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The market is telling us it fears a recession. Hence, the safe move is out of equities and into safe bonds.

But my point was that the guy who bought the equities got his cash from somewhere and the proceeds went somewhere, and that somewhere was probably a sweep account, which in turn is in T-bills. For all practical matters, I don't see a lot of new investment in T-bills from this crash, since trades are zero-sum, unless the big traders are buying T-bills directly. And even they have to wait the 3 days for clearing, don't they? Or do I have this all messed up?

Hedge
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