The Intolerable Scourge of Fake Capitalism

The fact is, there’s now around $3 trillion of bonds rated BBB, the lowest rating bracket above junk.  How much of this debt – like General Electric bonds – should be rated junk that isn’t?  We suspect the next liquidity event will clarify the answer to this question.

The real question, however, is how did $3 trillion of questionable debt pile up to such a perilous level to begin with?  What follows is an attempt at an answer

 

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