DOW 16,000

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Junk wins!

Because this makes sense!

-- Micron Technology Inc. (MU), which more than tripled its total debt since 2011 to ten times annual free cash flow. The stock has surged 204 percent this year.

[douger]

Now, now. This won't hurt at all.

A $6.6 trillion credit binge during the past five years, encouraged by Beijing policy makers as stimulus to combat a global economic slowdown, now threatens to stoke a debt crisis. At stake are trillions of yuan in bank loans that companies producing everything from ships to steel to solar power are struggling to repay as the world’s second-largest economy heads for the weakest annual expansion since 1999.

Rongsheng, which is seeking a government bailout after accumulating 25 billion yuan ($4.1 billion) in unpaid loans as of June, including to Bank of China Ltd., is a casualty of over-investment gone bust. In Nantong, the only remaining market is selling past-its-shelf-life bread, woolly shoe pads and other dusty items at a discount as shopkeeper Qiu Aibing prepares to wind down before winter. There’s no sign of a single customer.

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Now, if you really want a jaw dropping moment, go look up the size of the derivative market based on interest rates.