Notes From Underground: Notes will be off for the next two days– Have a Wonderful Holiday Season whether Passover or Easter … b​ut

I wish to leave everyone with this great quote from a person I have little respect for but this quote is very apropos following the release from S&P this morning, which slashed the U.S. credit outlook to negative from stable. (It’s AAA-rating is still intact.) James Carville said:

“I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the BOND MARKET. YOU CAN INTIMIDATE EVERYBODY.”

The quote is great for it captures the real power of the BOND VIGILANTES. A question also arises about the role of the rating agencies and the “anti-trust exemption” they enjoy from the grace of Congress. It must be remembered that CONGRESS has legislative oversight so IS IT IN THE INTEREST OF THE RATERS TO FALL AFOUL OF ITS LIFE GIVERS? Isn’t this similar to the famed ANTI-TRUST EXEMPTION OF BASEBALL, only in this regard we are dealing with a FLOOD OF DEBT? Again, happy holidays to all of the readers of NOTES FROM UNDERGROUND — YRA HARRIS

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5 Responses to “Notes From Underground: Notes will be off for the next two days– Have a Wonderful Holiday Season whether Passover or Easter … b​ut”

  1. charlie Andrews Says:

    A-men at the end of every day interest rates control all markets. Talk of Greek debt going to 19% bring back vived memories. As long as it keeps moving opportunity is abound.

  2. arko Says:

    happy healthy to u and family

  3. wham Says:

    Yra,
    I just wanted to tell you how much I appreciate your blog[you were always the smartest guy in the room]keep it real
    Happy holiday

    Jeff Waldman

  4. Arthur Says:

    happy holidays to you!

  5. Michael Greenberg Says:

    Enjoy the matzah brei!

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