I will consider three factors that are often discussed in considering the broader question of when and how  11  Highly accommodative monetary policy, while far from the only cause of ebullient credit market conditions, is designed to support economic activity by creating incentives to take credit and duration risk.
See Ben S. Bernanke (2013), “Semiannual Monetary Policy Report to the Congress,” statement before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 26. 12  See Mary Jo White (2014), “Enhancing Risk Monitoring and Regulatory Safeguards for the Asset Management Industry,” speech at the New York Times DealBook Opportunities for Tomorrow Conference, New York, December 11.