The LBO Bubble Bursts: Not Necessarily a Bad Thing
"That was a popping sound," writes Andrew Sorkin in today's NYT, and although such sentences have a tendency to generate another type of sound entirely from their more sophisticated readers, he's actually right this time. For he's not talking about the stock market's intraday volatility – the big news which made the front page and which really isn't news at all. Rather, he's talking about the fact that the credit markets in general, and the LBO market in particular, have now "slammed shut".
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