What changed
HERE IS MY TAKE, WHICH IS CONSISTENT WITH THE GOEHRING & ROZENCWAJG LETTER IN THE REPOST?
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EVERY CRISIS—1997, 2008, 2020—STARTS WITH THE SAME INSTITUTIONAL SCRIPT: TREATING A STRUCTURAL PROBLEM AS A TEMPORARY LIQUIDITY GLITCH. WALL STREET IS HARDWIRED TO ASSUME THAT EVERYTHING WILL SAFELY REVERT TO A MEAN, FEARING THE PHRASE "THIS TIME IS DIFFERENT." IT TAKES MONTHS OF FRUSTRATION TO REALIZE THE RULES OF THE GAME HAVE CHANGED.
TODAY, I FEAR WE ARE REPEATING THIS EXACT BEHAVIORAL TRAP.
BEL