00:00I'm less concerned about credit right now in terms of the private credit markets because the private lenders actually are very good.
00:09The banks have been very good. J.P. Morgan, especially Bank of America, well-run, well-capitalized banks.
00:14And private credit is different than credit from banks because if it does go bad, you only write off the equity from people who put the equity in.
00:22It doesn't have a systemic multiplier effect.
00:24So I'm less concerned about private credit.
00:26What I'm more concerned about is the size of the national debt.
00:30And how much interest we're spending on the national debt.
00:32It's really interesting.
00:34If you go back to when I got out of business school, there was a huge Sturman drawing about the national debt passing $1 trillion.
00:41That's in 1982.
00:42So it took 250 years to have $1 trillion of national debt.
00:47In the last 40 years, we now have $37 trillion, which is more than the GDP.
00:54The GDP is about $30 trillion.
00:55So that concerns me more in terms of the impact on the dollar.
00:59Interest rates are interest from the government now is one of the highest expenditures.
01:03It's right up there with defense and health care.
01:05So that concerns me more than private credit.
01:09If you haven't gathered here with us, we are in Chicago Bismarck.
01:11Good luck along the street.
01:11Then we are on the left side of the world as well.
01:14There's a long way until maximum a total is decreased.
01:14We THRELL G
01:20were around him every one of the hand or goal champs, which is the massive price.
01:24I'm really caring for張ogram .
01:25So now we have two goals of the moon to cheer him.
01:26That's the order for our players to encourage the craft.
Be the first to comment