The Power of Credit Spreads

In 2008, 2009 high yield bonds went to over 20% yields. The Fed at that point let credit spreads widen out to the widest they were since the early 1930s during the worst of the Great Depression. And yet you've got Stan Druckenmiller saying he thinks a recession's underway right now. He thinks it's most unsustainable fiscal situation he's ever seen through America. But for those people that think, you know, she's, these people that worried about a recession for a year, it hasn't happened. Therefore, it won't happen. So my silly little analogy to imagine a very successful football team that starts to have a few injuries and yet they keep winning.