NY Post columnist John Crudele sees China as "bond vigilante" watching US debt mushroom. Robert Samuelson adds his assessment of US debt risks. National Journal's Clive Crook sees a spending cut/tax hike squeeze play on the way for America. Author Amity Shlaes warns of the imminent pension crisis. Another ill augury is that among the secured creditors Team Obama shafted in favor of its UAW pals were several state pension funds.
Had enough? Try this 7-minute video clip titled "The Worst is Yet to Come" featuring a financial guy that tells us the banks are still leveraged 25:1 and that all auto companies are going bankrupt and Team 44 will bail out every union. Add in that we have 8,000 banks and need perhaps 5,000. Commercial real estate will crash 70 percent, with $27B debt worth $8B. He sees a ten-year funk with a permanent drop in living standards for America. Now try to sleep tonight.
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