I have seen no evidence that Congress cares about what the bond market thinks. In what scenario do you think the bond market can compel Congress?
> Bond market is in revolt about the national debt and I hear crickets from Washington. You think this would be a crisis. Amazing really.
Some combination of the bond market rejecting Treasuries for other similar investments while also pushing up other debt costs causing excessive failures in interest rate sensitive parts of the economy. Hard to predict when, but it’ll look strikingly familiar to the 2008 GFC I think, the day Bear Stearns collapsed. An event will occur, and there will be a cascading loss of confidence in the bond market. Not a great time when diesel fuel is also at record high prices and will be for at least the next year.