about financial conditions. They're able and willing, but they're not lending. So why is that? That must be a demand issue. People don't want to borrow. And we know that to be true because housing activity is slow, mortgage refinancings are non-existent, relocations are being impacted by homeowners who have low mortgages, unwilling to pass up and to move. And job activity is mostly stable. There still are trends in the economy in terms of where people want to live that's having some impact. But corporations don't need to borrow. The biggest corporations in particular are flush with money. They don't know what to do with the money, so they're not borrowing. And small businesses, they're struggling. We do have a K-shaped economy going on, so there's always some that are struggling and have too much debt. But by and large, there's no demand for borrowing and there's plenty of supply. And you see that with credit spreads. Credit spreads have been going in one direction and that indicates (12/40)
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