Sheer Lunacy on Interest Rates

Just a total repudiation of pretty much everything that's been the case: That's how I feel about yesterday's trading right from the get-go.

Here's the setting. On Sunday night the market looked pretty benign. I didn't see anything that would indicate things should be awry. When I got up, though, the S&P 500 was down 6, and a bunch of bourses in European countries were getting hammered, particularly in Italy.

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