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Cheap Debt Over, But Bad Debt Hitting Stride

Back in April when I was hosting a roundtable here in Nashville for the June issue of the magazine, my guests and I talked about predictions for when the era of cheap debt for hospitals would end. We all had our theories, but the one thing we could all agree on was that given the breakneck pace of borrowing--not only among municipal bondholders like hospitals, but also in the public markets--it couldn't last much longer. It seems like now we have our answer: The end of the era is pretty much now.
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