Once GM goes BK, it’s Katy bar the door. Corporate America is loaded with debt from the whiz kid biz kid practice of “monitizing assets”. When the price of money goes up, and revenues go down, duh duh duh daaaa, the wheels fall off the status quo.
We’d already be hip deep in BK’s if not for government tinkering. The byproduct of said tinkering will be a more intense wave of BK’s with concommitant increase in the intensity of market overcorrection.
I’ve got thirty years of life left in me, and I doubt that I’ll see 10k on the dow again. Then again, I never thought I’d live to see the wall fall in Berlin. Who knew the USSR was a hollow economic giant? Printing money doesn’t undo the fact that GM and most of the major banks are too.
