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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (132207)10/31/2001 8:58:32 PM
From: Tommaso  Read Replies (1) of 436258
 
I think it's because they are a bunch of idiots. They could sell bonds and await the inevitable inflation to drive up interest rates and drive down bond prces and then retire them at minimal cost. This is what happened to all thos unfortunate savers who bought 3% 30-year bonds about 1950. Any family or trust who held them to maturity in 1980 found that inflation had eroded 2/3 of their value.

OR, they don't want to cheat very conservative investors.

But I doubt that the reason is truly public-spirited.
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