Bill Foster: “This has been an ongoing crisis for more than a generation.”

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----

I think it is my personal goal to die before we have another financial crisis, and then I will be doing my job well.

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.