Steve Eisman

Well, it's retail.

It's people with 401ks.

It's people with brokerage accounts.

It's not...

I would say it's not lower middle class people.

Right.

It's people with money who are upset that they can't get their money back.

I'd be upset too.

That's actually a very, very important question to address.

Yeah.

What made 2008 as calamitous as it was was that not only was there a recession, but there was an actual fear that the entire banking system was going to collapse.

And then when the banking system collapses, that means if you go to the bank, you can't get your money.

That's planet Earth burn situation.

And that's why the government had to step in.

Since the financial crisis, I think the Federal Reserve –

which is the chief bank regulator of the United States now, that was what happened there from Dodd-Frank, has done a very, very, very good job recapitalizing the banking system and reducing its risks.

Not that it has no risks.

This industry does make loans to these private credit funds.

But I would categorically state that the U.S.

banking system is better capitalized than it has ever been