creates a recession. And then what we know is that you don't get a V-shaped recovery. You get an elongated L-shaped recovery. It takes years to actually get into a sustainable expansion long after the official recession actually ends. It used to be, if you go back to the 50s, 60s, 70s, 80s, you had V-shaped recoveries. Low interest rates worked right away. That doesn't happen that way anymore because these are asset cycles. So we had the savings in loan and commercial real estate back in the late 80s. We had the dot-coms in the early 2000s. And then of course we saw what happened in the last cycle. This is the fourth. There's the missing returns. This is the fourth super debt-induced asset cycle. This of course was now back to the equity market. And all the debt that was issued to buy back stock, clearly unsustainable in my opinion. But we know how these asset and debt cycles end. And so this is just a different one. This is not, we're not fighting the last war. This is not about (28/57)
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