Anything that threatens to throw large numbers of people out of their homes (recasts, etc…) and more importantly *threatens to stop monthly debt payments to banks* will get a bailout. End of story. It has happened before, it will happen again.
And don’t worry about who will buy the debt instruments, the Fed will act as buyer of last resort.
How this all ends is anyone’s guess. It is clearly unsustainable, but this is a big country. It could take decades or it could end tomorrow.
