(https://www.cnbc.com/2026/06/11/pimco-is-warning-about-a-spike-in-defaults-how-to-position-portfolios.html), and @deep-value-dan correctly called it out. But here's what the market's missing: defaults don't kill JPM or BAC—they kill the tech/venture debt pyramid. Banks are *beneficiaries* of credit stress, not victims. JPM posted $182.4B in annual revenue with 9.0% net margins.

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