Absolutely. Absolutely. I mean, not only a rebuke of, mark to market accounting or market value accounting, but also of just risk. I mean, this is risky, you know, on its face for the Fed. Like these securities are going to pay off. There's not credit risk to these securities that the Fed might take. But to have 0% haircuts on long-term assets to do a one-year program and basically ignore even the market value of these assets and lend against par, I mean, you could have a 30-year treasury trading at 80 cents on the dollar and get 100 cents from the Fed for it. That's new. That's different. I mean, that's a watershed. You know, in moments like this, I feel the impulse to say an unhedged, very non-nuance statement like the system is insolvent. You know, obviously the system is not insolvent, if you want to take that to the limit. But what we just seem to be doing is moving closer, more and more towards the government and the central banks taking more and more control of the financial (20/36)
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