‘Does This Train Have Any Brakes?!’ Goldman Slashes HY Energy

Ok, so we've written tirelessly about the self-defeating dynamic at play in the US energy complex and I don't think we need to launch into a long-winded recap of our thesis here. The bottom line is that at some point, the bond market has to take the keys away (i.e. spreads are going to need to widen materially) or the folks Anadarko boss Al Walker recently referred to as a bunch of hopeless alcoholics are going to keep on drilling and keep on issuing debt. This is exacerbated by the fact that,