It's these wholesale markets that are in place to redistribute that cash backwards needed. We have essentially, over the last year, regional banks have been drained of their cash for a variety of reasons, including their customers using it. They've been drained of their cash, but that cash doesn't disappear. It's not being hoarded by the public because it's virtual cash. It's migrating toward the bigger firms. The more interesting systemic question is, what is preventing the bigger firms who have all this cash from redistributing it back to the smaller firms? Who need it? Not only do they need it, they really need it over the last week. There are systemic issues here. I think a lot of it is about shortfalls and collateral, the inability to liquefy illiquid assets in these portfolios to make them usable in these emergency types of situations. Like Silicon Valley Bank, normally it could take a bunch of its illiquid loans, go to JPMorgan or Goldman Sachs and say, I want to borrow some (45/57)
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