The recent stock market rally may not be a bear-market trap or a “dead cat bounce,” but may in fact be the first signs of dust from an oncoming and unexpected bull stampede.

The once booming business of private equity faces an uncertain future. What’s not uncertain, however, is that many private equity deals are imploding from the weight of leveraged debt and greed. Inevitable bankruptcies will result in higher unemployment and a deeper recession.

Shares of BCE Inc. (BCE) suffered their biggest downdraft in at least a quarter century yesterday (Thursday), after an unexpected court ruling threatened to derail a $53.9 billion leveraged buyout (LBO).