Paterson's clients have extended the maturity of their liabilities as much as they can, and are now sitting on cheap money.
Loans are on the way.
* * * * * J B K * * * * *
San Francisco
"Long-term bond holders beware," Gross wrote in a monthly investment outlook posted on Newport Beach, California-based Pimco's Web site today. "No investment vigilante worth their salt or outrageous annual bonus would dare argue that current legislation is a deficit reducer. It will add $562 billion to the deficit over the next decade."
http://www.bloomberg.com/apps/news?pid=20601087&sid=aALDMVlTVn68&pos=6
