There are a lot of people who are tremendously overextended and we're now getting down to a level to where these margin calls are massive, ... The calls are going out right now.
There is a common theme that economic fortunes look brighter in Japan and continental Europe than they do in the U.S., ... Even though higher rates should help the currency, they haven't because most people are seeing that as the Fed's move to slow the economy and reduce growth.
It was a little disappointing, but it is so expensive that there may be a lot of people holding onto their money for the 10-year and 30-year starting tomorrow.
The follow-through in the secondary market shows just how strong it was, ... a sense that people want to own this issue because it will appear on their year-end statements.