We'll Gladly Pay You Tuesday for Some Municipal Debt Today

 for the love of sweet baby Jesus

I've got it.

Credit is abnormal because there is too much demand for it and not enough to go around. Banks are buying this stuff up; entire city blocks, sewer systems, schools... And if you don't know what Treasury debt really is, you probably don't care that the TBTF are also buying up tons of that. Who the hell else is stupid enough to keep doing it? Households? LOL. Foreign central banks? LOL twice.

Americans trading in their tax refunds for it? Sure why not.

Check out: Treasury auctions for the week via NYT.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.