> On the other hand, there is no guarantee whatsoever that capital will be better allocated after a downturn. After all, 2008 came post-2001, and here we are po

> On the other hand, there is no guarantee whatsoever that capital will be better allocated after a downturn. After all, 2008 came post-2001, and here we are post-2008, with capital as misallocated as ever! I think the mis-allocation is due to rates not rising fast enough after the crisis is over. Terrifyingly fast to drop and equally terrifying (in retrospect) how slow they rise.