
General Electric may be the canary in the credit market’s coal mine. The company’s bonds tanked this week even as an asset sale briefly lifted its shares. That’s a warning shot for all debt investors. U.S. companies owe more money than ever, and the quality of their loans and bonds has deteriorated. Rising interest rates and slowing growth could make this a big problem. The ailing $75 billion conglomerate is an extreme case, but it exemplifies much of what has happened in corporate America and around the world over the past decade. Historically low interest rates fueled a massive borrowing