Bernanke wrong about subprime

Rates are up, decisively: mortgages are 6.375 percent, taken by the 10-year T-note blowout from five weeks in the four-sixties to 4.77 percent, very much at risk for further increases.

The end of the standoff between the recession-coming and all-OK camps was a three-act play, beginning with an exchange between former Fed Chair Alan Greenspan and Bill Gross, PIMCO's bond impresario.

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