Okay.
In the process of moving up the scale to preferred, your argument is that it would not harm capital formation. You then made the argument that these companies are junk bond. When the capital is being formed, when the capital is being invested, these companies are not at the junk-bond status. Nortel, at one point, was sort of like Mother Bell on the stock. So again I go back to that question, that it does seem to be counterintuitive that if in fact the whole system were changed there would be a potential drag on capital formation.
I'd be interested in your opinion on that.