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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Mike Johnston who wrote (66830)7/25/2006 4:21:29 PM
From: russwinter  Read Replies (2) of 110194
 
I don't believe in the same PPT direct buying stuff that many look at. But, you will see a pernicious pattern at work, that seems to center around the auctioning of the trashiest and toughest to rationalize securities, that the Treasury and GSEs have to offer. These TIPS, and 30 years, and add housing agency auctions have been heavily bid by "call girl influenced" FCBs. This corrupted pattern has to be more than just coincidence. Stupidity doesn't fully explain it either, nobody is that foolish? In fact you can set your clock to it. It usually happens right when things seem to be teetering, when mystery rallies materialize. Some big or a series of big junk bond financed M&A deals to line Pig Men pockets hit almost in tandem. Am I the only guy on the planet noticing this? Few even here talk about it much, but I think it's the key to the credit Bubble, along with Japan's weak Yen flat earth policy, that allows never ending carry trade raids.
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