Maybe a naive perspective but I honestly would have thought that a larger credit market on high quality debt would actually enable a larger credit market on low quality debt. In other words the former would effectively expand money supply more reliably and therefore enable creditors to also support more speculative bets. Admittedly if there are higher ROI speculative bets to go after then maybe those just get pushed down the priority line. But I'm surprised that they're in direct competition with the high quality stuff exactly.