Do you have any evidence of that? Have you looked at the price of money these days? 2%? 4%? Junk spread as low as 1-2? With QE the price of money is being artificially driven down to drive investment. The dirty little secret is that a lot of that investment comes from borrowing - why not if your numbers show you making 10%-20% and you can borrow for 5%-10%?

The last time the fed held the yields so low and pumped money supply so greatly was the dot-bomb. And a lot of that was shown to be driven by debt when post-mortemed.