All Clowns Must Be Destroyed Message Board

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Pastimes : All Clowns Must Be Destroyed

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To: pater tenebrarum who wrote (19943)	3/27/2000 12:02:00 PM
From: Lymond	Read Replies (1) of 42523

Heinz, Will do. I certainly agree that all is not well in cloud-coo-coo land. You stated the main points -- rapid debt growth overall (resulting in a record-high debt-to-gdp ratio) and clear signs of stress in high-yeild (which are being echoed somewhat in the triple-B area as well). One counter-trend has been the huge rally in EM debt, albeit from very wide levels, though that area of the world is not what we're really concerned about, is it. Layer on top of this mounting pressures on profit margins, and off-the-charts speculative froth at the world's largest casino, and we have a toxic mix indeed. No question that credit markets remain somewhat stressed. But this has frankly become an almost normal state of affairs for us since August'98. <g>

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