If we are going to have this 315 million car pileup, best we have it soon, get rid of the fraudsters and start over with adults.
Tuesday, March 23, 2010
Heightening the Contradictions
Some on the right argue that Obamacare is paradoxically good news: by punching the fiscal accelerator the Obami are hastening the day when people won't buy US bonds for love or money. Already the markets are signalling the beginning of the slide: blue chip bond yields are below Treasuries.
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Where should the adults stand while all these carloads of blind mice drive off the cliff? Clearly they don't see us, and don't care a whit about the long fall (what a rush!) ahead.
ReplyDeleteThe end of the treasuries setting the risk free rate is tragic (it's now Warren Buffett who is the new gold standard for debt), but it is telling that it is getting almost no press beyond Bloomberg, you and me.