The Meltdown, explained

[iamwhatiseem]

The hows and why are important.
But pale in comparison to the importance of knowing...... .......... ......... WHO.

And WHO.... includes the Federal Reserve, and two White House administrations as well as many members of both sides in the legislative branch.
Enter... Robert Rubin, Larry Summers and Alan Greenspan. You just can't get more corrupt than these individuals in high level positions throughout the entire history of America.
Yet.
Few people have ever heard of two the the three of those names. Why is that?
And just how the fuck did one of them sit in TWO economic advisory chairs in the Obama administration, and even more so - WTF was Obama thinking when he wanted to me Summers Secy Treasury AFTER 2008???
Now, I am not saying Obama to make it look like he is more guilty. He wasn't. But he was NOT clean either. In fact, he was more than happy to not only continue the kind of activity that lead to 2008... but double down by literally handing Wall Street firms taxpayer dollars for absolutely free. And even toyed with the idea of PAYING then to take more tax payer dollars.

 

[Dragonlady]

Starting a thread here for future reference.

I've noticed, painfully, that there are many who don't really have a good idea of the mechanics of the Meltdown. Granted, it's fairly complicated and takes some time and effort to wade through and digest. I'm in the freakin' industry, and it took me some time to make some sense of it all.

But if you're actually interested in the bits & pieces, I've assembled a few tidbits here. None of them are long, and by the time you get through them, you'll have a much better idea of what happened and what we have to guard against going forward. Here we go:

Videos
This leaves out a lot of important detail, but it's a good start to understand the basics.
(11:10)

I loved the movie "The Big Short", but it's very dense with the information and I'm pretty sure it lost a lot of viewers along the way. But THIS is an EXCELLENT and quick description of the Meltdown, maybe the best SHORT (9:29) description I've seen.


Yes, writer Matt Taibbi is a lefty, but this appearance on the Joe Rogan (definitely NOT a lefty) show is an excellent overview and conversation at a very basic and understandable level.


Movies
The Big Short (Much more understandable if you watch those videos first)
Meltdown - The Men Who Crashed the World (Available on YouTube)
Global Financial Meltdown - (Available on YouTube)
Too Big to Fail (Flawed, but covers the government's reaction to the crash pretty well)
Inside Job (Excellent, if dry, roadmap of the mess)

There ya go. Get through this stuff and you'll have a great understanding of what happened.
...

So you are saying that we should watch the liberal propaganda and not use our own brains to understand why the 2007 Fannie Mae, Freddie Mac debacle happened?

Here is some information that never gets talked about. The 2004 committee warned that there was a problem, but the 3 asshole liberals who kept the bullshit going right up to 2007. You can thank Chris Dodd, Barney Frank, and ugly Maxine Waters....

Except that Republicans controlled Congress up until January of 2007, so the idea that it’s all the Democrats’ fault just doesn’t hold water.

Please note that Fannie and Freddy were very late to the subprime party. In fact, the chief complaint was that these two very regulated entities couldn’t compete with other lenders so the Republicans relaxed the restrictions.

W was obsessed with decline home ownership numbers and pushed Fannie and Freddie to get into the market.

Republicans own this crash and the damage that it did like no other. Just as Trump will own the coming crash.

 

[iamwhatiseem]

Starting a thread here for future reference.

I've noticed, painfully, that there are many who don't really have a good idea of the mechanics of the Meltdown. Granted, it's fairly complicated and takes some time and effort to wade through and digest. I'm in the freakin' industry, and it took me some time to make some sense of it all.

But if you're actually interested in the bits & pieces, I've assembled a few tidbits here. None of them are long, and by the time you get through them, you'll have a much better idea of what happened and what we have to guard against going forward. Here we go:

Videos
This leaves out a lot of important detail, but it's a good start to understand the basics.
(11:10)

I loved the movie "The Big Short", but it's very dense with the information and I'm pretty sure it lost a lot of viewers along the way. But THIS is an EXCELLENT and quick description of the Meltdown, maybe the best SHORT (9:29) description I've seen.


Yes, writer Matt Taibbi is a lefty, but this appearance on the Joe Rogan (definitely NOT a lefty) show is an excellent overview and conversation at a very basic and understandable level.


Movies
The Big Short (Much more understandable if you watch those videos first)
Meltdown - The Men Who Crashed the World (Available on YouTube)
Global Financial Meltdown - (Available on YouTube)
Too Big to Fail (Flawed, but covers the government's reaction to the crash pretty well)
Inside Job (Excellent, if dry, roadmap of the mess)

There ya go. Get through this stuff and you'll have a great understanding of what happened.
...

So you are saying that we should watch the liberal propaganda and not use our own brains to understand why the 2007 Fannie Mae, Freddie Mac debacle happened?

Here is some information that never gets talked about. The 2004 committee warned that there was a problem, but the 3 asshole liberals who kept the bullshit going right up to 2007. You can thank Chris Dodd, Barney Frank, and ugly Maxine Waters....

Except that Republicans controlled Congress up until January of 2007, so the idea that it’s all the Democrats’ fault just doesn’t hold water.

Please note that Fannie and Freddy were very late to the subprime party. In fact, the chief complaint was that these two very regulated entities couldn’t compete with other lenders so the Republicans relaxed the restrictions.

W was obsessed with decline home ownership numbers and pushed Fannie and Freddie to get into the market.

Republicans own this crash and the damage that it did like no other. Just as Trump will own the coming crash.

And you can see right here the kind of misinformation, distorted-half blind beliefs that people have.
Here is a person on the left swearing it is the Republicans fault, and believes it.
And with equal misinformation a Republican will show how it was Clinton and the Democrats... and believe it.
Neither one is willing to accept the fact THEIR side is no cleaner than the other.
And THAT is why the very kinds of activities that made 2008 occur are not only still happening,,, but even more so.
But by all means lets point fingers back and forth because that is working so well.

 

[georgephillip]

Taibbi's revelation he knew nothing about finance before beginning his Rolling Stone assignment was eye-opening, for me. As was the advice he received that helped him begin his awakening: think of the Great Recession as a crime tale and not a financial fable.

Yeah, I had the same reaction.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

Greenspan turned a blind eye, and so did everyone else. The result couldn't have been a surprise.
.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

There's a good example of that reality in the news right now, namely the WeWork IPO that AOC spotlighted last week:

Alexandria Ocasio-Cortez on WeWork IPO: “You’re Getting Fleeced”

"As the WeWork IPO train wreck plays out in the media, showing how two of the most sophisticated banks on Wall Street, JPMorgan Chase and Goldman Sachs, were set to bring this 9-year old office rental company to the public markets via an IPO, despite outrageous conflicts of interest by WeWork’s founder and CEO and a proposed valuation that turns out to have been off the mark by tens of billions of dollars, it was certain that someone was going to bring up WeWork at this hearing.

"That person was Congresswoman Alexandria Ocasio-Cortez of New York.

"Ocasio-Cortez asked Duke University Law Professor Elisabeth de Fontenay, one of the witnesses who testified yesterday, about the kinds of protections retail investors would have if private equity markets were broadened to include retail investors.

"Professor de Fontenay explained that the small investor would rarely have access to audited financial statements, no ability to accurately assess the valuation of the company, and no information on any criminal investigations taking place – all of which is available for a publicly listed company."

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.
.

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.

There are also some good reasons to be suspicious of the systems those who are pushing IPOs function within. US culture is highly individualistic. We tend to regard sociopathy as a psychological malfunction instead of a societal norm:

Charles Derber on Our Sociopathic Society - Corporate Crime Reporter

"Sociopathic individuals in the United States are often successful and well adjusted.

"Most of them are sane and well educated.

"They are more likely to be conforming to the values and rules of conduct of a society than violating them.

"The reason?

"It is the society, it’s rules and values, that are sociopathic.

"So says Charles Derber in his book — Sociopathic Society: A People’s Sociology of the United States (Paradigm Publishers, 2013)."

 

[Mac1958]

Taibbi's revelation he knew nothing about finance before beginning his Rolling Stone assignment was eye-opening, for me. As was the advice he received that helped him begin his awakening: think of the Great Recession as a crime tale and not a financial fable.

Yeah, I had the same reaction.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

Greenspan turned a blind eye, and so did everyone else. The result couldn't have been a surprise.
.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

There's a good example of that reality in the news right now, namely the WeWork IPO that AOC spotlighted last week:

Alexandria Ocasio-Cortez on WeWork IPO: “You’re Getting Fleeced”

"As the WeWork IPO train wreck plays out in the media, showing how two of the most sophisticated banks on Wall Street, JPMorgan Chase and Goldman Sachs, were set to bring this 9-year old office rental company to the public markets via an IPO, despite outrageous conflicts of interest by WeWork’s founder and CEO and a proposed valuation that turns out to have been off the mark by tens of billions of dollars, it was certain that someone was going to bring up WeWork at this hearing.

"That person was Congresswoman Alexandria Ocasio-Cortez of New York.

"Ocasio-Cortez asked Duke University Law Professor Elisabeth de Fontenay, one of the witnesses who testified yesterday, about the kinds of protections retail investors would have if private equity markets were broadened to include retail investors.

"Professor de Fontenay explained that the small investor would rarely have access to audited financial statements, no ability to accurately assess the valuation of the company, and no information on any criminal investigations taking place – all of which is available for a publicly listed company."

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.
.

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.

There are also some good reasons to be suspicious of the systems those who are pushing IPOs function within. US culture is highly individualistic. We tend to regard sociopathy as a psychological malfunction instead of a societal norm:

Charles Derber on Our Sociopathic Society - Corporate Crime Reporter

"Sociopathic individuals in the United States are often successful and well adjusted.

"Most of them are sane and well educated.

"They are more likely to be conforming to the values and rules of conduct of a society than violating them.

"The reason?

"It is the society, it’s rules and values, that are sociopathic.

"So says Charles Derber in his book — Sociopathic Society: A People’s Sociology of the United States (Paradigm Publishers, 2013)."

Combine (1) sociopathic impulses with (2) an industry that attracts many who want to make big money and (3) a lax regulatory environment, you're asking for trouble. As we've seen.
.

 

[georgephillip]

The hows and why are important.
But pale in comparison to the importance of knowing...... .......... ......... WHO.

And WHO.... includes the Federal Reserve, and two White House administrations as well as many members of both sides in the legislative branch.
Enter... Robert Rubin, Larry Summers and Alan Greenspan. You just can't get more corrupt than these individuals in high level positions throughout the entire history of America.
Yet.
Few people have ever heard of two the the three of those names. Why is that?
And just how the fuck did one of them sit in TWO economic advisory chairs in the Obama administration, and even more so - WTF was Obama thinking when he wanted to me Summers Secy Treasury AFTER 2008???
Now, I am not saying Obama to make it look like he is more guilty. He wasn't. But he was NOT clean either. In fact, he was more than happy to not only continue the kind of activity that lead to 2008... but double down by literally handing Wall Street firms taxpayer dollars for absolutely free. And even toyed with the idea of PAYING then to take more tax payer dollars.

Now, I am not saying Obama to make it look like he is more guilty. He wasn't. But he was NOT clean either. In fact, he was more than happy to not only continue the kind of activity that lead to 2008.

Imho, Obama showed his true colors when his campaign accepted $900,000 from Goldman Sachs in 2008, and when his picked a Wall Street lawyer for his first Attorney General. Both Obama and Holder are proud members of the establishment and the latter is floating a trial balloon for a post-POTUS Trump:

Eric Holder warns of national fallout to post-presidency Trump prosecution

"Former Attorney General Eric Holder on Saturday warned that the U.S. could face repercussions if President Trump is prosecuted following his presidency for allegedly violating campaign finance laws."

Donald Trump is living proof of the inherent corruption of capitalism, imho.

 

[iamwhatiseem]

Taibbi's revelation he knew nothing about finance before beginning his Rolling Stone assignment was eye-opening, for me. As was the advice he received that helped him begin his awakening: think of the Great Recession as a crime tale and not a financial fable.

Yeah, I had the same reaction.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

Greenspan turned a blind eye, and so did everyone else. The result couldn't have been a surprise.
.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

There's a good example of that reality in the news right now, namely the WeWork IPO that AOC spotlighted last week:

Alexandria Ocasio-Cortez on WeWork IPO: “You’re Getting Fleeced”

"As the WeWork IPO train wreck plays out in the media, showing how two of the most sophisticated banks on Wall Street, JPMorgan Chase and Goldman Sachs, were set to bring this 9-year old office rental company to the public markets via an IPO, despite outrageous conflicts of interest by WeWork’s founder and CEO and a proposed valuation that turns out to have been off the mark by tens of billions of dollars, it was certain that someone was going to bring up WeWork at this hearing.

"That person was Congresswoman Alexandria Ocasio-Cortez of New York.

"Ocasio-Cortez asked Duke University Law Professor Elisabeth de Fontenay, one of the witnesses who testified yesterday, about the kinds of protections retail investors would have if private equity markets were broadened to include retail investors.

"Professor de Fontenay explained that the small investor would rarely have access to audited financial statements, no ability to accurately assess the valuation of the company, and no information on any criminal investigations taking place – all of which is available for a publicly listed company."

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.
.

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.

There are also some good reasons to be suspicious of the systems those who are pushing IPOs function within. US culture is highly individualistic. We tend to regard sociopathy as a psychological malfunction instead of a societal norm:

Charles Derber on Our Sociopathic Society - Corporate Crime Reporter

"Sociopathic individuals in the United States are often successful and well adjusted.

"Most of them are sane and well educated.

"They are more likely to be conforming to the values and rules of conduct of a society than violating them.

"The reason?

"It is the society, it’s rules and values, that are sociopathic.

"So says Charles Derber in his book — Sociopathic Society: A People’s Sociology of the United States (Paradigm Publishers, 2013)."

Combine (1) sociopathic impulses with (2) an industry that attracts many who want to make big money and (3) a lax regulatory environment, you're asking for trouble. As we've seen.
.

I realize you are generalizing with that statement, but fewer regulations is only half the problem. The other half is corrupt regulations that actually CREATE the problem, or make it easier to corrupt the system. I mentioned Larry Summers... if you know as much as you say (not saying you don't) than you are familiar with what he had written concerning the derivative markets.

 

[Mac1958]

Yeah, I had the same reaction.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

Greenspan turned a blind eye, and so did everyone else. The result couldn't have been a surprise.
.

One of the many things the "government is the problem" psuedo-libertarians have to ignore is human nature. When you just sit back and allow our incredibly complex financial system to be manipulated like that, it's going to be manipulated like that.

They don't/won't understand that efficient regulation is not a bane to capitalism; it's a critical component of capitalism.

There's a good example of that reality in the news right now, namely the WeWork IPO that AOC spotlighted last week:

Alexandria Ocasio-Cortez on WeWork IPO: “You’re Getting Fleeced”

"As the WeWork IPO train wreck plays out in the media, showing how two of the most sophisticated banks on Wall Street, JPMorgan Chase and Goldman Sachs, were set to bring this 9-year old office rental company to the public markets via an IPO, despite outrageous conflicts of interest by WeWork’s founder and CEO and a proposed valuation that turns out to have been off the mark by tens of billions of dollars, it was certain that someone was going to bring up WeWork at this hearing.

"That person was Congresswoman Alexandria Ocasio-Cortez of New York.

"Ocasio-Cortez asked Duke University Law Professor Elisabeth de Fontenay, one of the witnesses who testified yesterday, about the kinds of protections retail investors would have if private equity markets were broadened to include retail investors.

"Professor de Fontenay explained that the small investor would rarely have access to audited financial statements, no ability to accurately assess the valuation of the company, and no information on any criminal investigations taking place – all of which is available for a publicly listed company."

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.
.

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.

There are also some good reasons to be suspicious of the systems those who are pushing IPOs function within. US culture is highly individualistic. We tend to regard sociopathy as a psychological malfunction instead of a societal norm:

Charles Derber on Our Sociopathic Society - Corporate Crime Reporter

"Sociopathic individuals in the United States are often successful and well adjusted.

"Most of them are sane and well educated.

"They are more likely to be conforming to the values and rules of conduct of a society than violating them.

"The reason?

"It is the society, it’s rules and values, that are sociopathic.

"So says Charles Derber in his book — Sociopathic Society: A People’s Sociology of the United States (Paradigm Publishers, 2013)."

Combine (1) sociopathic impulses with (2) an industry that attracts many who want to make big money and (3) a lax regulatory environment, you're asking for trouble. As we've seen.
.

I realize you are generalizing with that statement, but fewer regulations is only half the problem. The other half is corrupt regulations that actually CREATE the problem, or make it easier to corrupt the system. I mentioned Larry Summers... if you know as much as you say (not saying you don't) than you are familiar with what he had written concerning the derivative markets.

Summers & Robert Rubin conned Clinton into signing the repeal of Glass Steagall. That's on Clinton, and it's one of the key components of this, early on.

Summers and Greenspan were always known as The Smartest Guys in the Room. Maybe not so much.
.

 

[iamwhatiseem]

There's a good example of that reality in the news right now, namely the WeWork IPO that AOC spotlighted last week:

Alexandria Ocasio-Cortez on WeWork IPO: “You’re Getting Fleeced”

"As the WeWork IPO train wreck plays out in the media, showing how two of the most sophisticated banks on Wall Street, JPMorgan Chase and Goldman Sachs, were set to bring this 9-year old office rental company to the public markets via an IPO, despite outrageous conflicts of interest by WeWork’s founder and CEO and a proposed valuation that turns out to have been off the mark by tens of billions of dollars, it was certain that someone was going to bring up WeWork at this hearing.

"That person was Congresswoman Alexandria Ocasio-Cortez of New York.

"Ocasio-Cortez asked Duke University Law Professor Elisabeth de Fontenay, one of the witnesses who testified yesterday, about the kinds of protections retail investors would have if private equity markets were broadened to include retail investors.

"Professor de Fontenay explained that the small investor would rarely have access to audited financial statements, no ability to accurately assess the valuation of the company, and no information on any criminal investigations taking place – all of which is available for a publicly listed company."

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.
.

Yeah, there's no reason to invest in an opaque security nowadays.

There's also no reason to trust those who are pushing them, either.

There are also some good reasons to be suspicious of the systems those who are pushing IPOs function within. US culture is highly individualistic. We tend to regard sociopathy as a psychological malfunction instead of a societal norm:

Charles Derber on Our Sociopathic Society - Corporate Crime Reporter

"Sociopathic individuals in the United States are often successful and well adjusted.

"Most of them are sane and well educated.

"They are more likely to be conforming to the values and rules of conduct of a society than violating them.

"The reason?

"It is the society, it’s rules and values, that are sociopathic.

"So says Charles Derber in his book — Sociopathic Society: A People’s Sociology of the United States (Paradigm Publishers, 2013)."

Combine (1) sociopathic impulses with (2) an industry that attracts many who want to make big money and (3) a lax regulatory environment, you're asking for trouble. As we've seen.
.

I realize you are generalizing with that statement, but fewer regulations is only half the problem. The other half is corrupt regulations that actually CREATE the problem, or make it easier to corrupt the system. I mentioned Larry Summers... if you know as much as you say (not saying you don't) than you are familiar with what he had written concerning the derivative markets.

Summers & Robert Rubin conned Clinton into signing the repeal of Glass Steagall. That's on Clinton, and it's one of the key components of this, early on.

Summers and Greenspan were always known as The Smartest Guys in the Room. Maybe not so much.
.

Oh they were quite brilliant. It is just that their goals are not what ours are. Their goal was to extract as much money as possible from individual Americans little by little if only cents at a time...and congregate that into the hands of just a few thousand people. Those few thousand people are going to be exceedingly wealthy.
And THAT is the motive for over 20 years of the the Federal government and the financial markets. And STILL IS TODAY.
It was Greenspan who said, in a congressional hearing, "the full potential of the average consumer has not been realized" when speaking about 401ks in the 1980's. I remember hearing that sentence. And I noted it because I was trying to figure out what does he mean by that? Years later when I learned about mortgage backed securities, the hard core push for placing credit cards into the hands of every American etc. It was then I realized what he meant. And that is this... the federal government through taxation, one little dollar at a time, collects almost $4 trillion a year, if we can use those same methods, if only 2% as much money than we can still collect $20,000,000,000 a year into the markets.
That is not a quote, but the matrix of their madness.

 

[Toddsterpatriot]

When Louis Ranieri, a bond trader for Salomon Brothers, created them and was able to skirt regulation on them.

What regulation did he skirt?

NONE. THAT'S THE POINT. Solomon was able to create and sell these things without the SEC or FINRA giving their blessing. They went straight from the mortgage desk into shit securities. Do you understand?

He could sell them in states where they were legal. No skirting needed. You understand that?

Feel free to post the portion of Glass-Steagall that prevented crappy mortgages from being written or sold.

There WAS none. This is about SECURITIZED mortgages, not mortgages. Those are TWO DIFFERENT THINGS. Didn't you know that???

Banks could still write bad mortgages under Glass-Steagall. Banks could still sell crappy mortgages to other entities that could securitize them, under Glass-Steagall. You knew that, right?

Or the portion of Glass-Steagall that applied to AIG.

These kinds of swaps didn't exist when GS was written.

And Glass-Steagall didn't apply to AIG. You knew that, right?

When you sell a synthetic, by definition you're "betting against it".

No, it's not.

How long have you been in the business?
If I sell you a put, I'm betting against the put.
You hope the stock goes down, I hope it goes up. DURR

If I sell you a CDS on some Amex bonds, you hope Amex defaults on the bonds, I hope they pay them off.
If I sell you a CDS on some crappy mortgages, you hope they go into foreclosure, I hope they don't.

And did you know that John Paulson and Goldman created shit securities SPECIFICALLY TO FAIL, sold them, and then shorted them? Paulson made TWO BILLION on that one. Did you know that?

Yes, I understand what happened. Paulson wanted Goldman to help find some mortgage bonds that they
thought were likely to fail. They created synthetic CDOs on those mortgages, ABACUS 2007-AC1. IKB took the long side of the CDOs, Paulson took the short side. Goldman collected a fee for creating and marketing the CDOs.

I'm done trying to educate Trumpsters on this.

That's good to hear.

I'll continue to point out the errors in your claims.