Can't Buy Toilet Paper?

Last week, banks actually would not quote us caps at times. They just said we're out of the cap business right now. So they're going to hang on to that. And so it leads to vol hoarding, basically. This reminded me of 2020 because there was a time when you couldn't get toilet paper. If they had the all, they weren't selling it at any price. That just meant cap liquidity dried up completely.