While most major networks were focused on Illinois, on Wall St. the Treasury Department was busy selling three month treasury bills at 0.01% interest. This isn't investing, this is hiding in a bomb shelter. Investors are so scared of losing principal that they are just handing the US Government money and saying "hey hold on to this for a while and just give it back to me later." And they weren't just saying that, they were COMPETING to have the treasury hold their money for free. $126 Billion was bid in an auction of $32 Billion in treasuries.
The credit crunch isn't over, it isn't close. On the other hand, it seems that risk must be really underpriced right now.
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