I agree with what both of you are saying, and if someone is willing to extend credit at ~$60 to the frackers again, it will happen. The question is who… banks aren't doing so well right now (else why the need for JPM at the discount window, more pomo, more frbny broker-dealer repo, and equity on major us banks testing 5 year lows, whos ficc revenue growth at ZLB will be pretty much non existent or even contracting more than it already has).