Phil, Mike, and Larry talk about how despite the market’s rally after Silicon Valley Bank went belly up, there are signs that a significant credit crunch is coming and liquidity is drying up. It’s been more than 10 years since it’s been this hard to borrow money, say small businesses. The Fed said banks have tightened lending standards, distressed corporate debt has rocketed 300%, bond and loan defaults are rising, and corporate bankruptcies are surging. They then discuss Elon Musk’s Terrible, Horrible, No Good, Very Bad Day. Last Thursday, Tesla’s earnings sank 24%, missing Wall Street’s expectations, then as a perfect metaphor, one of his Space X rockets blew up.

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