Tim Stenovec

But if there's a accurate piece of information, that's not good.

But by the way, there is a lot of debt in the crypto market.

Well, look, the private credit business has always concerned me because of the transparency of it, or frankly, lack of transparency.

I think if you were to talk to Jay Powell, he would tell you that even the Federal Reserve doesn't have a full grasp of how interlinked all of the debt and credit is in the private credit market.

Having said that,

depending on what numbers you're looking at, you could argue it's only $2 trillion.

$2 trillion is a lot of money, but it's not the entire market.

So I don't know if it's systemic.

By the way, I might worry more today about short-term treasuries.

I mean, by the way, we, the United States, have been trying to sell short-term treasuries like crazy because we think that we can get a cheaper rate that way.

That's also a much more complicated place to be if, in fact, you actually have to pay it back more quickly.

I don't know if it's greedier today.

And it's greed bad, necessarily.

I think the lesson for me of writing this book in some ways was that, they didn't use the phrase back then, but this idea of FOMO.

Which, by the way, is driven in part by this phone and TikTok and people seeing all sorts of things.

And by the way, I think makes inequality actually.

I don't know if it makes it worse, but the perception of it and just the visibility of it.

Right.

But I do think the sort of FOMO, greed, envy, I think that is what's driven people.

for, you know, the test of time.