credit remains

very benign. Double B spreads I think

made new cycle lows last week. Dan

Clifton uh speaking of Dan said I think

this very astute call on that we are in

a extreme period of financial

deregulation. Um and really you can't

really shrink the balance sheet of the

Fed until you deregulate the

>> the banks

>> the banks. Uh and I think the charts

know it uh and the stocks know it and

they continue to exhibit it. The brokers

have been excellent here. We've all seen

Morgan Stanley and Goldman Sachs, but

even some of the smaller ones, they are

still leadership. And I just can't think

of too many times in my career or

historically where you're on the verge

of a big problem and every bank stock

around the world is at new highs.