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Dash For Trash In Credit Hits Record
After several relatively flat if slowly grinding tighter weeks, last week the highly leveraged credit market once again took a major leg in. And as has been true in equities with the neverending dash for trash, so has been the case in credit. Names like Cenveo, mega levered LBO FDC, Mediacom, Neiman Marcus, TRW and West all ripped much tighter this week. The reason: who knows. More importantly, who cares. it is a bubble, enjoy it. After all everyone is smart enough to get out of the door first when it pops.
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But aren't we at the point of the business cycle that all debt is complete trash even government debt.
The insanity continues until it stops. We aren't talking about rational thought or careful analysis here. We're talking about herd mentality and panic buying.
I found the funniest video that just completely models the speculation mania. I watched it for 20 minutes laughing like crazy.
http://www.youtube.com/watch?v=9iUjx4_X1qA&feature=related
Funny video. Finally fell overboard last week. Waiting for a mermaid to find me on the ocean bottom.
Jawboning like this should be received in the same manner as the IMF gold sale that has been talked about for the past three years: as evidence of fiat desperation.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ax.FBWNLB5_o
Sept. 22 (Bloomberg) -- The Federal Reserve has started talks with bond dealers about withdrawing the unprecedented amount of cash injected into the financial system the last two years, according to people with knowledge of the discussions.
Yeah, I believe that.
I think they meant to say: "they've started talks about withdrawing it two to five years from now"
If the $ keeps losing 1% a day, its not going to be a very merry christmas.
Is there any hope that Ben will defend the dollar?
You forgot to use a /sarcasm tag on your last question...
repeat after me, the govt does not care about the dollar. They'll keep reinflating until employment improves and they can no longer fund our natioanl debt through auctions to foreigners.
*quietly exits through the door, locks it, ditches the key*
i am starting to think there is something to the whole mayan calendar and 2012 thing...go bubble go...hit my profit taking target today...took it and set my next profit taking target...i wonder if i will ever BUY equities again...i am almost tired of selling...but i wont complain, let those bulls keep buying =)
Ben is a USSR agent who doesn't know his mission has been abandoned.
The war's over man, Bernanke dropped the big one.
Yeah... when did we ever ask about his birth certificate?
I've been modestly and somewhat paranoidly bullish for some time from breakthrough of 875 on that head and shoulders line until about 25pts ago on the S&P but I have been slowly selling about 8% each day lately.
When this club catches fire, they're gonna be finding unidentifiable corpses for weeks around the street....
Credit market commentary would be more useful, and informative, if more detail was given. Posting that spreads are tighter, and the accompanying speculation it's just another bubble, seems just a tad contrived.
In this environment...credit should trump DOW or Nasdaq performance anyway.
due to this absurd environment it should all be cut in half
if there's a rewind button, 12-15 months ago it probably was cut in half. Speculative debt markets rebounding...i dont see a abig deal.
CIT group pushing the $2-handle...on another hand thats just silly
This bubble will surely lift all boats. We're going to be rich, rich I tells ya! And nothing will ever take it away! Surely this time, the party will last forever with zero hangover!
Getting rich easily by doing jacks**t is the American Dream! Nay, I say it's the American Right!
TD, i'm telling you man, just completely flip the script tomorrow. Make every post outrageously & disgustingly bullish, all day long! Enough heads will roll seeing that on ZH that the market will surely turn south...then you can go back to the bearish camp. It's not that hard, you could start with an article spinning the AIG follow on as extremely positive news given that 6 months ago it was questionable there stock would even still be trading. Good luck!
>After all everyone is smart enough to get out of the door first when it pops.<
The "pop" will be a "crack-boom" tanamount to that heard when a 10.0 hits the economic Richter Scale. The herd running for the exits will find them to be about as accessible as the ones that were found at the Beverly Hills Supper Club.
David Roach guest on CNBC Asia tonight, talking about 'Dash For Trash.'
is that Stephen, per chance, of Morgan Stanley ? Id thought that Stephen Roach was head of MS-Asia
Slip on the last name spelling - David Roche (not Stephen this time).
thanks...it matters little, just more of a curiosity question