erica: i'm here with steven tananbaum. i want to begin our conversation by dispensing with the myths we're going to talk about liquidity. is there liquidity problem in the corporate bond market? from the perspective dealers, liquidity is different because there are fewer dealers. and their ability -- erik: you were talking about banks. steve: they have less of an for -- if i had 100 million charter bonds, they might have bid for half of them were all of them for five years ago. -- now, they are building bidding for what. they can trade property. the balance sheets are smaller. they've shrunk the balance sheets, so what does that mean for liquidity? that there ismean more liquidity. that's what you hear. but the reality is different. if you look at the number of and buyers, there are many more and buyers today the weather was for five years ago. and they have a lot more money. if the distribution mechanism. on may not be able to get the wire, it may take an hour or three hours or a day to move 100 million in a liquid mean.

erica: i'm here with steven tananbaum.