... some are still amazed by what is taking place on corporate America's balance sheets.

Overnight, one person warning how all this will end is TCW Group's Tad Rivelle, who is the latest to observe that "corporate leverage, which has exceeded levels reached before the 2008 financial crisis, is a sign that investors should start preparing for the end of the credit cycle."

Rivelle says that "the credit-fuelled expansion inevitably comes to a bad end," Rivelle, chief investment officer for fixed income at TCW, said in a note sent to investors Tuesday. "We've lived this story before."

He is, of course, right: corporate leverage in America continues to soar to new highs every month, and just in September sales of company bonds passed $1 trillion for the fifth consecutive year according to Bloomberg. Total company debt is at a record 2.4 times collective earnings as of June, according to a Sept. 9 estimate from Morgan Stanley. The ratio fell to 1.7 in 2010 when the U.S. economy started recovering from the Great Recession.