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Bottom line is that investors are pre-emptively dumping mostly performing assets in a panic about their potential for increased defaults. They are willing to take a big hit relative to NAV in order to get out. The fact that Treasuries were flat to higher indicates it's simply a credit quality issue. I haven't looked lately, but I'll bet junk bonds are tanking now.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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