The Bond Market and the Financial Crisis

Bonds are seen as stable. They're not like a stock that it's going to be down 50% and then, oh, you're broke. The bond market can and frequently has through centuries. And more recently, actually bonds are bigger than banks. Our mental model in a very broad sense of people that have some awareness of finance is 2008,. Right? We had banks holding all this crap... But over the past decade or so, bond markets actually extend more credit, make more loans are more important than banks. I think that's like this huge kind of change to the entire financial ecosystem that we don't really have our arms around completely yet. Yes. It's probably the longest