My career has been productive enough to satisfy me, no need for the “billionaire” argument. The fact that nobody could decide when a 47T credit to 14T income would blow up is completely irrelevant. The “crucial” liquidity from the other side of the asset bubble will not pay those debts. No money from the other side of the trade (e.g JPM in the Amaranth case) is going to go into the stream of income need to sustain the securities and keep them solvent, never mind worthy of a “AAA” rating. Creating liquidity at the “crucial” time last summer would have been as effective as the Fed liquidity was back then. There’s no way out of a credit bubble other than credit contraction. Your attempt to sustain it and kick the can only makes it crash from a high point later.
Actually none of those conclusions is correct either. The solution I’ve described won’t do any of that nor is it designed to.
But you’ve made it clear that you don’t understand that... Fair enough.