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To: 10K a day who wrote (258690)	9/3/2003 3:09:07 PM
From: Tommaso	Read Replies (2) \| Respond to of 436258

Newer news: bonds have reversed again and are headed on down, at least the 10- and 30-year. I would not be surprised to see the fastest uncontrolled rise in long term interest rates ever (as opposed to when Volcker did it on purpose). Rates are absurdly low for a fiat currency. The normal rate under a rigid gold standard when you could count on getting your money back in fixed, gold-backed dollars, was higher than what we have now. When BAC or JPM or FNM caves in from having borrowed short and lent long we may have a replay of 1929 that the Fed has tried to avoid but has only postponed.