Considering our history of misrepresenting risk (2008), I'm not sure I agree. The alternative prior to lockouts was slimmer margins or higher rates over longer

Considering our history of misrepresenting risk (2008), I'm not sure I agree. The alternative prior to lockouts was slimmer margins or higher rates over longer periods, not an absence of credit, because other controls to recoup losses still existed; tools like lockouts serve to extend margins in an economic environment that hyper-prioritizes growth, but there will always be companies willing to extend credit.