Americans should brace themselves for the coming failure of one of the biggest banks in the country that does not have the word "bank" in its title. And no impressive polished brass safe in the lobby either. Why should Americans care about this bank? Because they own it! And its receivables exceed $1 trillion! How much of those "assets" are actually collectible is a valid question.
This is deja vu all over again. Remember when mortgage lenders required down payments of 20% from home purchasers? Time-tested lending practices assured successful outcomes for lenders and borrowers. Mortgage lenders wisely and correctly knew that home buyers would be less likely to default on their obligations if they had actual "skin in the game" in the form of real cash.
