Nearly a decade of unprecedented fiscal stimulus was bound to create bubbles.  Last year, we had the great sovereign debt bubble where investors were paying countries and companies for the right to LOAN them money.  As interest rates, have climbed, the foolishness of those participants has become more apparent as have their losses.  Yield-desperate market participants have bid up just about every asset class you can think of.  One of the most glaring bubbles is occurring in the junk bond market, where yields have plummeted to 5.7%, despite U.S. companies having taken on an extra $7.8 trillion of debt and other liabilities since 2010.

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