Andrew Ross Sorkin

begging Roosevelt to do this.

And by the way, Carter Glass is actually unhappy about it.

I found letters where Carter Glass is like, this bill is getting taken away from me and is basically being taken over by the bankers, which is almost hilarious because Elizabeth Warren loves to cite this bill as sort of some panacea.

So I'm assuming we're in some bubble and we just don't know when it's going to pop of some sort.

And by the way, we don't know how big it's going to pop either.

It doesn't have to be 1929.

It could be 1999.

It could be 2008.

It could be smaller than that.

I don't know.

Do I think that there's leverage?

I mean, you guys talk about this AI investment phenomenon that's taking place right now.

And for the most part, the big corporations are spending real cash.

So that's not levered.

But you look at a lot of the...

real estate plays, the energy plays that sort of on the periphery of this, there's a lot of leverage there.

I think the private credit world, we don't really know where all the leverage lies right now.

Now, I don't think that any of that is as leveraged as what we were talking about, this like 10 to one situation in 1929, or even like the subprime situation in 2008.

But I don't know, at some point you start to look at some of these, like the NVIDIA OpenAI deal or the AMD deal, and there is a little bit of a circular kind of,

thing going on there for now.