Bernanke's insider dealing
Good luck to them, right now it 100% protectionism and until assahts like Bernanke are removed it's not going to get better:
"The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral. "
i.e. The Fed is running the printing presses to loan against assets and those assets are clearly not worth the paper because they can't reveal what was loaned against what collateral. Since the value of that money is built against these 'assets' that can't be sold in the marketplace it's effectively trading devaluation of dollar to subsidize industries.
So, Taiwan cannot know if the US is propping up its memory makers, so it's forced to prop up its own industry.
So you may think that bond you are buying has a market value of $100, but you don't know if that value is only there because of Bernanke has printed off some cash and paid $100 for a $20 asset to drive the price up.
Seriously, the man is an idiot, he's not helping, he's simply making things worse. By doing that he's casting doubt on even good businesses. The need for secrecy keeps the uncertainty going.
The US corporate bond market can't recover until he stops interfering in that market, the protectionism can't stop until all the loans are disclosed.