account, the equity in their homes, what gives people a sense of some security. and if that s already in kind of a sensitive position, if it s hit further toward election day in 2016, you re right, the party in power will suffer from that. like they say, timing is everything. byron, thank you very much. i want to tease what s coming, john mccain et al. it s interesting to know that on a day everyone is running with stocks, they re also holding on to treasury bills and notes. i only mention that because they were sort of covering their assets. they were betting on a way to cover just in case stocks fall out of bed. they weren t getting rid of their treasury instruments, their bonds. look at how much the yield collapsed in treasury instruments over the past quarter. i mention that because when times get iffy, they go to that,
pretty good to fitch. what they re saying is we have deep political dysfunction and it s threatening the markets. frankly, who could possibly disagree with that? they re right. congressman steve king said this morning that he s not worried about what s going on. i just want him to explain why. take a look. i m not worried about this thing that they term default because we are going to service our debt. we re going to pay the interest first and we ll roll the principal over. all right. so, ron, it sounds like he s got a plan there, in your professional opinion? get the laughing out. what does that mean? what it means, i actually think that now that the theater is coming to an end we re actually going to make our payments on time, we re not going to default even in a technical way and that s why wall street has grown so confident. one of the things that has been scary has jared indicated the last couple of times where we ve come up against this issue, there have been billions of