Charlie,rather than replace those CDs with other CDs, but at prices that are likely to be adverse, what else could you do with the money that might serve the same purpose? I’m not holding these CDs to try and earn a real rate of return. I hold them as a substitute for money-market cash. I’m able to cash out with a very small early-redemption penalty. This is where I hold my dry-powder.The original plan was to gradually redeem these CDs and reinvest the cash into additional stocks and bonds at attractive prices. But now I think the current “financial repression” may keep asset prices high until somewhere near the end of the decade. So my re-allocation may have to wait beyond the 2015 CD maturity date.As you say, lots of different scenarios can play out by 2015 and it's just a parking place for my cash, so no big deal if I have to get next to nothing for a few additional years.Howard
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