A Faith Worse Than Debt

Tuesday, December 8, 2009, 9:44 AM
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One thing that's become as reliable as clockwork is for stocks to weaken and for Treasuries to firm up right before a big auction.  Today is no exception.  The reason, such as it is, being given by the media for today's move is this:

Dec. 8 (Bloomberg) -- Stocks, gold and oil fell, Treasuries advanced and the yen and dollar strengthened as credit-rating companies highlighted the risk of government deficits and German industrial production unexpectedly dropped.

Call me suspicious, but I seriously doubt anybody is paying much attention to the ratings companies these days, nor should they, after their uninterrupted string of disastrous performances beginning with Enron and proceeding through the entire subprime debacle.  So I don't think Treasuries firmed up that much on the basis of the mumblings of the credit-ratings companies.


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