I don't disagree, but: macro is a forcing function for the collapse of fraudulent schemes. If it was just a macro downturn, we would be seeing a filter between

I don't disagree, but: macro is a forcing function for the collapse of fraudulent schemes. If it was just a macro downturn, we would be seeing a filter between different firms. Instead we're seeing an implosion roughly every month, interspersed with bankruptcies and major headcount cuts.