You say cynicism - I say finally recognizing the emperor has no clothes.

The fed now buying junk bonds - directly propping up the LBO/PE industry - crossed a fundamental line for me. Not only is the USG propping up its productive corporations - not great, but excusable, in my view - now it's propping up its worst, too. Why is it doing that? Who is in charge and who are they obeying? Uncomfortable questions all around.

When the USD loses its reserve status - when, not if, and all the sooner given the fed's recent behaviour - we are going to see some serious shit.

Still right though. Too big to fail means too big to be allowed to exist. Either there must be stringent regulation with scale in winner takes all fields or some form of serious punishment if the fed is going to be the saviour of last resort. And I don't mean punishing the corporation itself but the top management.