One week ago today, Henry Paulson announced that federal efforts had "stabilized the banking system." On Wednesday a new panic rolled through markets, running to Treasurys. T-bills 90 days and shorter fell to 0.01 percent, and the 10-year T-note dropped from 3.61 percent to 3.01 percent. Few ran to mortgages: Rates fell briefly below 6 percent and are back there today. All ran from non-federal credits, dumping munis and corporates....
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