This is one of the most eloquent explanation why this crisis feels different to 1998 LTCM crisis.
Let's admit it. Despite the then graduating class of BBA's at UofM complaining "it is the worst market for graduates since 1994", it was far quicker than one thought.
Of course, it happened during the depth of the Asian Financial Crisis.
Anyhow, difference between LTCM and now.
Illiquid vs Insolvent.
Asians were insolvent. American financial institutions were merely illiquid. Then.