Increasingly, the real estate developers can't get bank loans for their project financing in China. They're now going into the Hong Kong market to raise money in the bond market at very, very high rates, as high as 15, 20 percent. ↗
I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons. ↗
The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before. ↗
And one of the things we did here was we put the maximum amount of money up front in those cities that were at the greater risk, but that doesn't mean that we keep rebuilding the same security over and over again. ↗
Nobody leaves a hotel without getting a full measure of three months of rental assistance. So no one has been evicted - no one who's eligible has been evicted from a hotel without getting a significant amount of money to find - to pay for their rent. ↗
The second thing we did was said, OK, we've now identified the risk, but what do you want to do with the money? Because it's not enough to have risk; you've got to have a meaningful use for the money we give you. ↗
