More Crisis Mongering By People Who Insist on Not Learning the Lessons of the Housing Bubble

OMG! It's the Mother of All Credit Bubbles!. That's not my line, Steven Pearlstein is beating the drums in the Washington Post telling us we should be very afraid because a number of corporations are taking on too much debt.

His basic story is that corporate America is getting heavily leveraged, with many companies likely finding themselves in a situation where they can't repay their loans. I wouldn't dispute the basic story, but there are few points worth noting.

First, companies have an inc...