Corporate debt and the New Fed

 Corporate debt is represented, in aggregate form, in the Fed S/L accounts.  Due Process is enforced here, by the Supremes. For large, risk adjusted funds, the Fed is a credit card account, priced so it uses both directions. The game plan is expanding Fed market share by matching Due Process to risk adjusted everywhere, that is going to pay off because banking transaction cots are dropping. 

Banks want honest customers, not necessarily risk free. The pay off is in reducing the cost of risk assessment, and it is better to get the high risk accounts early, then you capture their history, like a search engine. So corporate debt and consumer debt will end up risk adjusted, aggregated and represented in a Fed account. The utility of the stock 'market' will drop as those Greek letters in Black-Sholes go to noise.  The Fed and accounts will rapidly agree on current interest charges in an ad hoc manner.