Tuesday, Apr 10, 2007
One can never avoid surprises, but some things should not be surprises......
MoneyWeek: Key threats to market stability
"All truth passes through three stages: First, it is ridiculed; Second, it is violently opposed; and Third, it is accepted as self-evident."
- Arthur Schopenhauer
Credit spreads, the yield difference between the best quality bonds and the worst quality bonds, have widened a little; recently they were as narrow as they have ever been when J P Morgan’s High Yield Index was only 279 basis points above Treasuries. The increase so far has been to 323. At times of previous credit crunches, spreads have widened to 800, even 1000.
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