We've gone from boom to bust. I hope we're not going too much further than this. But we fully expect to see that as revenues slow up for there to be job cuts.

Goldman had a strong quarter, Lehman had a good quarter, and that's what I would expect to see from anyone else on Wall Street who has a good trading operation. I expect to see Morgan Stanley do well, as well.

It was a very strong quarter for Goldman, which was what I had expected. Their equity trading is what really carried the day, as I suspect it did for many Wall Street firms with good trading floors.

In fact, if you tie in the year 2000 issue , you may actually see an acceleration in the process.

I think we're approaching a point where size is really important. Critical mass is important, and if you can't find a merger partner to get that critical size you're likely to go yourself.

It's brutal. If the work has to be done, I just hope they get it done as quickly as possible.