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What are the two systems dragging worst? Automotive (ignore the fake and gay numbers about it's vibrancy). Which then collapses into banking, which is already on the wrong end of commercial property values, and leaning hard into residential falling values, with large notes attached.
How did auto go sideways? Trying to shovel AI slop in the form of all electric, though even hybrids, with the full faith and security of the then US, and mostly all, governments. They would help shove it through, gloss over issues, and that would be that.