Bill Foster: “Things should be as simple as possible, but not simpler.”

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

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----

The good news is that macroeconomic policy is working as designed.

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