Taking in consideration the 2009 events that changed access to most debt market activity, what should be the preferred way of U.S. companies to raise capital? How do you see the capital structures and associated pricing change in the future compared to what’s described in chapter 15? Remember, do not automatically assume that all capital should be equity going forward. If you look at big failures such as Fannie, Freddie and AIG, debt issuers were the only group that will get some of their money back while the groups that provided equity capital to these companies saw their capital get wiped out. Debt Vs. equity, what will be the future of companies’ balance sheets? Also, keep in mind that during the period of 2012-2015, many companies have taken advantage of historically low rates to borrow large amounts of money and while many predicted that the window of opportunity would narrow with rising rates, that never happened in 2014, rose very moderately in 2015 and ultimately reversed course in 2016 before what many believe is an unsustainable rise post election.