I think he's probably got some truth to that. I think the banks are in deep kimshee. The govt doesn't want to out and tell everyone that we're all in deep kimshee, so we'll put a pretty face on this and hope we can work our way back out of this or at least refinance things to make it bearable.
At worse, the banks falter and fail one by one toppling things and the govt can say "well, had it not been for bank X coming unwound then things would have been different."
I still think that we have one more gut shot to take that isn't being told. The govt is printing money like mad, i smell pain in the offing.
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