With interest rates flat lined near zero, investors of all types are competing with each other to chase yields ever lower in desperation of cash flow. Although bond buyers may think they are conservative they are really speculators because buying an asset far above its intrinsic value with the idea that someone else will pay even more is the basic definition of speculating. Even if yields don't fall from here, there isn't much to be made waiting 10 years for a 2 percent yield or less - ignoring that inflation is higher than that.

This aberration has extended into the corporate bond market where large cap companies are now financing by using debt that pays less than their dividends. The end result is that millions of people who lost money over the past decade in stocks and housing are now buying bonds, annuities, and other fixed deposit credit based investments that are guaranteed to disappoint.