Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch.

You don't get the attention of gluttons by starving anorexics.

The bond market is debating with itself what the intent of the Fed is. I don't think the Fed has a multi-step process. They are taking it step by step.

The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.

The lion's share of the bear market is over, ... It's a two-part issue. Yes, the marketplace could be nasty. But there's a great deal of nastiness that's already happened in the bond market.

Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch.

Remember, benchmark performance -- beta -- can be had for virtually free; alpha is what active managers are paid to generate.