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The Rise of Leveraged Loans and the Rise of CLOs
The rise of CLOs and the ability to take these loans and chop them up into thousands and thousands of pieces that are sold to other investors if that starts to make it less effective as a means of not lending because you've broadened the investor base so much beyond those original banks. Chris James he was very clear saying that he sees that as a net negative based on the idea that this necessarily is a substitute to other activities I think I stick to my analogy of the old Marxists that were waiting for the revolution that they wanted things to get worse so that they will get better soon but whatever that's a little bit beside our topic just might be interesting nice an interesting question.