financial markets function on a matter of confidence. And fundamentally, that is what allows markets to function because they're leveraged. No one has... We're not functioning off of a capital that is there, that is available to be pulled at any moment. And that's what a classic bank run is. But today we're talking about, I mean, the runs that we've experienced don't happen at retail banking. They happen in investment bank. They happen in derivatives markets. Right. Well, the thing with long-term capital, you mentioned, I mean, the total losses there were just under $4 billion. It was about $3.6 billion. And that's the amount that Wall Street put in to prop up the balance sheet. But that wasn't the issue. The issue wasn't, gee, would Wall Street lose $3.6 billion? That firm was on balance sheet. So on balance sheet was leveraged $20 to $1 at the beginning of the crisis. Now, toward the end of the crisis, it was leveraged $100 to $1. You hear that number a lot. But the reason it went to (24/98)
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