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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (31308)	8/21/1998 11:55:00 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

PK, There has been a buildup in intermediate term paper, which is what you are supposed to do at the top of an interest rate cycle. If this is the top, then the first floor is a penthouse. However, he is not the only one to do it. All Presidents seem to get fooled by this "real interest rate" scam. Instead of locking in rates for 30 years at very attractive levels, they issue short term paper until the rates head back to double digits. Then they issue long term debt "before it rises any further." And folks wonder how the primary bond dealers got so rich. I will take the other side of that trade, too. -g- MB