Oh, there are answers, all right. They just are too unpleasant for most people to entertain. Banks and retirement funds and insurance companies have gone BK over bad investments before. The only difference this time will be the scale of it – there are so many more dollars in play.

I’m wondering if the Alternative Minimum Tax “changes” that are coming up this year will be a significant contributor to some of the defaults. That little gem could end up being the straw that broke the camel’s back.