The IRS denied the deduction, arguing that there could be no bad deduction because there was no debt.

FORBES: One Man's Tale Of Superstorm Woe And Debt Versus Equity Considerations

No prizes for guessing why: with all the bad debt on bank and company balance sheets, few are in any mood for major credit expansion.

CNN: Asia's Memory Lapse

No, we will not go back to an economy weakened by outsourcing, bad debt, and phony financial profits.

WHITEHOUSE: 2012 State Of The Union Address Enhanced Version

Just because president Obama is acting like a bore and a sociopath where the debt limit is concerned is no reason for Republicans to mimic his bad behavior.

FORBES: It's Time For The Republicans To Play Budgetary Small Ball

Until America and Europe own up to the true magnitude of the problem and sort bad debt from good to get toxic liabilities off financial-industry balance sheets, no amount of talking or stimulus will mend the global downturn, he warns.

FORBES: Spend, Baby, Spend

Translation: The ill effects of bad debt are still working their way through the country's economic veins, and no easy remedies are available.

FORBES: Outlook Hazy