Investment bank pulls rug out from under self-satisfied complacent markets.
One of the largest junk-debt deals ever takes shape. Largest one is now in bankruptcy.
Vast US municipal bond market gets messy.
When all this money scrambles for the exits, it’s not going to be pretty.
Fed Has “No Credibility” About “Staying on Top of Ticking Monetary Bomb.”
We’ve been waiting for a crash of stock prices. And waiting. And waiting. It still hasn’t come. The S&P 500 hit another all-time high. But the real action is in the bond market.
A disturbing scenario for folks fretting about “financial instability,” as it’s called.
Nobody even knows what it’s like anymore.
Stocks, bonds, art, housing, VC portfolios of billion-dollar startups… everything’s on the line.
Everything moved. It’s a totally connected world. In six charts.