this week. , gm the automakeeek, gm. the automaker sold $3 billion in bonds.d states treasury says it will maintain the issuance of longer-term debt at $62 billion. officials studied the introduction of ultralong bonds and borrowing needs to increase is the fed traces balance sheet. elsewhere, and eye-catching debt sale they got a lot of people talking. i sold $1 billion of bonds due in 2023 have yield of 6.75%. investor demand was massive. market pointing to this iraqi offering as a warning sign of a potential credit bubble, a debt bubble. a bubble is something that former fed chair alan greenspan spoke about this week. he told bloomberg by any measure that real long-term interest rates are much too low, therefore unsustainable. when they move higher, they're likely to move reasonably fast. we are experiencing a bubble, just not in stocks, but bonds. this is not discounted in the market price. joining me now is michael nick.s, periya, and what is a bond bubble? how do we define it? priya: a bubble potentially would be you have got fundamentals and pricing tha