Thank you, Mr. Chair. Thank you to all four economists for being with us today.
Jack Carr began by saying that professors talk in fifty-minute sound bites. I used to, but now I have seven minutes, maximum, including your answers to questions. I shall try to be succinct.
The first question is that the two-sided market idea is appealing, but I wonder in the case of credit markets, given that banks are such key players as issuers, whether that's not a little oversimplified, and that in some ways there must be three sides. This is perhaps to Professor Scholnick.