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Politics : Ask Michael Burke
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To: Thomas M. who wrote (31632)8/27/1998 12:18:00 PM
From: Knighty Tin  Read Replies (1) of 132070
 
Tom, His life must be short. I remember the Fall of 1986 when everyone other than your's truly thought bonds were going to 5% (they were 7 1/4% at the time. In fact, we had Art Laffer in and he told my bosses that rates were going to 2% on long bonds. It would have been funny if they hadn't believed him. The fact that I insisted on a bunker mentality for bonds at that time made my bosses exert their authority over me for the first and last time. They insisted that I extend maturities. I was at 6 years on avg. and had stated that I was heading to 3 1/2 years. They told me 27 years or else. I chose else. <G> The yield on the long bond went up about a month later and finally peaked near 10%. My bosses all got canned. I was right. Unfortunately, I no longer had my sweet job. But I had my integrity. Integrity sucks. <G>

MB
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