This is the Tom Hartman Program.

Welcome back, Tom Hartman here with you.

On the line with us is our friend Professor Richard Wolf, the economist,

co-founder of Democracy at Work.

Info, author of numerous books, his most recent understanding socialism,

R.D. Wolf with 2F's.com also his website.

You can tweet him at Prof Wolf, as in Professor Wolf. I'm curious, this

massive overhang of corporate debt, and there was an article in the Financial Times this morning

about how the Fed is just like they used

to buy treasuries we've talked about this a couple times now.

They used to buy treasuries then they were buying investment grade corporate debt now they're

buying junk bonds and so basically every company in America, or at least

every publicly traded company, is issuing debt, is issuing bonds that the Fed is buying and

it's keeping them afloat.

It's like a backdoor bailout. How long can this last and is this trillion

plus dollars of corporate debt? What kind of threat does that represent not just to the

corporations but to America? It's a scheme. it's a game of desperate people in a panic

mode

it has to be understood as that

no one should be fooled by government officials in ties and jackets acting as though

everything is under control nothing is under control that's why they're doing these

things but let's deal with the particular question of corporate debt

...