Quote:
Originally Posted by Tyrone Slothrop
The response to S&P's downgrading was a sell-off in equities and a massive rally in U.S. Treasuries. Not clear if most political commentators understand this.
eta David Frum:
Markets are saying: We fear recession and deflation. Washington consensus: now is the time to fight debt and inflation.
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Is Frum becoming our touchstone? He just tweeted that he hopes journalists understand that the soaring bond market is bigger than the falling stock market.
Hmmm. I may have to rethink this Ty@50 stuff, now that we're all Frumites it appears. See what happens when one conservative actually thinks a bit rather than just doing the off-the-cuff-asshat thing.
