09/09/2026
The concerns underneath the move are legitimate, and dismissing them would be the wrong kind of contrarianism. We want to acknowledge them properly before explaining why we still think the market is functioning as designed. But, like Aesop’s fable about a boy who cried wolf, calling every orderly sell-off a crisis is unhelpful. We don’t think we are there yet, but debt and deficit trajectories are unsustainable on this current path. Something will need to be done.
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