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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Jim Fleming who wrote (274517)1/20/2004 7:30:01 PM
From: laura_bush  Read Replies (2) of 436258
 
Reopening talk about the '79 30-yr-bond "called in."

I've spoken to a number of people on SI and IRL who still believe that the Feds are shafting the bag-holders.

This series of remarks summarizes well the input I've received.

Comments appreciated.
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Premise: "Things like this come with the territory of buying a 30yr Bond. For it to be "called" five years early, is to be 'expected.'"

Response:

Yes indeed. Here's the problem as I see it.

#1. Dubya's being criticized for failing to cut government spending. Looks good by itself, alright.

#2 Problem is that plenty of retired people are living, traveling, and payin their bills based on the notes they bot way back when.

#3 The holders of these debt securities failed to read the fine print...wherein the government reserved the option to redeem the paper.

#4 2/3 of the note holders are private "investors," i.e., little old ladies.

[Edit comment: It would be interesting to hold down GWB and shave his head. Odds are that he has a "666" birthmark under his goofy haircut.]
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What do you sophisticated financiers over here on SI's dark thread think about the above? -g

lb
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