A Wall Street correspondent writes "The reason long rates are going up have nothing to do with fiscal fears and everything to do with investors and corporates needing cash (to keep the lights on) and the only way to get cash at the moment is to sell your most liquid assets" 1/
" = equities and Treasuries. Credit markets in all shapes and forms have enormous bid-offer spreads which makes them very illiquid." Indeed. And if even Treasuries are affected, look what's happening to corporates 2/ 
So now we have a financial crisis, which is looking worse than the week after Lehman. Luckily, the president is on the case ... tweeting fake numbers about his approval rating 3/
