You have to have no sense of irony to read the paper these days.

Today’s FT reports that the US is moving to synthetic junk bonds using CDS:

It’s funny, the last crisis involved chasing for yield in a low-yield environment which led to a collapse which is being treated by low rates again which is leading to the rush to synthetic high yield bonds which will …

____________

Then in the Times,

Bank of America Rejects Idea of Reducing Home Loans

because “It’s not that we don’t want to help troubled borrowers,” Mr. Laughlin said. “It’s a moral hazard issue.”