Corp. bonds a steal?

John Authers of the FT says bonds are priced to break even, even in a 1930's Depression scenario. Citing Deutsche Bank, Authers says high-yield bonds are priced for a 50% default rate, and an "inconceivable" default rate is priced into investment grade bonds.

(Blogger note: OK, OK. I'm biting. Just bought some EMB, the iShares JPMorgan USD Emerging Markets Bond Fund (EMB); and looking at HYG, the iShares iBoxx $ High Yield Corporate Bond Fund.)