A vast amount of that oil/ energy debt isnt that cheap, they're...

A vast amount of that oil/ energy debt isnt that cheap, they're junk bonds but agree we're GFC 1.a

Im not sure we'll see the same massive plunges of the first but there could be more pain for longer. GFC1 had the problem of the CDO market seizing up as they mixed crap loans with quality loans - im not sure that'll be the problem with junk bonds.

However - the answer to GFC1 was re-inflate the banks balance sheets giving them the chance to transfer worrying debt. So now we see bubbles all over the place with declining demographics and social disorder with floods of more welfare dependents. Basically im more inclined to think we'll grind lower both shares and property in a Japanese type fashion - but should a few big banks start hitting the skids and credit shows signs of freezing.....well buckle up.