5 myths about the US economy
One other point that I would like to make. I pointed to the high interest rate on GM bonds, but there are also plenty of entities that have very low interest rates on their bonds. If "no one was lending money" as we frequently hear claimed, you would imagine that interest rates would be much higher. Bank of America's bonds are yielding 2.3 percent, Morgan Stanley is at 2.2 percent, and Wachovia is at 6.5 percent.