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.?