the case right now can only own aaa securities banks could have been forced to sell. money market mule chal funds could have been forced to sell. we have not seen the deluge. the great irony is 72 hours after s&p downgrades u.s. treasuries and raises the risk of a double dip recession given everything else that s going on in the world, the money is flowing into u.s. treasuries. so yields are actually falling sharply more on worries of economic growth than on the downgrade itself. you re watching the situation become dire in europe where you have france and germany getting together and saying what more can we do to save countries in the european union like spain and italy? there are those who are now predetecting a wae of defaults across europe, is that a bigger concern? at the moment it s all a concern. everything that s going on right now is both recession their and