Well, this is current yield, ladies and gentlemen.

I'm Jim Grant, and this is first week back to school, I guess.

We're recording on the eve of Labor Day, but it just has a first day back to school feel

about it.

It's kind of a certain amount of dread.

Or maybe that's because the 10-year yield is now approaching 1.35-ish or so,

which was the bottom of 2016. So as a friend says, we're either in for the double bottom of all

times or perhaps the combustion of the entire situation. We'll have no more than 10 years.

But with us today is his customary, Eric Whitehead

has the dials, and the great Evan Lorenz, Deputy Editor of Grants, is here as it is want.

And to my right is Marty Fridson. And Marty is the CIO, the chief investment officer of Lehman,

Livian, Fridson, advisors, LLC LLC. Now, that Lehman takes two ends

so as to clear up any waggish confusion. Now, I want to say one thing about the New York Times.

Now, New York Times has come in for some heat. Have you been following this, Evan?

Is this the bedbug thing? Now it's the whole, well, there's a certain amount of astringency between the Times and some

of the power figures in Washington, D.C.

But I want to absolve the times of factual inaccuracy in one respect.

Here's what the Times said about our guest today, Martin, Fritson, CFA.

He said, quote, one of Wall Street's most thoughtful and perceptive analysts, period,

close quote. I don't know. That's nice as far as it goes, and it's certainly accurate, but

for example, ladies and gentlemen, I'm going to give you a sample of critical praise a little closer

to home. I've written a book, as is my want, biography of Walter Badgett, who was the editor of the

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