The debt goes bad and those that issued the debt absorb losses. Many that went in deep lose their shirts.

Thats how this stuff works, although there’s a whole generation that’s not seen the back side of a bubble and seems to think there’s no such thing as a downside.

Just their shirts?

I'd rather lose my pants if I had to lose anything, so then I'd still be presentable for Zoom calls.

2007 called they want their free-market philosophy back.