banks using 30 turns of lev rng. that, of course, has been reduced to a fractional level. i agree that greg makes a great point. are two things going on that bear watching number one, because of the raft of regulations imposed upon the banking system after the financial crisis, notably dodd/frank in 2010, the banking industry is largely safer today than it was then there are higher capital cushions, there are living wills. there are these stress tests intended to have banks show us how well they might fare under stressed conditions. there are all these measures a lot of risk has moved offshore, either into the hedge fund world perhaps or the shadow banking world, if you will, and other parts of the economy both here and abroad. however, not only are there other areas of focus in terms of risk and higher leverage at the moment, other than the banks, but we're also seeing a rewind or an unwind, i should say, in some cases of the very banking regulations. now, just this week, there's debate on capitol hill about this reform effort of dodd/frank and now it looks as though the house is, house leaders anyway, are dema