Fasten your seat belts. Turbulence ahead

The US debt load is crushing and getting ever-larger. Spain and Greece are on verge of defaulting. We’re talking sovereign defaults here, not businesses. Commercial real estate is tanking. A new wave of foreclosures is coming. Obama hearts Wall Street as the TARP cop says the bailout is a flop. I love the smell of napalm in the morning.

For comic relief
, Greece just discovered $40 billion of previously undiscovered debt, this after assuring everyone their economy was just fine dammit and any problems are solely due to evil speculators.

Enjoy our current little respite of calm. It won’t last.

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