I have what Wall Street calls a Strong Buy recommendation: buy the senior debt of Fannie Mae and Freddie Mac. You can get a good spread over US Treasuries. If you want more leverage, and you have a line with a credit default swap dealer, then sell five-year protection on the names. If the spreads rise, then buy some more.

I know what you’re thinking. As they say in the City: “Where there’s a tip there’s a tap.” Very well, I’ll admit it. I expect to be an equity owner of Fannie and Freddie, so, yes, I am using the FT to push debt securities in what will be my own companies, though I would be sharing ownership with the other 132m income tax payers.