And as soon as the economy hits any sort of slowdown that debt starts to really hurt.
I also suspect part of the rosy projects included refinancing of the debt. Wall Street is totally addicted to any prospect of a Fed rate cut. For example when is the last time your heard a Wall Street CEO, pundit or money manager call out for a rate INCREASE? It just doesn’t happen. Couple that with the fact that the structural flaw in the fractional reserve banking system is inflation.
You simply cannot create money from nothing without resulting inflation.