``And all [the QE and bailouts] was done in pursuit of some whacked-out, latter-day Keynesian version of "trickle down" economics, which, according to Bubbles Ben, was for the good of the average American--even if they didn't appreciate it, comprehend it, demand it, or vote for it... Today credit market debt outstanding in the business sector exceeds $13.5 trillion, but virtually all of the incremental gain of $2.5 trillion has gone into leveraged financial engineering. The evidence for that is everywhere in plain sight. We have now returned 2007 bubble conditions-- including peak rates of junk bond issuance, massive share buy-backs, rampant leveraged recaps based on so-called covenant lite "senior" loans being scooped up by agents of toxic debt called CLOs''

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