It's obvious they were wrong then if rates dropped >60% from that time period. That's not to say they aren't too low today and will need to be adjusted. I can't see how they are in a Bubble in the normal sense of the word. Bubbles are created by speculation, borrowing and enthusiasm, and I certainly don't know of anyone who's one bit excited to invest in bonds today.
In Pfizer's note, they said they will use the proceeds to eventually pay off other debt (re-fi) so what do you think they'll do with the money in the meantime? Probably lend it to the Government for a lower rate and lose money in the meantime.
When the floodgates open there won't be anyplace to hide. Equities could actually see a more damaging situation.
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