Once upon a time, the Wall Street Journal functioned as a kind of financial paper of record, which reliably delivered the flow of financial information in a framework of economic orthodoxy. In that world, there were no implicit free lunches, no denial of the law of supply and demand, no yawning disconnects between asset prices and the income and yield fundamentals which underlie them.
No more. Some cat by the name of Sam Goldfarb—-2007 graduate of the Northwestern School of Journalism in 2007—today brought us up-to-date on the bond market and the U.S. government’s “extraordinary borrowing spree”.
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