CFR: Revisting the trouble in March

Summary:
Figurative language ... OUT.... THE.... ASS... methinks this JPM guy is definitely 100% Liberal Arts trained ie unqualified....... but here is the money line:  When bank leverage is rising in this way, the most effective offset is shedding assets.  Squirrel gets a nut... And btw for MNE commie peanut gallery...  checkmate!  AGAIN! .... for like the 1005th time! Josh Younger's third (and final) post tries to draw lessons from the "basis" crisis of March.https://t.co/9ZUGGInkUL — Brad Setser (@Brad_Setser) July 24, 2020

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