The Importance of Growth Rates

If rates don't come down and you try to replace the liabilities that you have at some place like first republic, the yield on your assets is below the yield onyour liabilities. This is the big, big part of it. The money supply contraction. I've said this before and I've said it a lot, but I don't think it's not something that maybe I've done a good job of putting in people's minds as highlighting it. So does duration; so does growth rate. And if your growth rate slows down, then what you have is a static balance sheet.