Assessment: Zoltan Pozsar (Credit Suisse) goes on to explain how he came to this conclusion paralleling previous crises. These include but are not limited to events like the Southeast Asian crisis of 1997; subprime, Bear Stearns, and Lehman Brothers in 2008; and secured funding against good collateral to RV hedge funds during 2020. In all instances a backstop was provided Somebody had to underwrite the “put” that saved the markets from an abyss. Every time in
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