This is the Tom Hartman program.

There is a bomb waiting to go off, deeply embedded in our financial system.

Corporate debt is at an all-time high,

personal debt is at an all-time high as well.

Banksers are now doing with mortgages, back in 2008 what they were doing with

mortgages that blew up our economy. They're doing that now with corporate debt

and packaging it, slicing and dicing it, and selling it off as AAA rated investments, when none of the

debt in it is even A rated. Is this going to blow up in our face? Not to mention the fact that everybody's predicting that there's a huge wave of

corporate bankruptcies, particularly small and medium-sized companies, coming down the road in

a matter of months when all this federal support runs out. What the hell is going on? Where is this

going to lead us? Professor Richard Wolf is with us, the economist and co-founder

of Democracy at Work, the author of numerous books, his most recent Understanding Socialism.

Democracy at Work. info is the website.

He also is personal website, RD Wolf with 2F's.

You can tweet him at Prof Wolf of 2F's or a democracy at W K.

Professor Wolf, welcome back.

Your thoughts on what's the state of debt with a...

And I also saw a piece that, I believe it was in the Wall Street Journal this morning saying that

worldwide dead has now exceeded 100% of GDP. What's going on? Well I think you're

seeing and I hesitate to say it, but it has to be said, I think you're seeing the unraveling of a system.

I'm a critic of capitalism, so I could, I suppose suppose say I told you so I take no pleasure in it at all

but I think that's what you're seeing so let me explain the crash of

...