Good thread, reminder of how things went in 2008 and how/why/when that might apply now:
A lot of people weren’t there in 2008 or otherwise forget or misremember, but the Fed caught a lot of shit for Bear Stearns because they guaranteed $30bln of the worst pile of MBS sht you can imagine in exchange for JPM $2/sh bid — the BSC Madison Ave HQ alone was worth more. 1/8 pic.twitter.com/hGKWt4lWii
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