By Alan Grayson| June 2, 2012
What does it say about our journalism and media when the longest ferris wheel ride is more newsworthy than the lowest interest rates in history?
Yesterday, the 10-year Treasury note hit its lowest interest rate in history. For the third day in a row.
I didn’t hear that reported. Did you?Treasury notes started trading in substantial amounts during World War I, almost 100 years ago. Until Wednesday of this week, the lowest interest rate in history on 10-year notes was 1.672%. That was in February 1946, twelve years before I was born. (That rate re-appeared, for a few brief moments, last September.)
On Tuesday, the rate for 10-year notes closed at 1.73%. On Wednesday, the rate dropped past the all-time low, and kept going, finishing at 1.62%. Thursday set a new all-time low, finishing at 1.58%. On Friday, the rate for 10-year notes finished at 1.47%.
That’s a 15% drop. In three days.
The yield on 10-year Treasury notes actually plunged all the way down to 1.44% during Friday trading. That’s the new all-time low. Until Monday, at least.
Here are some questions that come to mind:
Why is this happening?
Is this good news or bad news? (Hint to Obama Administration: you can take credit for it.)
Will the trend continue?
What does it mean for the middle class? For mortgages and car loans? For corporate profits? For fiscal policy?
Who gains and who loses?
Unfortunately, there are no answers to any of these questions today, because reaching a 100-year low in interest rates is not considered news.
Here are the headlines yesterday from the Associated Press:
- The unemployment rate rose from 8.1% to 8.2%.
- The UN Human Rights Council voted to condemn Syria.
- There was a large fire in New Mexico (video!).
- A black bear wondered into a schoolyard (more video!).
Here are the headlines yesterday from ABC News:
- A teacher slapped a student.
- A roommate issued a humorous apology for taking someone else’s milk from the fridge.
- “Why Idiot Humans Are Best Cyber Weapon”
- A new record was set for world’s longest Ferris Wheel ride.
- A mother choked a bully.
I hate to be a scold. I really do. But important things are happening. Can someone in the media, or among our so-called leaders, please pay some attention? Please?
You can’t lead people anywhere if your eyes are closed.
Looking for something?
New on bluetabletalk…
- The Parched Truth About American Jobs
- When Are 12-year Olds Sex Offenders?
- Obama Admin Secretly Obtains Trove of Associated Press Phone Records in “Unprecedented Intrusion”
- Failing to Heal: Hunger Strikes in Guantánamo and the Role of Medical Professionals
- US Foreign Policy on Trial in Guatemala’s Genocide Trial
- Future Politics: Fast Forward or Full Reverse
- Survival of the … Nicest? Check Out the Other Theory of Evolution
- Victory for Lake County 8th Grader as School Board Settles Gay-Straight Alliance Lawsuit After One Day
- America Wages War on Sex
- How Reinhart-Rogoff and the Austerians Produced a Sloppy Scholarly Fraud
- National Day of Reason Reaffirms the Separation of Church and State
- Breasts: A Natural and Unnatural History
- Dump the AARP
- Why Pride, Dignity and Respect Hold the Key to Ending Violence
- ACLU Statement on Miranda Rights of Boston Bombings Suspect
- Painting a Grim Picture of Art Education
- Following Push by ACLU, Lake County School Board Decides Not to Ban All Clubs
- The Case for Platonic Marriage
- CEO Pay: The French Have a Better Idea
- Fracking the First Amendment
The good man understands what is right,
the bad man understands profit.
“The greatest country, the richest country, is not that which has the most capitalists, monopolists, immense grabbings, vast fortunes, with its sad, sad soil of extreme, degrading, damning poverty, but the land in which there are the most homesteads, freeholds — where wealth does not show such contrasts high and low, where all men have enough — a modest living— and no man is made possessor beyond the sane and beautiful necessities.”
–Walt Whitman (1819-1892)
'He leaves us a lesson, which is to never accept any injustice.'
–The French President, François Hollande, speaking of Stéphane Hessel, dead at age 95.
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…”
Around the web…
Above the law"The laws, Cicero wrote in the days of the Roman Republic, “are silent in time of war.” But what if the war has no end, no defined enemy, no defined territory? How can markets work if the financial behemoths are too big to fail and too big to jail? If the national security state has the power of life or death above the law, and Wall Street has the power to plunder beyond the law, in what way does this remain a nation of laws? " --Katrina van Heuvel
Waking From My Moral Coma"It is the killing, it is the permanent war, it is our deranged national priorities. It is the system we live under which requires the serial deaths of all those innocents to maintain our economic health that should appall us. We sup upon the blood and bonemeal that is the byproduct of the idea that is America, and we sleep. And we sleep." -William Rivers Pitt
- Diana on Is Your Bubbly Soap Making the Kids Sick?
- Bob HILL on Vocabulary for the New Millenium: Reconciling Independence with Interdependence
- Gerry Tatham on Alan Grayson. “Aaron Swartz, R.I.P.”
- Rabbi Stanley Howard Schwartz DD on Alan Grayson. “Aaron Swartz, R.I.P.”
- j j on SOTU 2013: Not a Game-Changing Agenda
Globalizing Torture: CIA Secret Detention and Extraordinary Rendition