Double Bubble Trouble

This from the Orange County Register:

The convergence between long-term and short-term interest rates is one of the strongest developments in Wall Street history, says Investech Research Market Analyst newsletter (2472 Birch Glen, Whitefish, MT 35997). "Either the bond market's aberration [referring to the fact that long term rates have remained stubbornly low which Greenspan has called a 'conundrum'] will be reversed by a sharp upward spike in long-term rates by year-end, or astute bond vigilantes are anticipating the deflationary fallout of a bursting real-estate bubble or a more serious economic slowdown. Whichever takes place, the outcome may not be painless for investors."