Is There a Reflexivity in the Markets?

I think there really is a lot less systemic risk in the banking system because they just, you know, they're supposed to be regulated utilities doing boring stuff and taking no risk. You talk to people at work at banks and they're sort of bored and frustrated because they don't get to do fun stuff. There's a lot of local illiquidity where things just move way more than they used tobecause there's no market maker that's going to step up to take down that trade at that price. It's just going to get sprayed out into the market and the small IDBs until kind of the buy side comes out and shops and kind of stabilizes things. So it's like