I’m traveling, so no significant post this evening. I would merely point you to the interview with Anna Schwartz suggesting that the Fed is fighting the last war, and is not fighting the solvency crisis, as they consider it a liquidity crisis.
As for me, with the total level of debt in the economy relative to GDP being so high, bear markets in credit should persist until that ratio is significantly reduced. I am not a bull here on credit. Focus on companies that can survive without external financing for three years.
I have made changes to my portfolio that reflect this. More on that in the next few days.