10/13/08 We spent 40 years leveraging up," he said, "and it's going to take way more than a year to de-leverage

Treasury Secretary Henry Paulson and President George W. Bush during a meeting at the International Monetary Fund Saturday.

It's Wait and See for Bond Traders

Wall Street Journal

The bond market will have plenty to digest when it reopens for business Tuesday, as global leaders focus their efforts on injecting fresh capital into the world's ailing banks in a latest action to jump-start frozen credit markets.

The U.S. bond market is closed Monday in observance of the Columbus Day holiday. That means the stock markets will get the first crack at determining whether the latest pledges to shore up troubled financial institutions will be sufficient to stop the crash that shook the world last week....

...."Logic, albeit logic in an irrational market, points to system relief on its way," said David Ader, head of government bond strategy at RBS Greenwich ...

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