I would invest it in securities backed by sub-prime mortgages.
How much lower could they go?
(kidding!)
They could go to zero as some have already done.
I would short the ABX index for BBB- 2006 originations ,, they are currently at 17.94 down from 98+ last January... going to zero.
Actually all this damned intervention has me a bit whipsawed,, I was short a while back , now am long but only in the strongest leaders ... this can’t/won’t last long ... I will be short again by jan 2008 guaranteed, for the next 12 months “long is wrong”..oil has me spooked as does Iran ,, not to mention the banking sector...