Traders at the floor of the Chicago Board of Trade (Frank Polich/Reuters)
Silly traders. Don't they know that U.S. debt
has been downgraded?
U.S. Treasury prices jumped Friday, briefly sending the yield on the benchmark 10-year note to modern-day lows, as speculation about a possible Greek default drained confidence and led investors to dump risk-assets in favor of safety.
"Safety"? But S&P said U.S. debt was no longer the safest bet!
And really, with debt this cheap, it's almost criminal we're not larding up with debt in order to grow our way out of this recession (and deficits). Heck, Republicans always say they want to run the country like a business. What business doesn't grow without debt?