Give us your money and we'll give you... well, we won't give you anything

I've got my own piece up on Time.com this morning, about the fate of Morgan Stanley and Goldman Sachs, the last two investment banks standing.

In it, I point out that yesterday the yield on the 3-month Treasury was 0.04%, down from 0.68% the day before. There are so many people rushing to the safety (am I still allowed to use that word?) of Treasuries that the yield has gone almost to zero.

Alec Young, the S&P Equity Research strategist I quote in my story, framed the meaning of that pretty nicely, but it didn't really fit into the flow of my story. He said: "The whole point of buying a bond is interest, and people are buying bonds with practically no interest. These are highly unprecedented times."

Agreed.

Barbara!