The Long-Term Impact of the Government Spending on Commercial Lending

This year they're going to have to spend a trillion dollars on paying the coupon on that debt. Next year it's probably going to be about a trillion six. And what we may be seeing is a touch of a crowding out of commercial lending crowded out by the government. So and I think about how much they're spending, but there's two things that you have to remember about the government spend because it's not exactly, it used to be a magic wand.