It is impossible to consider any investment without taking into account the prime force driving markets: POLITICS.
This is a sad sad state of affairs, but it is one that has existed in a very obvious way since the 1987 appointment of Greenspan and the 1987 stock shock: "Don't bet against the Fed".
Capitalism has been steadily replaced by market-socialism, where the "free" market is treated as the goose that lays the golden eggs, with the eggs subsequently stolen and redistributed to three growing dependency classes: public employees, welfare cases, and now of course Wall Street Giants. Between them these three constitute a political majority who can be relied on to maintain the status quo rape of the taxpayer / producer class. For Wall Street, campaign contributions are a mere cost of doing business; think of these contributions as buying insurance against default: PDS, or Political Default Swaps.
Default has occurred, and the buyers of the insurance are collecting. A few $Billion in campaign contributions has brought them $Trillions in guarantees and actual cash. These PDS are highly leveraged and remarkably profitable. They are traded in a system more opaque than the shadow banking system. Counterparties never reveal the terms of these agreements.
Disclosures: I own no PDS, but it's time to become active in this market.