But there’s still no panic.
Distressed Corporate Debt at Lehman-Moment Levels.
“All of it is in the gutter.”
“Some very critical things are hidden.”
It’s getting tough for our over-indebted, junk-rated LBO queens.
Default Rate Highest since 2009, US Distress Ratio Soars.
“Calamitous trading losses have eliminated” that “dumping ground.”
The Fed speaks, markets come unglued.
“It’s contained – until suddenly it isn’t.”
And the next crisis hasn’t even begun yet.