The LBO Refi Wave Approaches: $800 Billion In Junk Debt Maturing By 2014, Adds To Multi Trillion Fixed Income Refi Cliff

Tyler Durden's picture

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Anonymous's picture

In the backdrop of all this bad news its still possible to live "mortgage-free" in a McMansion thanks to the govt's extend and pretend do-not-MTM policies for banks that are too gun-shy to foreclose on these freeloaders....

Anonymous's picture
Ashes to ashes, fun to funky, we know Major Tom's a junky strung out on heavens high, hitting an all time low.

Lucy, no need to splain, someone messed with Major Tom.

Ah, the moral hazard of injecting ill liquid assets into the arm of every person on the planet. DEVO DEVO DEVO, it's a beautiful world.

Eally Ucked's picture

Just forget all those sophisticated graphs, scientific rhetoric and all the bullshit in those reports, looking forward 3,5,10 years and more. Any idiot knows that we borrowing more and more (there is one problem, we are borrowing from who? Probably your savings! Or we draw on efficiency of our printing press) so millions of doellars are paid to those absolutely irreplaceable people for what? To prepare those very smart reports to show puppets in congress that they are very smart and need trillions in salaries and bonuses? Now everybody knows the shit will hit the fun, the question is when and everybody is jockeying for better position to ripp as many benefits as possible. 

Fritz's picture

Expect a continued flood of dilutive equity issuance to de-lever in advance.

The macro picture is a train wreck for common equity any way you slice it.




Eally Ucked's picture


If we cut salary and bonus for MR.Blankfein to zero, he will quit!!!

Question is where does he go? Any idea? My guess is that he will try to be first deputy to General Secretary of Chinese Com Party, really nice field to show some skills! 

msorense's picture

Tree after tree is falling in the forest now.  Soon it will all collapse - until then I guess the market will go up.

$2.8T Muni Debt market about to Burst

Anonymous's picture

In about six months we'll be looking for food in dumpsters and your talking about 2014??? See ya on the other side pal..

Instant Karma's picture

Fed can't raise interest rates, will have to do more QE, and, much private debt will have to default. It's a long process not only of deleveraging but of removing excess from the system.

Anonymous's picture

No problem whatsoever ... as the U.S.$Dollar will be significantly devalued in AU terms, e.g., $10,000 @ troy ounce, with 10%+ AU backing of the "new" U.S.$Dollar.

The in-ground AU, with other precious metals, has already been identified & assayed, all of USA origin.

Anonymous's picture

Good recent book out on this coming wave of LBO disasters...."The Buyout of America". Worth a read and you will never buy the stock of one of these dogs after you get a few pages into it.

jm's picture

This is an excellent piece of work.  Thank you for the supporting material as well.