Is There a Lot of Loss Out There?

David Frum: Are there any other financial institutions in the United States or elsewhere that we should be thinking of as especially vulnerable to the rise in interest rates? "There's a lot of pain out there because there are $23 trillion of US government debt out there broadly speaking and all of that has been devalued" He says if you don't have to sell the bonds and you hold them to maturity, there's even an accounting clause you can invoke to park these assets.