Dana El-Kurd

Yeah, but it's also, you know, pension funds.

It's like insurance companies, sovereign wealth funds, business development companies, repo markets, broker dealers, special investment vehicles, securitization vehicles, money market mutual funds, asset-backed commercial paper conduits.

I mean, the funny thing is sovereign wealth fund is like

kind of a less fake one in that it's like it's all fake hey this is like it's all fake it's the well it's like this is the kingdom of saudi arabia has pulled all of the money it's gotten from it's like horrific crimes and put them together into one giant thing and that's a sovereign wealth fund oh so it's good is what you mean

No, I am a notable.

There is, by the way, a camp of people who believe that sovereign wealth funds are like a socialist thing and that you could use them to do socialism.

I'm going to jump out the window.

I think this is so stupid.

Yeah, this is we haven't even gotten into the nightmare stuff.

So remember I was talking about the Financial Stability Board definition in that congressional report, right?

Where it's like, OK, this is a bank that does non-banking stuff or a non-bank that does banking stuff.

Sorry.

Yeah, that's amazingly... This is so convoluted.

We're not even going to get to that this week.

Yeah, that's why.

Right, there was like a mini bank run going on with these shadow banks.

No, it's not banks.

Yeah.

So we're going to get into how that can happen and why.

But before we get there, we need to talk about...