Apropos of the healthcare bill, the bond market now thinks it's safer to lend to corporations than to Uncle Sam. It's fairly safe to say that's revolutionary.
The mere idea that corporations are now more trustworthy than the American federal government is simply incredible. Finance textbooks for generations have taught that the risk-free rate is the Treasury rate. That's no longer true. The deficit and debt is so big that it is now risky to lend to the feds.
Obama's spendthriftiness is seriously putting us in peril.
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