How to Deal With a Deflationary Credit Spiral

If we see a big draw down in commercial real estate and these banks hold it, I mean, this is when people like the more deflationists start to say, well, that's going to result in a credit crunch. So how do you guys work through that? And I just think about, it just goes to the huge deficits we're running immediately when I think about any kind of deflationary credit spiral. The Great Depression did happen. Many central bankers, including Yellen, including Bernanke before her, had carefully studied this disastrous outcome,. And they don't want it to happen again.

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