If long duration bond holders don’t get downgraded after the Silicon Valley Bank bailout - we have reached our Financial Crisis moment of AAA ratings to subprime MBS.

It doesn’t stop here. “Risk-based” Capital requirements will be arbitraged for US banks to print so much new long duration debt that Japan won’t know where they are.

They won’t need insurance rubes to do this because the Fed are now buyers

If this doesn’t make you want to GTFO then I don’t know what does.