Simon Jack

And a lot of people talk about it.

Now, I did an interview a couple of weeks ago with Larry Fink, who's the world's biggest money manager.

He runs BlackRock.

And he says, I see zero similarities with 2007.

Just put that on the record.

A lot of people saying there's nothing to see here.

Other people say, you know, it's not enough to bring down the financial system, but it's a risk, which is flashing on the dashboard.

Well, the credit crunch in a way sort of brought about the financial crisis because once you shut off the supply of credit, banks aren't like normal companies.

They're like the bloodstream of the economy.

They make sure that wages get paid, that companies can borrow money, that things get financed, all that kind of stuff.

So if banks get infected and sclerotic, the whole body economy sort of ceases up.

Now, the good news is, right now, is the banks, because of the lessons we learned in 2008, are much better capitalised.

They've got much more shock-absorbing capital.

It takes much more to knock them off their perch than it did today.

And private credit on its own, I don't think, would be enough.

to bring about the kind of crisis we saw back in 2008.

Well, they spent about $2 trillion on pouring money into AI.

And a lot of that has been focused on quite a few big companies.

And here's a staggering statistic.

We have this thing called the S&P 500, which is a