The document discusses the difficult economic environment facing investors. It notes that bank loans are the most senior level of corporate capital structure and that many bankruptcies and bondholder distress are ahead. Money market funds faced dire straits after Lehman and money is still flowing to Treasury funds despite guarantees. The commercial paper market is only improving due to massive Fed purchases, propping up the market for now. Recessions have occurred regularly in the US and most early depressions were associated with financial crises.