Credit euphoria.
Is this time different ?
Nobody talks about credit euphoria.
Everyone watches stock valuations. PE ratios. Bubble charts.
But the real signal is in the bond market.
When investors lend $32 billion in 24 hours to a single company — including a 100-year bond that was 10x oversubscribed — that’s not rational analysis.
That’s euphoria.
Equity bubbles get headlines.
Credit bubbles get ignored.
Until they don’t.
2007: Nobody questioned mortgage bonds.
1997: Nobody questioned lending to Motorola for 100 years.
2026: Nobody questions lending to Google for 100 years.
The pattern:
→ Dominant narrative
→ Unlimited confidence
→ Record-duration debt
→ “This time is different”
It’s never different.