Tim Buckley: John, to point out the clear, we’ve viewed huge declines in revenues for firms and for municipalities. So, a ton of people today are conversing about what’s the fallout? Are people today lacking payments? Will we get started to see downgrades of bonds, defaults? What will the workout routines seem like? Can you give us some standpoint about how your team’s contemplating via this?
John Hollyer: Positive, Tim. And you are right—this is a time when there will be downgrades and there will be defaults. But let us preserve it in standpoint. If we seem at financial commitment grade corporate bonds, for case in point, even in the worst recessions, it’s unconventional to have defaults be additional than one% of the bonds. In municipal bonds, defaults are normally nicely underneath that, even in the worst recessions. In the significant-produce earth, it’s not unconventional to have maybe as