The Debt Crisis and the Bankruptcy

I think the banking thing is just quiet. It's a solvency issue, but it's not that the liquidity issue catalyzed the solvency issues. I don't know that it's going to be some massive default cycle. There's two issues: Do you raise money now and then get downgraded? And if you get downgraded, then the cost of raising capital is much, much higher. But then, because as soon as you try to raise money, that's like the signal that like, uh-oh, something's broken here. So I think you actually buy the stocks,. Because they sell off and then they can start to go up again.

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