Has the M&A Market Hit Bottom?

From The Wall Street Journal:

With October ending in two days and the books closed on the final Merger Monday of the month today, it looks as if a rebound could be underway.

I imagine the rebound includes senior and sub financing term sheets that look like they’re from five years ago. In other words, either deal pricing has come down, or we’ll see a lot of bankruptcies in just a few years time (as if we won’t already).