The writing has been on the wall for a few days/weeks, but it appears a combination of global FX and equity turmoil and domestic corporate debt market collapse is finally starting to roil US equity markets. The Dow is down over 600 points in the last week or so, bond yields are collapsing, the USDollar is tumbling, crude is crashing, and junk bonds are in free-fall.

As expected in the aftermath of the Third Avenue gating (and as previewed weeks and months ago) Junk debt is getting destroyed:

And stocks are catching on:

Following the wholesale inventories-to-sales jump, business inventories-to-sales just shifted once again to cycle highs, deep in recessionary territory. With inventories unchanged in October, slightkly lower than thge expected 0.1% increase, Q4 GDP will start to be affected (and Q3 as prior data was revised lower). Nevertheless, with sales dropping 0.2%, with manufacturers tumbling 0.5% MoM, the looming production cuts set up The Fed for an epic policy error.

There are several conjectures on the factors that may cause Puerto Rico's unsustainable indebtedness.

Submitted by Deirdre Fulton via TheAntiMedia.org,

Even as large swaths of the population call for media outlets to do their part in stemming the “dangerous tide of hatred, violence, and suspicion” taking hold in the United States, corporate media - which stands to benefit nicely from the $5 billion 2016 presidential election - is egging on that same divisive rhetoric.

“Go Donald! Keep getting out there!” CBS Corporation chief executive Les Moonves reportedly said during an investor presentation Monday.

Three words... "not unequivocally good."

For the first time since February 2009, WTI Crude is trading with a $35 handle...