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The Fed and Treasury are in a box.
The too long and low interest rate
policies of Greenspan created the housing bubble and Wall Street [new product
engineers, credit rating agencies and bond insurers] accommodated it with
creative products no one understood or analyzed with any diligence.
It’s all blown up in their
Letting Bear Stearns fail
was an option but sometimes ego gets in the way of a painful and embarrassing
The previous stock rally now failing was suspect with
hindsight due to the slack volume upon which it was built.
We’re seeing Mr. Market take it
It appears my mailbox is full again and could be the result of a
doubling of my inbox due to moving mail from my PC to laptop in advance of
By the way, did I
mention another trip?
heading from here to SF for an ETF conference and then LA for another.
Should be fun and tiring but I’ll
find some time to post.
Have a great day.
ETF Digest maintains positions in TLT and TBT.