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I saw this elsewhere and thought it was v. appropriate for this board:

Hey all, I generally just lurk here, but am intimately involved in the structured credit markets so am kind of on the front line in this crisis trying to put some fires out and find some dodgy assets a better home...

Someone on another board asked me about what's going on right now in the market and I responded with this massive brain dump about my view on what happened and what's happening now. Thought that given the subject matter it might be interesting to some here:

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