CREDIT BUBBLE BULLETIN
At the heart of disorder
As bankers curb lending and borrowers shy away from more debt, forced hedge-fund deleveraging is creating a massive overhang of securities to sell. We may be at the start of a prolonged credit and economic adjustment that has the hallmark of depression rather than recession. (Feb 11, '08)

Doug Noland reviews the previous week's events each Monday.

Not really. Hedge fund operators are clearly in trouble because their MO is to borrow money for their M and A deals and now the window is shut tight. But the Multi-nationals are flush with cash, so M and A will continue as before, only without the "benefit" of the Hedgehogs.