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type and object

Hi folks,

>> isinstance(type, object) is True   # 1
>> isinstance(object, type) is True   # 2

its means type is object is type, But i am not sure how is this.

For what i can understand is 
for #1: since every thing is object in python, type is also an object.
for #2: object is a base type. therefore object is type
>> object.__doc__
>> 'The most base type'

Am I understanding this correct ? Please shed light on this.