Tim Buckley: John, to point out the clear, we have witnessed huge declines in revenues for corporations and for municipalities. So, a ton of folks are conversing about what’s the fallout? Are folks lacking payments? Will we get started to see downgrades of bonds, defaults? What will the routines glimpse like? Can you give us some viewpoint about how your team’s pondering as a result of this?
John Hollyer: Guaranteed, Tim. And you are right—this is a time when there will be downgrades and there will be defaults. But let us continue to keep it in viewpoint. If we glimpse at expense quality corporate bonds, for illustration, even in the worst recessions, it’s unconventional to have defaults be additional than 1% of the bonds. In municipal bonds, defaults are usually well beneath that, even in the worst recessions. In the superior-produce earth, it’s not unconventional to have perhaps as