Peter St. Onge

I think Bank of America, one of those.

So it is no longer Wells Fargo, maybe.

At any rate, so that's what we should have done is just let them go, let the shareholders get wiped out.

Wall Street would have to cut off the mistresses and sell the yachts.

Instead, of course, what we did was I think it was $1.8 trillion, which is a lot of money back then.

Bailed them out.

Nobody went to jail.

You know, all just a misunderstanding, folks.

And then what they did after that is that like it was frustrating for Wall Street to have to actually pick up the phone and call for their bailout.

So now it's all automatic.

So we saw that in 2023 when Silicon Valley Bank collapsed and we had about a half dozen banks collapsed and nobody got bailed out because everybody was pre bailed out.

So the Fed had it was BTFP, I think they had this program where the banks could essentially declare how much they thought their assets were worth.

So they got to put a fictitious, which is fun.

Like, imagine if that's your business and you're bankrupt and, you know, the bank and you're like, no, no, listen here, here, lend me more money.

I'm going to collateralize it with my shoe, which is worth seven million dollars.

So it's really cute.

But, you

you know, 30 years of this permanent bailout machine is that wall street is massively over leveraged.

And so exactly what you're describing, the zigs and the zags are just all over the place.

And the problem is, you know, you talk to people and okay, stocks look overvalued historically, uh, AI is, you know, like.com.