You've no doubt heard this before. Bonds, especially the high yield kind, look bubbly. Things usually have a way of going on longer than most expect. Preceding the subprime mess there were lots of people calling attention to it. But it's about timing, itchy-sticky timing.
Most of these people were early, too early to get any attention because, like many things, the mess had a momentum all its own. Then one fine day.....the momentum changes and the only thing left is the mess.
http://www.cnbc.com/id/101604362
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