What's the Risk in Valve in the Bond Market?

In two thousand seven, a lot of people weren't thinking about counter party risk. So there's always risk in valve with o eit o risk, which people tend to ignore when things are pretty well. And then the interesting thing is, before we really saw the the unwinding of risk, i mean, you saw credit spreads widen,. You started to see credit spreads wided. It was one of those moments in time where you're like, if something is too good to be true, it probably is toogood to be true.