Nouriel Roubini asks: “Are We at The Peak of a Minsky Credit Cycle?” Well, if you had checked here first, Nouriel, you wouldn’t need to ask rhetorical questions, would you?

And by the way, another hedge fund went casters up to the tune of $1.5 billion in losses. That’s deleveraging in action. The WSJ provides a copy of their “Oops, sorry ’bout that” letter.