tag:blogger.com,1999:blog-3782644139927778760.post-59799818878357446522008-03-08T22:27:00.000-05:002008-03-08T22:27:00.000-05:002008-03-08T22:27:00.000-05:00Yves,<BR/><BR/>The trends in the TAF were clear, there was a sequentially increasing number of bidders and higher bid to cover ratios if you check the series of press releases. Thhe article is right on about debt versus equity and it goes to the question of if a repo is permanently rolled is it a repo of a print? On the flip side the banks will not ramp their lending so the "liquidity" to he market concerns are misplaced. The Fed can shower money on everyone they want but that doesn;t mean you get a multiplier effect. Therein lies the problem. The ultimate end user is overburdened and incapable of taking on more. That is unless BIll gross gets his way and we all get 2% 30 year paper backed by the FHA. Joke.Snoreply@blogger.com