Well, this is Curriehiel Grant's Interest Rate Observer of the Air.

I am Jim Grant.

And with me, as always, is Eric Whitehead at the control panel and the great Evan Lorenz deputy

editor of Grants.

And now we have a guest today.

And that guest is none other than Bruce Greenwald. Words of

the investor, Seth Klarman, Bruce Greenwald, is the scary, smart professor at Columbia, who professes

value investing. He's an author and he's also a participant in the buy, low, sell, high profession,

being connected with First Eagle, and he is

former electrical engineer from Bell Labs of all places. So Bruce, welcome. I wanted to say a few words

by way of preface. This program was brought to you as is customary in these difficult days by

love and youth and spring and by grants interest rateerver. Now, apropos of love and

youth and spring and difficult times, I would like to begin by announcing the entry into the world

of Elizabeth Barbara Turner, who is the fourth child of our eldest child, Emily Grant.

Grant Turner, we have another grandchild. So

Bravo, Emily and Matt, another voice in the choir. Congratulations. Yeah, so this isn't all bad,

this world we live in by no means. And I would also like to announce a few other hopeful

signs. First of all, I can look at my window on C-Forth, and that's good, right? That's

bullish. And let's see, what else?

Oh, yes, the New York Post published two days ago a story about New Yorkers reacting to the mayor's solicitation of text messages ratting out their neighbors for failing to comply with regulations.

And the reaction of New Yorkers to this request takes a form of obscene pictures involving, yes, the unzipping of one's trousers directed to the mayor himself.

Apparently, such was the volume of these texts that the police department was overwhelmed and the ratting out project has been

...