The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: CalculatedRisk who wrote (61841)	5/24/2006 9:34:51 AM
From: russwinter	Read Replies (2) of 110194

Credit spreads are NOT widening that much, and all the junk debt is rallying as well. If there were real stress Treasury spreads between 6 month and 10 year would widen, not narrow. Looks like everything is being geared to save the Ponzi finance mechanism, despite FNM issues, despite supposed issuance of new lending guidelines, despite the obvious acceleration in delinquencies and foreclosures. It's as if normal market signals don't exist, a condition that could only occur when blatant Pig Man manipulation is occurring. Even the bird flu story is suspect, designed to take the wind out of commodities without having to actually drain liquidity. Now the Kudlows of the world will point to declining gold, and narrower TIP spreads and declare victory for Ponzi finance. And here is one of the biggest Ponzi bankers of all, raising nearly $10 billion in this environment, amazing. Watch the "FCBs" (specifically China) mysteriously show up big for the 2 year auction, and have a big week buying agencies.: iht.com

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