Remember all the deleveraging the U.S. economy has gone through during the crisis? Why, sure, we've learned a lesson about too much debt, did we not?
Except when you look at the Deutsche Bank data in the following chart:
By which the investment grade corporates' net leverage is at all time high 3 quarters running and rising; and gross leverage is at all time high 4 quarters running and rising. Or as Leonard Cohen's lyrics go:
"Ah we're drinking and we're dancing
and the band is really happening
and the Johnny Walker wisdom running high..."