Ed Elson

People got crushed.

It was just total chaos.

And everyone knows about your role in that story.

Which is an important point because that is where the mind goes to.

But it does seem, I mean, when you think about the dynamics here, if I could just try to like simplify really what's happening, it's almost like this big, a huge amount of leverage was built up on top of these software acquisitions.

And now that everyone has decided actually maybe those acquisitions weren't such a good idea, suddenly it means that the lending that was built on top of those acquisitions was an even worse idea.

Those could get totally wiped out.

And the dynamics-

Yes.

Right.

And in that dynamic, what you have is, as we've discussed here, these withdrawal requirements that are becoming more and more discussed in the news, which has the feeling of a bank run.

It's like, oh, no, I'm not so confident anymore.

I want to take my money out.

And the banks say, no, you can't take your money out, which makes people even more anxious.

They want to keep taking the money out.

which is kind of the problem.

And in the case of a regular bank, the people who are trying to take their money out are regular people.

In the case of the private credit markets, it seems that it's mostly not regular people, but also kind of regular people because, as you say, they opened it up to retail.

Yeah.

I guess the final question before I let you go here is, you know, if this occurs, if the credit cycle does occur here, how bad would it be?