Zandar's Thought Of The Day

Government debt sales, not doing so hot.  Bond traders are blaming Obamacare.

Investors showed scant interest in the latest round of debt auctions: Depressed demand today in five-year note sales pushed Treasury yields up. The $42 billion sale drew a yield of 2.065 percent, full 10 basis points, or 0.10 percentage points—up from the where the five-year was trading when the results came out at 1 p.m.

Jefferies’ Chief Financial Economist Ward McCarthy agreed with his colleague and told CNBC, “There’s a lot of concern about what’s happening on a fiscal basis. We have enormous budget deficiencies, and Congress and the Administration really have done nothing to address that. In fact, the recent legislation on health care is going to increase our budget deficits by over a trillion dollars.” 

That's interesting.  CBO numbers paint a much different picture.  But hey, why bother with the truth when you can throw around scary numbers on CNBC and blame the President?

I mean, why should a Chief Financial Economist want to get his numbers right on TV?  Psssh.  Not in the Village.