Larry McDonald on the rolling credit crisis

We had the LDI [liability-driven investment strategy] scandal, or the stress in London in October.  Then it's rolled over to regional banks.  Then it's rolled over into Credit Suisse.  Deutsche Bank CDS (credit default swaps) is now elevated.  You've got MetLife.  Lincoln Financial CDS is now blowing out.  And then you've got commercial real estate loans that are impaired.  And then you're talking about Capital One CDS, which is the consumer; that's at multi-month wide.  So this is clearly a rolling credit crisis.

Larry McDonald, CNBC interview, 2:00 mark, March 28, 2023