Mass bankruptcy is certainly costly, but the only relevant point is that it is much less costly than the greater number of bankruptcies that will eventually follow combined with the immense costs of the futile atttempts to stave it off that will do little more than delay it for a time.
Remember ..... it really doesn't matter who saw this coming. It's that our system wishfully thinks it can prevent what has to happen.
The market will not be denied.
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