No small number of commentators, including a few senior industry insiders, have forecast that the private equity bubble would eventually burst.
Most believe, as I do, that there is no way that Wall Street's so-called masters of the universe could carry on using boatloads of borrowed money to buy companies in every industry at exorbitant prices -- and then milk them dry -- without one day paying the piper for their hubris and greed.
But even with the recent upheaval in credit markets, which has put pressure on dealmakers to reign in their more aggressive efforts and reconsider some previously announced buyouts, there has been little sign of a recognizable top.
Until now, that is.
As I was walking through midtown early this morning, I passed by a public telephone -- yes, they still exist -- and I happened to notice paper signs hanging on both sides of the booth.
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