A couple of quick things:
First I suggest that you read Jeremy Grantham's latest named "Night of the Living Fed". Jeremy is a legendary investor who is one of Wall St.'s all time greats. It's a nice read.
Emerging market bond bubble anyone (click to enlarge)?
Bubbles are popping up everywhere as Wall St. frantically looks for decent yield. At this point, investors would buy a house full of hookers that had herpes if the place was yielding 8%.
Like all bubbles this one won't end well.