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 ?

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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.?