A Federal Reserve official announced today that the US has reached a cross roads towards insolvency.
"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point."
As time moves forward people, agencies, and others will progress through the stages. The pain train is coming whether people like it or not. To come out of this is going to take blood sweat and tears, pain is unavoidable and the longer people try and prolong the inevitable the more the final crash is going to hurt. If you think everything is roses and unicorns, think again.