As Ronald Reagan...

...once said to Jimmy Carter, "There you go again."

In his column today, "Bigger is Easier," David Brooks makes a reference to the non-existent bond vigilantes (my emphasis):

Obama’s challenge in the State of the Union address is to give voice to the inchoate longing for change, and to chart a political path through the Washington minefield so that voters and bond markets have the sense that the country is at least beginning to grapple with its problems.

The yield on the Treasury's ten-year note closed yesterday at 3.47%. That's not only historically low, but also down from a year ago.