I understand that that's a scary number, but definitions are important. There is no $600B of worthless bonds. There is $600B of unrealized losses. The bonds ar

I understand that that's a scary number, but definitions are important. There is no $600B of worthless bonds. There is $600B of unrealized losses. The bonds are worth something. Moreover, unrealized losses are not leverage. Banks in 2008 were levered 30-to-1. No such thing now.