And now, for something completely different (all apologies to Monty Python) – a different perspective on our public debt… US debt has shrunk to a six-year low relative to the size of the economy.  Total indebtedness (including consumers, businesses and governments) has fallen to 3.29X GDP, the lowest level since 2006.  Our worst, in 2008, was 3.59X.  The federal government still has a spending (and borrowing) problem, but ultimately, a reduction in supply of total debt relates to an increase in price, which in turn, keeps borrowing rates low.  We’re still (obviously) an over-levered economy, but it appears that the rest of America seems to be getting it together while the federal government isn’t. The only economic release of the day is the NFIB Small Business Optimism Index for September, which came in at a 92.8, which was slightly lower than the 92.9 August number.  Economists were expecting a 93.5, so it was a pretty significant miss.  The Dow opened flat this morning and the 10-year yield is hovering around the 1.70% range.  The long bond remains below 3% at 2.95%.