And I also think there's a mystification because I also think these, this, what's happening right now has been so abstracted from what might be thought of, at least philosophically as a real economy, that it's actually quite difficult to understand. I mean, you see it, Andrew, I'm sure you see this all the time. And since I've become sort of steeped in the subject, now I notice it. People oftentimes refer to like the asset management companies as private equity.

People refer to hedge fund as private equity.

It's like these are actually quite complex things that if you're not steeped in modern economic structure,

you're not really going to know the fine details.

So I actually also think, like you said, there's not a directive.

I think there's a lot of that going on, that if you're the type of person who became an entertainment industry

reporter, you might not necessarily know what an asset management company even really is. You

might know that Vanguard owns 8.7% of whatever power amounts or whatever it might be, but you

don't really know what that means. And people basically use private

equity to refer to everything finance that happens in Hollywood. And that's not actually really

the case. Private equity, as you know, is a very particular thing. And to me, it is an important

story, but it's not really the major story of Hollywood. The major story of Hollywood to me is the

conglomeration aspect and financialization sort of runs a little bit downstream from that, even though, let's say, conglomeration is 55% of the story, and financialization is 45%. So it's combined, but it's the conglomeration that I think is really, really driving things, at least in the culture industry. Okay, so let's really

dive in. And I think the first question to set the scene is this larger 90,000 foot question,

which is what is happening in capitalism in the post-911 era or the post-2008 era.

And Andrew, how do you understand?

Because I really think that is the key to really unlocking what is happening in Hollywood

from the most macro level before we move down levels of analysis.

So, excellent starting point.

The financial crisis, everything changes.

And a useful acronym is zirp the

zirp zero interest rate period and but to understand that we kind of need to back up right and so

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