FROM THE EDITOR'S FOREWORD: For its exemption from the reporting requirements of the 1933 Securities Act, the U.S. Treasury may thank its lucky stars. But imagine if, under the pending financial institution regulatory reform legislation, the government were forced to undress before its investors as if it were a regular filing corporation. This prospectus, the fifth in a series created by Grant's Interest Rate Observer, is the fruit of that imagining. We publish in response to popular demand. The previous edition of the Grant's U.S. Treasury red herring appeared as long ago as April 27, 1990, in the midst of earlier dislocations in debt, banking and commercial real estate. Compared to the abyss of 2008, the pit into which we stumbled in 1990 today seems only a pothole, but it looked deep enough at the time. . . .

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