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hi my name is patty Im a senior editor at marketplace today I want to talk about the repo market firstly because the government is considering making some changes to the way the repo market works or certain parts of it and secondly because a lot of people dont understand how the repo market works or why its so important so thats if we can explain it here we go repo does not stand for repossession it actually stands for repurchase and theyll become clear why in a second now the repo market is the place where banks who need money go to get money or at least its one of the places there are several at commercial paper market but the repo market is a very popular one because money in it is cheap now most repo loans are made overnight when I say loans theyre kind of like loans with a twist which Ill explain in a second now most of these loans are made overnight longer-term loans are called term repos but were going to deal with those right now well just deal with the overnight low