I don't understand why this is getting down votes. Do people not agree with what is being said, or do they not like what they are hearing?
"When a hungry tiger steps out of the brush, you don’t debate whether the tiger is acting out of poor policy choices or a misunderstanding of institutional etiquette. You are forced to deal with a thermodynamic reality that doesn’t negotiate with your balance sheet. The tiger isn’t beyond the horizon, it’s in the room."