Money is extremely cheap to borrow, and companies have decided the interest rate risk is lower than the short-term share price gains from borrowing money to do

Money is extremely cheap to borrow, and companies have decided the interest rate risk is lower than the short-term share price gains from borrowing money to do buybacks. Perhaps current management assumes they won't be the ones left holding the bag. I agree with you, when rates go up a large amount of zombie companies being held up by cheap money are going to go bankrupt, and it will have large ripple effects.