Two decades of blockchain without a meaningful, broadly disruptive commercial use. Best example I can think of is that First Republic and FTX had “roughly” the same equity value when they blew up. FTX had 0 impact on the real world, while FRB had rich people lined around the block in bank run.

Those schools support an entire infrastructure designed to ensure they generate 15 - 20 morally bankrupt conservative graduates whose only goals are power and dismantling liberal democracy. It’s a feature, not a bug.

They're SO special that they should be able to destroy the Republic without overhearing any criticism.

Married to a YLS grad and, unsurprisingly, I have been uninvited to any future reunions for loudly making the same point.

Going to call Trump’s hotline and accuse Sirianni of DE-I-talian

1. Lending standards haven’t completely fallen off a cliff in PC the way they did in resi mortgage lending going into 2007 and 2. The fundamental underwrite of a lot of MBS was that the US couldn’t see a consistent decline in home prices in every market. Much different in PC

I agree that private credit is probably in a mini-bubble, but the market is much different than MBS for two reasons:

I’m interested to see what happens to the credit markets if annuity sales go down and / or surrenders go up. A whole lot of bullshit being propped up by 10:1 leverage and questionable ratings.

I am once again asking people to disambiguate between “stocks go down”, “the economy being bad”, and “a financial crisis occurring”, three distinct things that can happen in any combination

Hard times create democrats

Democrats create good times

Good times create republicans

Republicans create hard times