The Securities and Exchange Commission (SEC) just turned up the SPAC bubble-busting amplifier to '11' by signaling changes for how accounting rules apply to a key element of blank-check companies.

That was followed the tsunami of newly launched SPACs suddenly and dramatically hitting a brick wall. As we noted here, just three SPACs listed last week (including 2 on Wednesday), compared to more than 20 deals per week on average for most of the year.