Low end bids

I have seen none. I could make he case for a 4T default over the period, but it would be punitive, taxing the folks who should have known better.

But if you look at the deviations of the ten year over the long cycle and that is mostly excess expense, because we repriced  overnight, and left the commodities distribution out of equilibrium. I am saying we paid an excess interest charge of 8T, since 1972. No one was to blame, the expense distributed across the dollar domain.

We do not need impulse responses, we need unbundled estimates from all parties, contractual incentives. Then we Wienerize it, execute a bit more commutative property as we go along. Like every other process in the world, we will squeeze it a bit, through a channel, make a hologram, with a measurable space. A very good idea.