HIGH YIELD OR JUNK?

The article considers corporate debt as a familiar scapegoat in the search for simple causes of the nation's economic problems. It is speculated that U.S. business accumulated excessive debt loads during the 1980s largely through takeovers, which also caused job loss. The article also examines distorted propositions about corporate debt and junk bonds including the myths that debt destroyed jobs and junk debt financed takeovers.