Ray Dalio

A lot of them are not.

Those who bought the debt and have too much debt and have debt losses are

on government debt are not going to buy more of that debt, for example.

And therefore, when the government sells more of the debt, there's not going to be an adequate number of buyers for that debt.

You know that those who are hurting because they have those losses won't make loans.

And a lot of those loans went to real estate, particularly commercial real estate.

and you know that for various reasons in commercial real estate that you're um we don't use it the same way and so on so you're going to have problems in commercial real estate you know that this kind of money was also fine financing

venture capital and private equity entities that also have cash flow problems, challenges.

And so you know that that funding is not going to be there in the same way.

you know as a result of these things that a number of entities will cut costs and in their various ways and so depending on the on that the job market is changing and you know you see it for example in tech jobs and and other you know if you're in some of those areas that are getting squeezed

And you see the same thing, by and large, happening internationally.

So you can see also that if you said, what is the value of those assets that are being held, that that value has gone down a lot.

And because it was bought on leverage, as you described, because it is bought on leverage, there are bad losses in different places.

And then the question is, what are you going to do with those losses?

In most cases, quite often, don't mark them to the market.

meaning don't account for them and recognize those losses, which is kind of, let's say, hiding those losses and hoping in time that they'll just over time, you know, it'll be fine.

But that'll produce a squeeze.

That'll produce a problem.

So I think we know those things.

We know those things.