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@h2o
I think part of the problem was that we were too quick to prop up the system during the last couple of shallow downturns - we probably would have weeded out a lot of crap if we hadn't dropped interest rates to free money levels during the last two downturns. A certain amount of cyclicality is inevitable, after all.
Ah well. I just write about this kind of stuff, and generally speaking, bad news is good news for hacks. More to write about. Though am a bit more distant from the credit market side of things than I used to be.