There's something happening here

What it is ain't exactly clear
There's a man with a chart over there
Telling me I got to beware
I think it's time we stop, children, what's that sound
Everybody look what's going down

What's going down is asset-backeds, from AAA through junk. Scary how fast they are dropping.

This is probably the reason. And it doesn't bode well for speculators -- individual housing speculators or hedge fund mortgage speculators.

Not looking too good for CalPERS or Texas Teachers, either.

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Happy Super Tuesday!