First the most important things on a balance sheet are income and outgo.
The hits just keep on coming. LOL!
The reason why you and this VRW idiot smug hypersophistated permatouts were so wrong about this mess a year ago is that you guys completely overlooked very basic economics fundamentals. VRW idiot claims to be an economics professor, so I am sure he is completely familiar with the writings of Adam Smith, who has a wonderful section in his book, 200 years ago on the dangers of financing current expenditures by borrowing against assets. Of course Adam Smith didn’t know about default swaps.