what is causing this problem for banks just how over leveraged did they become in this era so what happened it was too late twenty twenty one early 20 to date underwrote deals based on the easy money era and they couldnt sell them in 2022 and they still have about 40 billion stuck on their balance sheet that they need to sell this year so what thats doing is actually limiting deal activity last quarter but also going forward so weve already known that there is going to be less investment banking fees leveraged finance accounts for about a third of investment banking fees normally and thats going to be greatly reduced but troublingly its going to also be reduced for this coming year so the pain is not over for the banks when is a pain over please help us having you read the story its a great piece i urge everyone to go and check it out but it basically is saying the easy days are not coming back and you dont know that thats thats the issue so if youre a buyout firm private equity is really getting hard to get financing and deals on happening and in some ways the federal reserve could be quite pleased with it because they want financial conditions to tighten and aggressive eminent aggressive lbo is might be something they want reduced but for banks and for private equity fund which is thats how they earn their revenue and fees this is a real pain issue and some other debt that they have its just really not going to be easy to sell they have twitter they have automakers and so it might be the first half of the series even throughout this whole entire year of 2023 that theyre trying to work this through