Last month I had the privilege of presenting the keynote at the Association of Insolvency and Restructuring Advisors' 26th annual Bankruptcy and Restructuring Conference on “The State of the Markets and the Continuing Impact on Distress.” In the months leading up to the conference. I wondered what I talk about. But the stock markets are finally displaying the levels of risk consistent with underlying economic issues. For months the stock market rose regardless of the news—good or bad—and reflected investors reduced pricing of risk (as evidenced, for example, by the reduced implied volatility of the S&P 500 ETF