Simon Belanger

And

You've got a lot of progressive tax policy that's been trying to reduce costs there as well.

So I think it's funny.

It's basically what we said is going to happen.

Is that, was that in the summary note or?

Oh yeah.

Yeah.

Yeah.

Yeah.

It's funny because, you know, they like,

We bank like loan loss provisions are increasing yet.

They're saying, yeah, you can take on more risk.

Is that like kind of what's happening right now?

Well, it is.

I would say, again, if banks are needing to de-risk their books, allowing them to get to a higher leverage position to... I mean, the only argument you could make is that credit has vintages, right?

So the risk that's on their books is of an older vintage credit.

We know that your mortgages that are going to... And I really only pay attention to mortgages and a couple of the types of consumer credit that precede them.

So auto loans and credit cards, let's say, but...

On your mortgage vintages, your mortgages that are going delinquent the fastest are 21, 22, 23, 24.

And so you could say, oh, well, they're shoring up loan loss provisions for those and to try and make room for them to create more credit in this new credit environment.