The Rush to Corporate Bonds Is Delusional

People are still going nuts for bonds. They are paying up for the bonds of companies in a fashion that's just extraordinary. This morning on CNBC, David Faber pointed out that Viacom(VIA_), yeah, the TV network, was able to raise $250 million in 30-year bonds at an astoundingly cheap 4.5% -- and unsecured, no less.