Is This Really a Crisis?

I don't consider a stock market going down potentially 40% a crisis. It can feel like a, you know, depression, but I don't call it a crisis. And this time around just to bring it back here for a minute before I go back, we don't have that this time. The Fed is actually pulling liquidity on a sustainable basis for the first time and raising rates in combination. This is like a truly, a true big unwind from 9 trillion. Now you're going to see a little bit of all of that come back to us. There's nowhere to hide.

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