The Complexity of Collateral Squeezes

There's a ton more to it because it is so complicated. You have to think about there's so many different markets too. And the 15th was one of the most severe ones I've seen, where the three month treasury bill rate just plummeted during the middle of the day. So you're left just getting your hands on the best quality collateral that you can possibly get. It looks like one of the traditional bank run, except we're not running to the bank to convert our paper liabilities into physical cash.