Kids, If You Weren't Around to Feed on Junk Bond Defaults, Here's Another Chance

If you didn't get the opportunity to short the S&L holders of Mike Milken's creations find out who owns the current batch.
Pragmatic Capitalism via Kids Prefer Cheese:

Holy Negative Spread, Batman!

Golly, this is remarkable.  Click through for commentary...

As Woj puts it:  This chart, more than almost any other, may highlight the potential harm induced by the Federal Reserve’s attempts to push private investors further out on the risk spectrum. Unless junk bond companies have truly become significantly less risky, when the next round of increasing defaults begins, investors will find that current yields fail to even remotely compensate for future losses....

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Previously:
Credit Markets: The Next Big Short

I'm not Michael Lewis and this market isn't as large as the mortgage area was but man-o-mandingo the possibilities are amazing.