Bill Foster: “The good news is that macroeconomic policy is working as designed.”

Frankly, when I read about this, it triggered my PTSD from the AIG situation with credit default swaps during the financial crisis.

I guess when things are going well, as they currently are, it is all of our duties to look around the curve and see the risks that keep you up at night.

Do you remember with AIG, the real problem with AIG falling into bankruptcy is that it would immediately put a bazillion of the European banks into violation of their capital requirements, which was major contagion that----

If you conclude, as you are actively studying it, that you need more visibility into certain areas of, particularly nonbank things that may be parts of the chain of contagion, please let us know, because it is our job to avoid the next…