Be thankful that you’re not a mortgage lender (or borrower) in Ireland. On Wednesday the yield on the 10-year bond of Ireland topped 14%. For a moment, let us all think about what a 14% yield on the 10-year bond in America would mean. Okay, now let those dark thoughts pass. It could never happen here, you say? Perhaps, but did any of us ever believe that Fannie Mae and Freddie Mac would be taken over by Uncle Sam and that Lehman Brothers would fail? Here’s to better days. (I’m holding up my coffee cup to the sky.)
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