The Sorrow and the Pity of Another Liquidity Trap: Brad DeLong

July 5 (Bloomberg) -- There is only one real law ofeconomics: the law of supply and demand. If the quantitysupplied goes up, the price goes down.

Back in the third quarter of 2008, the public held about$5.3 trillion of U.S. Treasury bills, notes and bonds. As therecession hit, tax revenue plummeted, and government spendingrose, that total reached $9.4 trillion by mid-2011.