Well, first off, remember, in the last 35 years we've literally increased the amount of paper that the Fed or the treasury is selling into the markets by eight times. And as a result of Dodd Frank and a number of other actions, The number of primary market makers has gone from 40 something to 20 something. So we're moving eight times as much paper, but yet we have half the principal dealers who are managing that, that flow that I'm very concerned about. (09:03–09:12)
CLAIM
Asserts that the number of primary market makers has decreased significantly.
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