VTA - Corporate Debt Might Not Be The Spark But Can Easily Be The Accelerator
Background
A few months ago, I wrote about the The Fed Dilemma. I have since then discussed the various points in more details. The last financial crisis was primarily caused by high leverage among households and financial institutions. Banks have deleveraged significantly since then and that is true for most households as well. I still see cause for concern in some real estate markets and other debt by lower income households, which I have discussed before. However, it is fair to say the U.S. government and non-financial corporations is where we now see more