On the twentieth anniversary of “Black Monday,” when approximately $1 trillion of “value” in a grievously over-valued stock market went up in smoke, the headlines (via Drudge) evoke an ominous déjà vu:

“‘The fear is back,’’ said Thomas Roth, head of U.S. government bond trading in New York at Dresdner Kleinwort, one of the 21 primary securities dealers that trade directly with the Fed. ‘Where there’s smoke there’s fire, and people are just running back into Treasuries.’

”… ‘Everybody is exposed,’’ said Jerry Webman, head of fixed- income in New York at OppenheimerFunds Inc., which manages about $220 billion.”