The US isn’t Greece…
How many time s have you heard a PM or some other potentate make that claim? Insert country name here: _____ isn’t Greece.
But in the US, it’s demonstrably true. What other country on earth can see bond yields slide on a day when the last best hope for budget sanity dies with an election year right around the corner (meaning the odds of any sort of significant budget improvement are nil until at least January 2013…) ?
Egan-Jones threatened a US downgrade late Friday and S&P has said that they will likely cut unless the super committee came up with USD 4 trln in cuts…
The US bond market is a very different animal than the others in the world. It may not always be the case, but that is the case today.
