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6min chapter
A Major Margin Call
The Compound and Friends
Is the Consumer Credit Crisis a Good Idea? Is It a Bad Idea?
JP Morgan is in a 37% drawdown. It's back to pre-pandemic levels, at least on the price of the stock. So I'm not saying that banks are going to bounce, but there's not a lot of optimism in these names right now. The low income households are the first to have to change their behavior in an environment like this. There isn't any evidence that there's some sort of contagion coming from below.
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