“The difference between a recession and a deleveraging is that in a deleveraging borrower’s debt burdens have simply gotten too big and can’t be relieved by lowering interests rates. Lenders realize that debts have become too large to ever be fully paid back. Borrowers have lost their ability to repay and their collateral has lost value. They feel crippled by the debt, they don’t even want more.” — Billionaire investor Ray Dalio
