Rate cuts won’t prevent corporate bonds disaster
“Nov. 30 (Bloomberg) — John Paulson, the manager whose credit hedge funds gained an average of 440 percent this year on bets against subprime mortgages, said corporate bonds will be the next to fall as the U.S. economy heads toward recession.
“House-price declines accelerate, consumer spending declines, credit costs continue to rise,'’ said a slide Paulson showed to about 500 people at Paulson & Co.’s annual meeting at the Metropolitan Club in Manhattan last night, according to two people who asked not to be named because the event was private.”
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