No, I don't believe it would have. If there was no tax being.... If there's really a way to study the issue and put a moratorium on these trusts, if there's a way to study the issue without immediately introducing the 31.5% tax, if that's the best way to go, then no, it wouldn't have been as damaging. People would have been nervous and there would have been some sell-off, but in my view it wouldn't have been anywhere near what we saw on November 1.
On February 1st, 2007. See this statement in context.