The Fed Cross the Rubicon and Buy Corporate Bonds

We've left the world of supply and demand economics and moved into a world driven predominantly by central bank policy, is what we were saying. And what they're doing is the rational thing. If we don't do this, everything's gone... It went too far in the 80s. They could have probably got away with it as late as 97, 98 at the Asian crisis, but they didn't. The Fed cross the Rubicon bought corporate bonds. That wasn't to put money into the system. Because if they had gone bust, it's all over. Right? So now the money element of this is becoming the larger driver where nobody can get onto that ladder of making their money