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I noted on Friday the historic levels of panic in the marketplace over the past couple of weeks as witnessed by the ratio between the VIX and the 3-month T-Bill.

Well, today it is exploding still, dramatically higher. This only goes to reinforce the idea that what we are witnessing today is a once-in-a-lifetime financial scare.

UPDATE: With the failure of the Bailout Bill to pass in the House today we’ve seen a new, further spike in the ratio.

The chart below shows the ratio of the VIX to the yield on the 10-Year Treasury Note, now also showing an historic AND hysteric level of panic:

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