I do not mind your answer at all. It is true some applicants are getting funding. You have to understand how this plays out - slowly. The banks have to write some business in order to stay 'in' business so of course some loans go through.
This collapse is a cycle process seen over and over around the world we know how this plays out. Just take care, I do not back off on one part of my statement but happy with your point of view. I understand it is not popular - this is a bond traders view and a highly senior at that. One from the old school when banks factored risk and markets were sane.
But the view tends to be the most risk adverse possible. I hope I - and people I talk to are wrong. The only doubt is timing and notice I have not committed on that even though it is baked in and in progress now. We are facing a global 'Japan' only there is no growing global economy to take up the slack this time - contagion is out of the bag and we can't put that back - sorry.
