“Unless you work in finance, you probably haven’t heard of CLOs, but according to many estimates, the CLO market is bigger than the subprime-mortgage CDO market was in its heyday.”

CDOs were the packages of home loans that went bad at the same time in 2008. CLOs are packages of business loans that are being propped up now by stuff like PPP loans. Their survival assumes the survival of industries like movie theaters, party spaces, restaurants, retail, etc.

And I love this part towards the end:

“But this time, the bailout proposal will likely face stiffer opposition, from both parties. Since 2008, populists on the left and the right in American politics have grown suspicious of handouts to the big banks. Already irate that banks were inadequately punished for their malfeasance leading up to the last crash, critics will be outraged to learn that they so egregiously flouted the spirit of the post-2008 reforms.”