>> this is about as unlevered as we have seen that community. to a certain extent, it's a very tricky market to be an investor in because not only is there no real identifiable trend yet, we have on the positive side, the propellant of the u.s. economy which could really start to move forward. and on the other side, we have fundamentally structural challenges in europe that could really kick off another credit crisis. >> i have to ask you about the regulatory environment. you have to wonder if the regulators understand what they're doing to shareholder value and the investor class when they stop you from buying back more stock, when they get in the way of dividend announcements. how shackled do you feel in terms of the regulatory environment? >> that's a tough question. you know, a lot had to change in the financial markets. we needed -- and we need a financial system which is much safer, much sounder, obviously, than what we had going into 2008. a lot of what has been done as a regulatory matter we applaud, we support and we think is important

>> this is about as unlevered as we have seen that community. to a certain extent, it's a very tricky market to be an investor in because not only is there no real identifiable trend yet, we have on the positive side, the propellant of the u.s. economy which could really start to move foard. and on the other side, whave fundamentally structural challengesn europe that could really kick off another credit crisis. >> i have to ask you about the regulatory environment. you have to wonder if the regulators understand what they're doing to shareholder value and the investor class when they stop you from buying back more stock, when they get in the way of dividend announcements. how shackled do you feel in terms of the regulatory environment? >> that's a tough quesestion. you know, a lot had to change in the financial markets. we needed -- and we need a financial system which is much safer, much sounder, obviously, than what we had going into 2008. a lot of what has been done as a regulatory matter we applaud, we support and we think is important for