. >>> welcome back rick santelli live here at cme hq, welcoming vincent reinhart, 24 years of variousts at the fed and that's what i would like to talk about. welcome, vincent vincent, on april 9th, the fed tweaked its corporate bond buying program to include high yield, junk etfs they haven't used this program yet, but it's made a huge difference it's a slippery slope, including high yield what are your thoughts >> i think it was almost inevitable, once they said they would start buying ig. what happened when they announced they purchased investment grade credit, not having even bought a single debt instrument yet investment grade did much better than high yield. and it was difficult to rationalize the difference between the two sets of yields in particular, how about those fallen angels like ford? they were just ig a month ago. why treat them differently so the fed, therefore, widened the perimeter of its camp and brought fallen angels into the fold well, how about next week, when politicians complain or there's problems in the oil patch? don't you think the fed is going to be under