The Credit Supply Narrative in the Spanish Housing Bubble

BNP Paribar freezing three of its funds because of the securitisation market. That dried up liquidity to the Spanish banks and from that moment, you can see the average mortgage size in euros start to deteriorate. So there were two or three weeks in August 2007 where you could really see something very wrong. And I still remember being a credit guy myself thinking, this is crazy. How does the equity market not see what the credit side sees, and there's big problems coming up?