John,
This is the way I see the current investing landscape.
The CPI --which is economic propaganda and not a useful measure of price increases at the household level-- is printing at 8.6%. The PPI --a far better estimate of coming consumer prices-- printed at 10% something. Therefore, jumping from a pfd with a CY of 5% something to a different one pays pays a mere 29 beeps more is the financial equivalent of rearranging deck chairs on the Titanic. BOTH OF THEM OFFER A NEGATIVE CURRENT YIELD, even if the tax rate were zero (instead of 15%).
But again, as I said earlier, each investor worries about different things.
Arindam