Welcome to Current Yield, ladies and gentlemen. This is Jim Grant on behalf of the entire

Grant's interest rate organization. We are assembled around a table today. To my left,

Eric Whitehead, our technician, engineer, and man at the controls. And directly across is

the great Evan Lorenz deputy editor of

grants. To my right, Fabiantov Santin, who does so much of our good credit work. I do so much of the

ordinary credit work, Fabiano's in charge of the good stuff. And joining us today is Andrew Park,

who is connected with an organization that has more consonants that you can...

All right, here it is.

Andrew is a senior editor at S&P LCD.

Now, S&P, we know what that stands for.

LCD has always mystified me.

Lowercase debt, I think, is what we'll go with.

In any case, Andrew has been around.

Andrew graduated from George Washington University in the spring of 2008 and took a job at PIMCO, went west, and was immediately tossed into the fray of what became in the great crisis of 2008.

He went to the short-term money desk where his seniors assured him nothing was going to happen, and then everything happened.

Andrew was born,

I guess, Andrew, about 21 years before the financial crisis, which would like being born 18 years

before a world war. It's not the best time you can ask your parents about that next time.

Exactly. Yeah, but Andrew, welcome. And I would, I'm going to take the, as the editor of grants, I'm going to

seize the opportunity to ask you the very first question. And that is, you were there for 2008 and

nine. Ten years have passed, in fact, another year, actually, 11. Can you give us a very short summary

of the similarities and the differences?

...