We are at quite the mismatch in pricing on high yields vs risk...but that is always the case before the avalanche. The desire for yield has pushed leverage levels and credit too far past levels that are sustainable and we are starting to see big issues.
Corporate debt is one thing. It's more or less corporate finance 101 and incurring debt at cheap levels to buy back shares etc. all. That will come to a stop, at the detriment to the stock markets.
The bigger issue is the chase for yield in emerging markets and lack of currency hedge (it's not that much better than last two EM crisis levels). I think people are underplaying Turkey and other areas where inflationary troubles coupled with loans going bad should really start to impact global markets.
The unwind and credit crisis is starting to step up, timing is the only question imo.