Greenspan and Snow are missing good bets

Since only about a quarter of a point separates the yield on the ten-year Treasury from that of the old 30-year bond (now 26 years), it makes sense for the government to issue longer-maturity bonds in order to lengthen the maturity of its debt, as should be the case when debt is growing faster than the economy.
Right now, the Treasury is like the homeowner who takes out an adjustable rate loan at a time when interest rates are rising. It's saving money now -- but it will pay the piper later.