The fees for junk debt totaled $794.8 million, compared with $923.4 million in 1988.

Even if the nation slips into a recession and default rates rise on junk debt, prices of these already depressed bonds are not likely to crater.

In all of 1989, companies defaulted on $9.4 billion of junk debt, for a default rate of 4.9 percent.

In 1985 recovery rates for junk debt were as high as 40%.

The large airlines will be able to refinance their mountains of junk debt, maybe even converting some or all of it into equity.

The company already had $600 million of junk debt on its books.

As a result, some investors are still opening their pockets to buy junk debt.

But you are more worried about so-called junk debt than anything else, right?

Buying junk debt today means a bet that the economy will avoid a recession and begin to bounce back by year-end.

The present run of mergers is fueled by very low yields on junk debt, which can make the numbers work out when they otherwise would not.