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Hi brewer! *While I basically agree with you, and I have
no 5 year investments at 50 BP over Penfed's 5 year CD, "crazy"
is a bit strong IMHO.
JG
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I calls 'em as I sees 'em. My business is credit risk, and 50BP over what is effectively a collateralized treasury is not even close to enough premium for the credit risk posed by a shaky Baa borrower. You wanna buy the GMAC bonds instead of the high rate CD? How about a bridge? I can get you a great deal on some landmark property in Brooklyn...
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"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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