Playboy Plays The Bond Market

Playboy Plays the Bond MarketWhen the Vice-President of a big Wall Street investment firm recently described the bond market as "a great American tragedy," he was not exaggerating. Day after dreary day this past May and early June, virtually every bond in the country enjoyed a market value less than its purchaser had paid for it. The money tied up in bonds was more than sufficient to retire the national debt--and hardly a penny of it represented profit. The collapse was so total that i...