Steve Chiavarone doesn't want to scare anyone, but what he remembers most from the last banking crisis was how certain most people were that it wouldn't happen.
In early 2008 Wall Street's best and brightest strategist after strategist, recalls Chiavarone, now senior portfolio manager at Federated Hermes, paraded through at his New York office in early 2008 to say that even if a recession hit, it would be shallow and short.
That is not how things played out, of course. A few months later, you would go to your office every day and never thought it would happen, he said.
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