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$44 Billion 2 Year Auction Closes At 0.88%, Direct Bidders Again Major Factor, Take Down 10.8%
Auction stopped slightly above 1:00 pm bid side.
- Yields 0.880% vs. Exp. 0.885%
- Bid To Cover 3.13 vs. Avg. 3.12 (Prev. 2.91)
- Indirects 43.1% vs. Avg. 43.70% (Prev. 34.86%)
- Indirect Bid To Cover: 1.71
- Alloted at high 88.79%
- Direct take down: very high at 10.8% - the "Direct Bid" presence continues to be a determining factor
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This isn't going to end well. They can't give them away!
If you really want to bring down the Fed, find out where all of this "direct" money is coming from. I have a feeling that the source is far more sinister than the Chinese wanting to bolster their Treasury holdings on the sly.
This must have to do with the half-trillion dollars we exchanged with the Europeans and British back in March 2009. A tit-for-tat arrangement that is clearly unconstitutional and designed to obfuscate reality and allow them to extend and pretend all that much longer.
When this house of cards comes a-tumblin' down, it will be beyond spectacular.
Constitution? Oh, you mean that document written by those old guys soooooo many years ago. It's, like, so yesterday.
What happened with the 13 and 26 week yesterday or were they cancelled?
http://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/2010...
http://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/2010...
4 -WEEK 01-28-2010 02-25-2010 0.000 0.000 100.000000 912795T43 13-WEEK 01-28-2010 04-29-2010 0.055 0.056 99.986097 912795UP4 26-WEEK 01-28-2010 07-29-2010 0.135 0.137 99.931750 912795U74Thanks. Now I feel like a moron for not looking there before I asked. Wow bid to cover 4.32 on the 13 and 4.12 on the 26.
Public: Can you tell us the general identification of entities that participate as Direct Bidders, and why that might be twice as high as average?
Treasury: No. That wouldn't conform to our policies on transparency and accountablity... two things we are generally strive for, by the way. Well, unless it doesn't suit our purpose.
Public: Oh... okay then. Can you tell us what time American Idol is on this evening?
Treasury: Sure... 9pm eastern, 8 central.
Public: Thanks!
Zero Hedge: See, they're still fucking lying, Idol starts at 8 EST!
Yes, America, just keep watching American Idol and don't worry about things. We'll take care of them for you.
Ignorance + Complacency = American Idle
Let us test that:
Suppose Ignorance + Complacency = American Idle
Since we know American Idol = Idiot + Narcissism + TeeVee
=> Ignorance + Complacency = Idiot + Narcissism + TV
=> Ignorance = Idiot + Narcissism + TV - Complacency
Which we claim true since the lack of complacency gets the ignorant off of their ass in front of the TeeVee to having their ass on the TeeVee.
The Ignorance-Idiot Identities
Since we know Ignorance = Person - Education
=> Person - Edu = Idiot + Narcissism + TV - Complacency
Since we know Idiot = Person - Education - Common Sense
=> Person - Edu = (Person - Edu - CS) + Narci + TV - Complcy
Thus Zero = Narcissism + TeeVee - ComSens - Complacency
The Kudlow Complacency Theorem
We know further Complacency = Kudlow - Coke
=> Zero = Narci + TV - ComSense - (Kudlow - Coke)
=> Zero = Narci + TV - Common Sense - Kudlow + Coke
Which we know by definition to be true since:
Kudlow = Narcissism + TeeVee - Common Sense + Coke
The Cramer Zero Axiom
Consider the definition Jim Cramer the Clown is a Zero, such that
Cramer the Clown = Zero
=> Cramer the Clown = Narci + TeeVee - ComSens - Complcy
Since Kudlow left the show with Cramer,
=> Cramer the Clown = Narci + TV - ComSens - Kudlow + Coke
Shown to be true by Ignorance-Idiot Identities and Kudlow Complacency Theorem
Thus Ignorance + Complacency = American Idle is proven true. Bitches. QED
this would not end well for UST if all the other countries were doing better with their currency debt, but PIGS or Japan or someon else likely to collapse sooner, and US will benefit in short term....what really scares me dominoifn of all govt debt, that would not end well.
Yeah the idiots do not know that American Idol starts at 8 pm eastern
Any insight into rumnors this am ECB secretly re Greek issue
sorry - stupid question --
what does "Bid To Cover", the "Alloted at high", and direct/indirect
mean and say?
I know I know I should ask google
thanks
Naive question(s) here, but what are the legitimate reasons for someone to give their cash to the US for 2 years at 0.88%? Are there really no other investments on Earth where cash can be parked for 2 years? Is this now just entirely about the Fed propping up the US with Monopoly money?
Somebody has to be a real idiot to buy the two year at these yields. They would have to offer 100% interest (yes - for the 2 year bond) to make me even consider buying these toxic assets...er..."treasuries".
I still bet it's those bastards at the Fed or even FHLB using discount window money buying the auctions directly. They all are screwing each other in one big circle jerk and this crap will come to a nasty, nasty end when it gets exposed, which it always does.