From various parts of the USA, different states and cities are bankrupt, but refuse to recognize the reality. The US constitution and in general, the law, doesn't apply to those of privilege. As a simple example, it is well known trillions of dollars of fraud in mortgages where perpetrated, and not one conviction of wrong doing.
I read Mish, The Market Ticker, and many others you can find on the right side of this blog.
For me, there really isn't much to say. I can repeat the onslaught of information, but it boils down to this.
1) Rampant fraud and government spending are responsible for the market rise, not solid fundamentals.
2) The debt pyramid is crumbling at various levels of society, Greece, Spain, Ireland grab headlines. But the USA can't manage to trim any fat of a 3.6 Trillion dollar budget, and thats with 1.6 trillion in debt spending!
3) States like California refuse to face reality, and states like NJ while trying to face reality are not doing enough.
4) Most of the big US banks are insolvent.....and if you think they are solvent, ask why hasn't mark to market accounting been re-instated? Why have banks stopped or slowed down drastically foreclosing on houses?
I really don't have any commentary to add except that the massive fraud and stealing from each other will not end well. I would not be surprised for all of this in the years to come to result in another war. America has 3 wars now, why not 4? Heck why not 10? Apparently financing is not an issue.
So I read on, I plot along trying to plan my savings into keeping something to help my family in the future.
I am more focused on work, family, and three weddings I am attending this year. Life gets busy, no time to post about the world collapsing. :)
Have a good one.