The Debt Deal and the American Financial System

It's speculative debt as far as the banks and the financial institutions are. It's a complete deadweight for a whole layer of particularly smaller companies not just small ones now we're beginning to see in the latest data across the board over the last few years. The solution for capitalism keeping going is to keep pumping in more debt both into the private and if there's a crash for the public sector to pick up the bill, he says.