He's right that you can't lose money borrowing at zero to lend at high rates to people who actually pay it back.
The conclusion, however, is that the whole "aaah, everyone will go bankrupt, we're all gonna die!" panic of the last 3-5 months was completely overblown nonsense.
Hope so. But that irks me that Citi raised the interest rats on my CC because of the “cost of doing business” if they really didn’t have to. I got them to lower it back to the original APR so I can actually pay off the balance, but at the cost of not using the card in the future.
But this almost seems too miraculous considering what Citi folk and the Guardians of Esoteric Wisdom have been saying as recently as yesterday. As you say, maybe this nightmare was just a panic that is ebbing.