[alecqss]

Denials to the contrary ignore mountains of evidence of unsustainable levels of debt, leverage, etc and non-performance of debt at very high levels of leverage leads to debt deflations as we have here.

I'm afraid, we are not only talking about different things, but you also have a rather vague idea what you are talking about. With all due respect.

[NVDave]

Yea. I have such a vague idea about what I’m talking about that if you search my postings here on FR, you can see that I was well aware of what was coming a long time before McCain was making such idiotic pronouncements as he did in the campaign. I was also largely in cash from August 2007 onwards, taking shorts on various banks on the way down.

Such is the profit of my ignorance, I suppose.