``Looks like an early downtrend, doesn't it? This could become a big problem.  I have gone on record in several media appearances that in my travels across the country presenting on our award winning papers, no one seems to be bearish on credit. People are more worried about selling stocks than selling junk debt, yet the source of risk for stocks IS junk debt. The liquidity characteristics of junk debt are vastly different than equities. ''

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