{"id":1747,"date":"2011-07-19T13:48:37","date_gmt":"2011-07-19T20:48:37","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=1747"},"modified":"2016-08-08T10:50:00","modified_gmt":"2016-08-08T17:50:00","slug":"congress-bickers-bond-markets-brace-for-panic","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/congress-bickers-bond-markets-brace-for-panic\/","title":{"rendered":"Congress Bickers, Bond Markets Brace for Panic"},"content":{"rendered":"<h4>By William D. Cohan | Bloomberg | 07.19.2011<\/h4>\n<p>Hold on for just a New York minute now and consider the powerfully serious message the bond market sent last week about the political dithering in Washington and in Europe\u2019s capitals. \u201cPay attention folks,\u201d as the investor Gifford Combs e-mailed me on Friday. \u201cThis is not a drill.\u201d<\/p>\n<p>Here are the facts: The yield on Greek sovereign debt is now at record highs for the euro era. Last week\u2019s state-managed bond auction in Italy almost failed. And, while few seem to have noticed, the overnight repurchase market &#8212; for short-term, secured, corporate debt obligations &#8212; nearly seized up amid what Combs described as \u201can almost panicky scramble\u201d for less- risky paper.<\/p>\n<p>Indeed, investors\u2019 manic desire for safety last week reached levels not seen since the most acute days of the financial crisis in September and October 2008. Ironically, though, given the pathetic display in Washington and the country\u2019s ongoing fiscal troubles, people turned in droves to the perceived security of the U.S. Treasury market, even though it has never looked shakier.<\/p>\n<p>Remember the days of negative yields on short-term U.S. paper &#8212; when effectively investors paid the government to keep their money safe? Warren Buffett considered that happenstance so rare that two years ago at the Berkshire Hathaway Inc. annual meeting he flashed a slide of a Treasury sale transaction ticket to his legion of followers.<\/p>\n<p>Read the <a href=\"http:\/\/www.bloomberg.com\/news\/print\/2011-07-19\/congress-bickers-as-bond-markets-brace-for-total-panic-william-d-cohan.html\">full story<\/a> on the Bloomberg website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hold on for just a New York minute now and consider the powerfully serious message the bond market sent last week about the political dithering in Washington and in Europe\u2019s . . . <br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/congress-bickers-bond-markets-brace-for-panic\/\">read more &gt;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[15],"tags":[],"class_list":["post-1747","post","type-post","status-publish","format-standard","hentry","category-dalton-insights","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - 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