left them with one or two possibilities, either defaulting because they didn't have enough funding, ortook is assets as quickly as possible which in turn spread the panic. if there's a huge sellers market for commercial real estate bonds, that's going to drive the price down very sharply and anybody else buying those bonds find their financial position being eroded and that causes pressure on them. i didn't use contagion. contagion like an illness context is the spreading of panic, the spreading of fear from one market, from one institution to another and contagion was a major problem in many financial panics but certainly in this one and that was one of the mechanisms that led the funding pressures to jump from firm to firm, and create such a broad based, broad based problem. daniel. anybody have -- [ laughter ] >> i had a question specifically about global collaboration during the financial crisis. you talked about the g7 in 2008. specifically as we saw multinational corporations begin to be on the brink of failure, what pressures came from the international community, the decision to ba