MBS
Angel Oak Mortgage-Backed Securities ETF
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Global liquidity deleveraging and the effects of how mortgage rates dropping can create an effect where a ton of refinancing happens, MBS durations shorten, banks & funds buy back treasuries to unwind shorts, bond yields fall further, which creates a massive liquidity injection, which then suppresses volatility across risk on assets like BTC. It’s basically a low volume liquidity boom that takes out the speculative ability for a high beta risk on asset like BTC to rip. It can actually get bad enough for it to get lower than $40k, but I use that figure as maybe a healthy medium.
That's interesting. But I'm a bit worried about this leveraged MBS business going on. Seems a bit fishy.
I get it, I do but those comments where it is reccomended are probably where this information or awareness should be raised. or in a post about it itself. Too often things get excused because there's this sense that the person raising the very relevant and valid ethical concerns are somehow not reliable or are being hysterical because there are other terrible things that they didnt mention. I think it normalizes acceptance personally. Im sorry I just hate to see these things minimized, but truly Fuck MBS AND fuck MSFT
Fuck MBS and question here mr ethical, why no one talk about what MSFT did here ? https://www.theguardian.com/world/2025/aug/06/microsoft-israeli-military-palestinian-phone-calls-cloud
First question to Saudi AI, why did MBS order the killing and dismemberment of Jamal Khashoggi? Second question, why is MBS a punk bitch
The damage hasn’t been felt yet. Why do people or understand how there is a time component to the world’s economy? At the end of the day the tariffs are not a significant amount of money on strict dollar values. Most people’s money is spent on homes. While building costs go up there is a huge lag effect there. Or if we look at many people’s second expense it’s their vehicle. The vehicle market isn’t healthy but remember people don’t it a new car every day. Further many retailers are cover the costs and hiding the increased prices. Only parts of the country have really experienced these in full effect. So I don’t understand how short sighted investors can be, time and time again. The MBS policy was changed under Clinton in 1999 but killed the economy under Bush in 2008. Fixed under Obama. I’m not faulting any party or person. Just using this example as one economic incident that took nearly a decade to go off. How can you sit here with a straight face say tariffs that are not even being fully felt have had no damage?
I will never buy another EA game again. They were always shit anyway but fuck the sultan MBS chopping off American journalist heads.
He’s not the first trillionaire. Will be the first public trillionaire. MBS is a trillionaire
Thats literally pocket change for the Arabs Qatar world cup cost them upwards of $200B - for a fuckin party. MBS could wipe his ass with $10B
He wants oil prices down. Idk how people don’t know this is a geopolitical pricing at this level. MBS has been playing nice controlling OPEC while we continue to improve and pump shale. US just can’t keep pumping $55 shale unfortunately.
See MBS being dumped on pension funds pre-2008
I'm doubtful on this. Rate drops won't help the residential real estate market at all. MBS rates are tied to the 10 year, not fed rate. So rate cuts won't make homes more affordable. With tariffs jacking up the cost of construction material, at best rate cuts will help offset the higher cost of construction. There's a lot that goes into residential housing sentiment but I think with how shaky the economy is people aren't going to rush to buy unless they feel like there's really good deals out there. And prices are still way higher than that.
All-out COVID QE was $80b a month in treasuries and $40b a month in MBS. I think the 'adjustment' going on right now outpaces the rounds of QE we had in 2009-2014 after the GFC.
Carvana hasn't publicly sold subprime since their 2025-N1 issuance. In the past they issued prime and subprime ABS notes at about the same frequency; they've issued 4 prime notes this year, so they've probably issued 1 public subprime note and 3 through Bridgecrest/their other secondary buyer that they won't disclose. The delinquency rate for all their notes are within the models for Morningstar/S&P Global but they rate their prime/subprime transactions based on internal metrics ("Deal Score") rather than FICO. Their prime issuance No FICO loans shot up from around 0.1% (I think?) prior to 2025 to ~3-5% this year, depending on the set of notes you're talking about (~5% in 2025-P4, ~3% in 2025-P5, I think?) All this to say is that their lending standards have declined drastically this year. Not sure how long it will take for subprime car loans to go bad vs. subprime MBS but they sure are playing the game!
It manipulated the entire bond market. If the Fed didn't absorb so much MBS debt and Tbills, interest rates would be much higher and the economy would slow down, because the rates would go higher if global markets had to buy another $4T in Tbills than they have already purchased.
$40bn of treasury purchases by Fed PLUS $15bn more of bill purchases due to MBS rolloff. The Fed debt financing QE has begun! Buy assets or be left impoverished.
Yes this is on top of converting MBS to Treasuries. They're printing $40B a month.
$40B initial on just T-bills is a high starting baseline, isn't it? Are they still doing the maturing MBS conversions too?
OMG. So many regards. They already announced they were keeping the balance sheet flat starting Dec 1. They are simply switching to allowing MBS to roll off and replacing them with short duration notes. Basically only purchasing as necessary to keep said balance sheet flat as other items on the balance sheet reach term.
The fed interest rate isn't really that important per se. It drives the liquidity and the liquidity drives supply/demand for buying Treasury bonds, that then sets the price/yield. So low interest rates by the fed means easier lending requirements, which means more money sloshing in the system. Now the fund part is QE. They are pivoting from MBS to Treasury bills, which will effectively be a form of yield control. Match that with eSLR buffer rate to 1% in April & we should have significantly more debt sloshing about the system. So really they are going to kick the can down the road another year until Open AI goes bankrupt because of competition & that 1.3 trillion dollar commit evaporates.
Nah Saudi Arabia are the ones debasing themselves here. Paramount–Skydance’s control of CBS has produced a lot of programming hostile to the Saudis and their agenda. They were going after them hard to try and convince Trump not to give MBS those F-35s a couple weeks ago. But Riyadh is now courting them pathetically anyway. Also the Ellison family doesn’t need money from the Gulf oil states. This shit is purely symbolic, just for Saudi and the others to show they’re still down for the ultra-right wing Zionist agenda.
I mean, back in the 2008 crash Goldman Sachs was telling their clients to buy MBS while they were selling MBS. There's video of Blankfein testifying (ie. having to admit) to this before congress. All to say, I don't trust anything the bankers say, ever. Yes, sometimes they are telling the truth, but they are just as often not.
So his buddy MBS and the Saudi fund are backing him too, with infinite cash
You gotta build a portfolio of high yield small business loans, mostly in construction. Your fixed income will make you feel like you are living on the edge, creating your own personal MBS crisis...
the Fed doesn't buy stocks dude. It buys back bonds/MBS, the proceeds from which are used by the former holds to buy stocks.
Yes - on its own it’s regular cash management by Treasury and would happen regardless/not cause for concern. This routine is to prevent spikes in repo rates/money markets stressing out. But Fed also officially stopped QT at start of the month. Now all treasuries/MBS will mature and principal reinvested. Buying more bonds and putting liquidity in system. Fed balance sheet doesn’t shrink but remains flat and sets up for QE should the market sneeze. Adding liquidity not ideal when currency devaluing, economy not looking certain, Fed talking about cuts. Note - I am biased and hate the Fed pumping money into system.
TBH we've known they were going to use the profits from MBS to buy treasuries for a while now.
No no no… it’s not QE… totally different. We’re just using the proceeds of maturing assets to buy shorter treasuries instead of MBS this time… Totally different this time. We’ll call it. Quantitive Re-easing. It’s QR! Yeahh.. we’re injecting liquidity to banks… sue me.
Nothing. First of all it is a massively volatile asset. Could easily still go up or down 20 % before christmas. But they needed to prop it up. If Bitcoin remained depressed, MSTR share prices would continued to drop. That would have meant all the leveraged MSTR ETFs would have been in trouble. And if those had to liquidate assets MSTR would drop significantly faster and then they might have to sell assets and then there goes the whole ballgame. Point is, the whole schabang is basically the subprime MBS crisis on speed. As of now however they are to small in size to wobble the market to much. So yes, It was likely an intervention. Some big hedge funds have put bets on retail´s stupid... I mean on MSTR. I loved how the guy on The Close talked this stuff up, claiming Bitcoin had to drop to 12k or so before MSTR was in trouble, because they had more than 50 billion in assets and only 700 million in yearly interest payments. Yes, genius, but they have only 70 million or so in actual revenue from the remnants of the business Strategy once was. Bitcoin does not pay dividends, pal. And if they don´t trade BC, that means, they would be out of cash in no time without selling fresh stock. And it is kind of cute, how this is framed as "dilution." They take equity of existing shareholders and sell it to new shareholders in order to pay a dividend for their old shareholders and the costs of business. If the only business that exists is new shareholders paying the interest of the old stakeholders, than there is a very much different word for that. Well, not my problem. If nothing else in this case the cards are very much on the table.
Yes this true, and will happen at some point. 4.5% on the 10y isn’t extreme enough for the Fed to adjustments. And what if they stop lowering rates Those MBS rolling off their balance sheet are going to struggle to be absorbed if the SRF and RRP are still having outstanding usage. However the Fed just added liquidity into these vehicles so we’ll need to see how the usage is on those facilities.
>The Fed is planning to buy bills Except they aren't. Only to replace MBS. Everything else they are leaving flexibility to maintain the longer duration of the balance sheet.
That’s not really true. Mortgage rates correlate with the 10-year, but they aren’t strictly “based on” it. They’re heavily driven by MBS spreads, bank balance-sheet constraints, and the fact that the Fed stopped being a huge MBS buyer. That’s why mortgage rates can rise even when the 10-year is flat.
I have trade "evidence" of Son doing it with SoftBank having shorted him many times over the last decade. Inexplicable surges in the SP after bad news and some news about his setting up of trading desks in Saudi Arabia run by Pakistani hirelings using Prince MBS' sovereign wealth fund as liquid capital. It didn't take a genius to see Elon noticing this and copycatting the operation.
MBS (Mortgage-Backed Securities): A bank gives 1,000 people loans to buy houses. Then the bank takes all 1,000 IOUs and sells them as one big package to an investor. The investor now collects all the monthly payments from those 1,000 homeowners. CDO (Collateralized Debt Obligations): Someone takes pieces from 10 different MBS packages (so now it's parts of 10,000 different home loans all mixed together). They sort them into three buckets. The first bucket has people who definitely pay on time (safest). The second bucket has people who usually pay on time (medium). The third bucket has people who might miss payments (riskiest). Each bucket pays different amounts. CDS (Credit Default Swaps): You pay someone $100 every month like insurance. If a bunch of people stop paying their house loans, the insurance company pays you $100,000. The weird part is you don't even own any of those house loans. You're just insuring them. Synthetic CDO: You're not buying actual home loans anymore. You're just betting on whether home loans will fail or not. It's like creating a fake package that copies what happens to real home loans, but no actual houses are involved. Just the bet. TRS (Total Return Swap): You make a deal where you get all the money or all the losses from home loans, but someone else actually owns them. You feel everything like you own them without really owning them. The big idea is they all involve home loans, but each step gets further away from actually owning a real house.
You're close: MBS are bonds backed by pools of mortgages, and subprime mortgage bonds are just MBS where most loans are to riskier borrowers. CDOs repackage slices of many bonds (often MBS) into new tranches; CDS are insurance-like contracts on default, synthetic CDOs are built from CDS so they’re pure bets not loans, and a TRS is a swap where one side receives the asset’s total return and pays a financing rate.
No stress I’ll try frame it how I understood it: Those MBS securities are made up of lots of individual mortgages so the payout on that security is from mortgage payments of the loans in it. The CDO then further pools these together to make these payouts more consistent and spread the risk as people may make early payments or default etc. When you are holding a CDS against one of these securities, you are paying premiums towards the “insurer” until the securities go bad. The way they are set up, these premiums will actually mimic the payouts on the underlying MBS. So if you’re a smart financial engineer, you figure you can just replace the securities inside the CDO with these “synthetic” ones (the swaps) that still mimic the same payouts so it looks just like as if it was using actual mortgages rather than swaps. These can get even more ludicrous and you can (and people have) drum up thousands of ways to combine these to create new securities but these are the basics discussed by Michael Lewis
A CDO is a pool of debt sliced into tranced. A CLO is a different kind of CDO (consisting of company loans (mostly from LBO's)). A MBS is an unslided debt type. it is purely pass through without slicing. If you slice a MBS, you get a CMO. If you slice a loan pool, you get a CLO. Both a CLO and a CMO are CDO's. Both a MBS and CLO's are ABS (asset back securities). ABS can also be made from car loans, consumer debt. So a cds is a cds, but if you write cdo's you get "interest income / annual fee's". If you combine this with risk free debt (eg gov debt), you can replicate a CDO. (eg interest gov bond + CDS premium > CDO interest. If the CDO defaults you pay out the CDS with the gov bonds, and the owner of the synthetic CDO losses his money just like when he/she owned the real thing). So you get a CDO/CLO without buying the real assets, but the return profile is the same (hence the synthetic). A TRS is just a fixes/floating interest rate swap. eg my contract says I have to pay floating, but I want fixed, I do a TRS.
You should learn that using Google or even an LLM will get you answers faster and more accurately than making a reddit post lol. Whag are you even doing? A Mortgage-Backed Security (MBS) is just a big basket of home loans. When you buy a piece of an MBS, you are literally buying the right to get a slice of the monthly mortgage payments from thousands of homeowners. The "subprime" ones were just baskets filled with loans given to people who had bad credit, making them extra risky. A Collateralized Debt Obligation (CDO) is like a mixed-up basket of different baskets. Instead of just holding those home loans (MBSs), they mix them with other types of debt and then chop the whole thing up into different sections, or "tranches." The idea was to create safe parts and risky parts from the same mixed debt pool. It's really just a way to re-package and re-sell the debt from the MBSs. A Credit Default Swap (CDS) is the clearest one: it's pure insurance. You pay a small fee to someone, and if a debt, like a CDO, blows up, the person you paid has to give you a huge amount of money. The guys in the book used these to bet that the CDOs would fail. A Synthetic CDO is where it gets crazy. It’s not a basket of actual debts; it’s a basket of bets (Credit Default Swaps) on those debts. It allowed people to place bets against the housing market without anyone needing to actually own the mortgages in the first place. It just multiplied the risk because you could create unlimited amounts of these bets. Finally, a Total Return Swap (TRS) is a simple swap deal. Two parties agree to exchange payments based on an asset's performance. For example, one side gets all the profits and losses from a CDO without ever having to buy it, and in return, they just pay a fixed interest rate to the other party. It’s a way to get the full benefit (or harm) of owning something without the hassle and cost of actually purchasing it.
I think the book does a good job of the synthetic cdo: basically as you stack these CDS’, their premiums mimick the returns of those underlying MBS’. Thus came the idea of pooling them together to sell the same returns of a CDO without needing to find credit worthy mortgages
There's no massive instability. A few liquidity draining forces such as shutdown, final MBS roll off, TGA refill, etc. caused some selling. It led to a 5% drop. Once Fed injects liquidity Dec 1 and starts QE3 next year we'll easily be SPX 7500 next year.
MBS flashbacks for sure.
I’m old enough to remember when Bernanke announced they would buy $500b of MBS and was very specific that it was a temporary action to be unwound completely. Not long after he increased that to an additional $750b MBS and another $200b agency debt. QT is a joke. We all know the balance sheet will continue to grow.
Fed may dump last bit of MBS by this Wednesday. I wouldn't worry too much.
>How is corn and equities connected? u/Sharp_Pause5167 What other dude said about risk appetite as well. But they both benefit greatly from ample liquidity in the system. Excess reserves finally started to thin a bit. We're hovering around SVB levels. Fed as of Wed hasn't shed MBS this month yet and needs to. That's part of what is going on with BTC. Once Fed injects liquidity Dec 1 and QE3 starts both will keep moving up.
And those are improving. TGA has another 100 billion to sell, fed is resuming not qe/qe and buying bonds with the proceeds of MBS and expiring coupons. The SOFR/IORB spread also improved by 1bp today and I expect that continue. As did equity funding costs.
Fed's H41 is fascinating. https://www.federalreserve.gov/releases/h41/20251030/ https://www.federalreserve.gov/releases/h41/current/default.htm Basically it is a weekly release that summarizes the balance sheet of the Fed system. You can see for example how much in assets they've shed this month. Most of it usually comes from MBS. But this time they haven't shed any MBS yet. I'm guessing it will come next week.
You're watching it as someone who is adjacent to finance, so you might have a clue-in. Most people aren't, so when they see things like CDOs, CDS, MBS, having to understand the housing bond market, so on, their eyes are going to glaze over. It's conceptually simple to understand what those things are, but the underlying mechanisms and how/why they were traded and invested in as they were, are difficult to understand... partly because they were made like that. There were people in finance and trading these things that didn't understand it, themselves, which was part of the issue.
#LONG COMMENT DISCLAIMER Question from anonymous user: Nobody has articulated how AI is going to make money - what are the enterprise end uses that create profit? Subscription services for pc/phone programs as a first order revenue stream, is about the only near term source of revenue I can see. Really there needs to be broad scale second and third order businesses/products utilizing the programs to create Ai automation machinery, exclusive data analytics. Etc. And majority of businesses adoption of these which leads to end consumer demand and spending. The problem is there is only a handful of businesses with capital to spend on the second and third order revenues and even fewer consumers. So in my opinion, theres 3 potential realities that Will play out and trends/data shaped by the macro/fiscal impulses will dictate which scenario(s) happen. Scenario 1: Liquidity got to tight to fast from fed QT and interest rates and jobs/corporate earnings materially decline. If the 2nd and 3rd order revenues cant keep up with capex spend from mag7 the whole AI trade blows up along with their balance sheets as the debt/profit mismatch creates default risk. The whole economy and market crumbles until fed prints and eases to stimulate and we rebuild the economy. Scenario 2: Fed eases materially, resumes not QE/QE buying bonds with the MBS and expiraring bonds proceeds, just fast enough to stabilize credit and employment, and we flutter in a no landing scenario until something breaks or heals jobs/corporate earnings decline/accelerate. Scenario 3: Same as above but fast enough and substaniative enough to jump start the economy and at the cost of dollar strength and Inflation, jobs and corporate profits accelerate and 2nd and 3rd order AI revenues materialize. This scenario creates short term stability at the cost of long term inflation, and wealth gaps widening as asset holders hopefully pace the inflation and the lower middle class falls further behind. Eventually leading to scenario 1 only a longer and more painful route. In order to track which scenario path we are heading on, keeping up with fed and other central bank policy while monitoring jobs, corporate earnings, Mag 7 capex spend, and credit stress will guide you in understanding where we are headed and how to position for it.
Subscription services for pc/phone programs as a first order revenue stream, is about the only near term source of revenue I can see. Really there needs to be broad scale second and third order businesses/products utilizing the programs to create Ai automation machinery, exclusive data analytics. Etc. And majority of businesses adoption of these which leads to end consumer demand and spending. The problem is there is only a handful of business with capital to spend on the second and third order revenues and even fewer consumers. So in my opinion, theres 3 potential realities that Will play out and trends/data shaped by the macro/fiscal impulses will dictate which scenario(s) happen. 1. Liquidity got to tight to fast from fed QT and interest rates and jobs/corporate earnings materially decline. If the 2nd and 3rd order revenues cant keep up with capex spend from mag7 the whole AI trade blows up along with their balance sheets as the debt/profit mismatch creates default risk. The whole economy and market crumbles until fed prints and eases to stimulate and we rebuild the economy. 2. Fed eases materially, resumes not QE/QE buying bonds with the MBS and expiraring bonds proceeds, just fast enough to stabilize credit and employment, and we flutter in a no landing scenario until something breaks or heals jobs/corporate earnings decline/accelerate. 3. Same as above but fast enough and substaniative enough to jump start the economy and at the cost of dollar strength and Inflation, jobs and corporate profits accelerate and 2nd and 3rd order AI revenues materialize. This scenario creates short term stability at the cost of long term inflation, and wealth gaps widening as asset holders hopefully pace the inflation and the lower middle class falls further behind. Eventually leading to scenario 1 only a longer and more painful route.
They donrät have the money because MBS is getting extorted to keep oil prices low
And yet TLT is up, which pretty much disproves your theory. I don't know why markets tanked, but it wasn't nvidia, or jobs, or fed rate cuts. My best guess is it was Trump threatening to kill democrats... which comes on top of him telling a reporter "quiet piggy" and sitting next to MBS (who chopped up a journalist) and referring to him as a great guy. **I think the market is starting to price in the 25th Amendment being used.** The markets tanked right when that story broke. It's the only thing that correlates.
A journalist asked tough questions about MBS yesterday. Did anybody do a welfare check?
this market is because Mango exempted AI from his tariffs and used it for foreign policy. when MBS says he's investing "American infrastructure" he means chips and models.
Shady? MBS had a journalist chopped up with a chainsaw. And Trump just defended him and told a reporter to stop embarrassing his friend. Trump would have invited Hitler to a state dinner and been thrilled about it.
Karp pitching MBS on massive Palantir investment as we speak. This is exactly what Saudi is looking for. Not surprised if MBS takes a 25% ownership position in Palantir.
Alex and Jensen probably getting MBS to invest close to 1T in both companies stock. Would not be surprised.
Let's be real here, we can't complain about MBS having people murdered. The US is literally blowing up boatloads of people almost daily with no tangible evidence in international waters.
Much like MBS but worse the AI bubble is so big the American Economy can’t allow it to even slow growth
Fidel Casteo gave citizens free healthcare and the US tried to wreck Cubas economy for 60 years. MBS violently dismembered a journalist critical of its regime and it gets rewarded with outsourced technology.
Welcome to the post bail out, infinite debt and bubble economy. Recessions never happen. Risk doesn't exist. Massive AI overinvestment is the new MBS. No guardrails or regulation, no time to slow down or see what works and doesn't. What's real? K shape, rising prices of the actual useful things, squeezing middle and poors while tech bros gorge.
MBS is in the files, or has copies.
Can't imagine the social interaction between Prince bin Salman and Tim Cook. Tim Cook has absolutely zero personality and might not actually feel emotions, meanwhile MBS plays murder tapes at dinner parties. What do they talk about lol
Oil dumping is the buy signal. Epstein files need a distraction. 🥭moves on Venezuela as distraction. Oil prices spike on fear of shortage. MBS and OPEC+ turn on the spigot. Then admin and early buyers use hype as exit liquidity. Thinking cheap cheap calls on NAT.
MBS, the guy who ordered the torture and grisly murder of a journalist for the crime of “saving things MBS didn’t like” Our tax dollars are being spent to throw this guy a party - that is wonderful
MBS will go under the skin of the ABC journalist soon
MBS is just a really nice guy who sometimes dissolves journalists in acid. THINGS HAPPEN!
That ABC journalist got under the skin of Trump and MBS. Need more of that.
If MBS was a democrat, Trump would believe 100% he's a killer
MBS was well connected to Epstein. If the entity of the files were ever released it would cause a shit storm in Saudi too
“MBS, never met a nicer guy. Now quiet, you insubordinate little piggy”
I don't think MBS has considered the term "unalived" even once.
#MBS be like "if I ordered that hit on the journo, this is how i would have done it"
Why you think MBS is in town?
did or did he not touch MBS's penis?
AMD might announce a multi GW deal with humain (Saudi’s sovereign AI company) tomorrow. MBS and 🥭 are hosting a AI conference at the White House and AMD, AMZN, xAI were mentioned in the article.
For it to be cancelled or reduced in scope it has to be _planned_ to begin with. The current goal is _half of a mile_ done by 2030, with completion of 109.5 more miles by 2080, at a cost of 25x their budget. Project management speak for "MBS had a manic episode and we can't say no to his insane ideas"
Fake News? After a 100% factually correct question about a journalist being brutally murdered by MBS. Fuck you. I say that as someone who worked at WaPo while that happened.
MBS buying a major stake in American Bone Saw Manufacturer
Bloomberg just shills garbage, one of top articles MBS knew nothing about khashoggi lolz
is that MBS taking notes
MBS please buy $20 billion worth of UNH CUZ why not
#wen 2k stimmy check with taco and MBS on it
Asked about Khashoggi murder, Trump says 'things happen' and MBS 'knew nothing about it'
Amazing how apparently the entire stock market is some kind of a puppy or toddler? You just wave something like MBS saying "$1 Trillion" in front of everyone and suddenly they forget about the still current situation they were busy freaking out about an hour before?
BREAKING NEWS: 🥭Agrees to make it even sloppier than Bubba for MBS
Mango bout to team up with MBS to handle the repub Epstein file yea voters in Congress?
Massive volume on SPY once Bessent bellydances to Hips Don't Lie for MBS, get your calls now
Are we pumping on Trump publicly fellating MBS?
JUST IN: MBS pardoned for all past & future hacksaw use
This market is awesome. MBS can just make up some fake number to say hes investing in the US to make 🥭 happy and then the entire market ticks up from something that is never going to happen lol
Is Trump gonna get MBS to turn the saudi money faucet back on
MBS looks like hes trying hard not to laugh
MBS has AI stocks = Trump meeting = pump
Hear me out… what if bubba is MBS