Roger Lowenstein's book highlights a critical observation from economist John Maynard Keynes regarding market liquidity, stating that it cannot be guaranteed for the entire community. The assumption that markets are obligated to remain liquid or that there will always be buyers available is fundamentally flawed. The real issue that arose in 1994 was the excessive use of leverage, which creates situations where companies, burdened with debt, may be forced to sell assets quickly to avoid insolvency.

This situation underscores the inherent dangers of leverage, as companies with high debt levels face intense pressure during downturns, leading to the potential for rapid losses. Without leverage, firms have the stability to weather financial storms, making liquidity concerns less relevant. Thus, Lowenstein emphasizes the need to recognize the brutal dynamics of leverage and the risks it introduces into the financial system.