Every dollar in issues debt is effectively multiplied. When you turn back the knobs even a little bit, you’d be surprised by the amount of contraction. The “dodgy” money being described is more or less the froth that ends up at the very top.

The danger is that with such a long bull market, only God knows how many non-survivable companies there are beyond the Ubers and Lyfts.

What’s unsustainable will have to end eventually. Pushing money into the system doesn’t make the economy magically better by itself.