Yeah I didn't go into details but that's basically what I meant. Low rates are the reason we haven't had a clear-out. You need the occasional minor crisis as a

Yeah I didn't go into details but that's basically what I meant. Low rates are the reason we haven't had a clear-out. You need the occasional minor crisis as a check on crazy investments. It's also a time for your Madoffs to be revealed, rather than be given enough time to find a real business model and brush away issues. It's not even that bad if some properly well run firms are killed, if they're doing something useful they'll be reinvented.