Guggenheim's Minerd Says Financial System Overloaded With Debt

The transcript discusses a presentation given at the New York Fed meeting about a predicted recession in 2020. The presenter highlighted concerns about corporate bonds and high yield debt, noting that leverage in the US economy is at record levels relative to GDP. The debt to EBITDA ratio is higher than in any historical recession, indicating an overloaded system. The presentation impressed attendees with its cogent argument, though not all agreed with the conclusions. The discussion also touched on the liberal ratings by agencies and the potential consequences of these financial practices.

What was the reaction of New York Fed officials to the recession presentation?

In what ways have rating agencies been perceived in relation to recent financings?