“General Motors, Ford, AT&T and GE have cumulative debt that is larger than the entire HY market. Downgrades of any one of these names...
"Imagine if all respectable business knowledge had been derived from studying large, established companies because there had never been a start-up in living memory....
"If you build a system meant by its very nature to dis-intermediate third parties and exist independent of governments and legal systems, you have...