COMMENT: Marty; I want to thank you for a great conference. It is clear you are the only true institutional adviser. Our board is very impressed. The FT reported that there is still no single factor that caused the dislocations in the repo market in mid-September. You are the only one who explains the event authoritative.
ANSWER: Nobody will talk publicly. Everyone is scared to death of starting a panic. This is the BEST kept secret I have ever seen in my career. The real test comes at year-end when banks typically step back from the repo market so that their balance sheets are smaller for December 31 regulatory calculations. We will see what really happens then on the chaos scale of 1 to 10. I find it really funny how there are articles calling it the new QE to where the Fed is clandestinely buying T-Bills through repo. This really seems to be an orchestrated effort at disinformation. It is hard to say if the people who make this up are deliberate agents of the government hired to keep people looking in the wrong direction.