The Fortress Balance Sheet

The sell off in treasuries has damaged the balance sheet because it's just been so big. If we do have a loquidity event, i think there's a high risk of going through a we're not going to see another leamin brothers. However, liquidity requires banks to expand toe to take on risks, which they don't do. The j p morgan management nd not just a yearwright. It's the entire banking, the banking, investment banking business that is still doing things in somewhat the same way as before crisis. That causes eventually colat a needs. And if some of those things start to go in the wrong direction, with te dollars screaming in value