The Real Estate Market Is Going to Be Illiquid

The only answer here, the only answer that they have is to massively cut rates, and I think 300 basis points plus, and also undertake QE. These small to regional banks will never recover regardless because they've got too much commercial real estate. The short term issue needs to get solved by cutting rates really fast, not backstopping deposits doesn't help. And then we've got the bigger problem is what the hell do you do with all this junk on their balance sheets? And we know the answer. It was invented in 2008. We actually came out of Japan beforehand is the central bank will put it on their balance sheet in the end.