Forget mortgage problems. The Wall Street Journal says that corporate debt is running into more trouble.

The paper says that "Fitch Ratings says downgrades of corporate bonds rose in the third quarter to $92.1 billion, their highest level in two years." And, junk bond yields are going up, making it harder for companies with less than stellar prospects to raise money.

Perhaps the most gruesome sign of all is that some estimates put the value of "vulture investor" funds above $300 billion. A lot of money to take on controlling all of those troubled companies.

It is yet another sign that a recession may be on the horizon and that things in the rear-view mirror may be closer than they appear.

Douglas A. McIntyre