It's moral hazard in a nutshell, the backstop provided to the markets is so large that the risk/reward is completely out of whack. When the fed is buying junk b

It's moral hazard in a nutshell, the backstop provided to the markets is so large that the risk/reward is completely out of whack. When the fed is buying junk bonds the signal to investors is loud and clear. You'd be foolish not to participate until reserve banks start signaling otherwise.