I know, I know, Morgan Stanley’s investors have spoken, and there is no bond market bubble. But the federal government certainly is swimming in a sea of red ink.I hope we have asked the Bank of Japan…

Nouriel and I went out on a bit of a limb in this paper. Since the beginning of the year, the dollar has rallied and yields on the ten-year and thirty year treasury bond have fallen: both market mov…

According to Andrew Samwick, the world’s central banks are too big to behave rashly. As he puts it: "We’re too big an economy, and our creditors’ portfolio holdings are simply too large for them to …

Jesse Eisinger has a nice Long and Short column exploring CNOOC’s bid for Unocal in the Wall Street Journal. I liked this quote from Lehman’s Ethan Harris:The Cnooc bid "strikes people that we really…