The Rollover of Debt

For every one dollar that's raised in new financing today seven dollars are used in terms or flow in terms of refinancing. The debt mountain is so huge it needs to be refinanced and you need balance sheet capacity to do that. Think of it as a homeowner or a mortgage okay if you come to the end of your mortgage term and you can't pay back the loan you want to roll it on or roll it forwardyou need somebody to roll the debt. And then the third area which we can discuss later is the Chinese challenge to the US system which is out there and coming but it's probably coming at a slow but determined pace.