renegotiate the terms of the deal when everyone realize all these aaa ratings weren't worth anything. all of a sudden the markets froze up. the fact that all these banks are doing all their payroll and everything else based on short-term lending is a terrible model. that is the reason that everything fell so hard and so fast. >> this is what banks do, they put the short-term money to work. >> the repo market. >> they put the -- >> bill, bill, bill, i want you to respond to this sort of, the degree to which we can sort of untether what happened in the crisis from the run to the ball. i think the most, in some sense, novel and provocative thesis in your book is precisely that. distinguishing the real estate market and the way the credit mark ats look and the mortgage bubble and all those things in the run up to the crisis from the krisitousself and you detaching those two things. >> the run up before the crisis looks a lot like the rest of the world. >> bill, i want you to respond