Quick thoughts on recent events

1. The bondholder revolt at Chrysler is as phony as phony can be, and the 'threats' supposedly issued by the Obama team never happened. What's happening here is vulture capitalists getting pissed off that their large bets on America's failure are not gonna pay out
2. The upcoming GM bankruptcy will be very ugly and very prolonged, and will be a huge drag on the 'recovery'.
3. The global stock market rally is fools gold, short term profits nothwithstanding. All it means (if it's real) is that US debt will be ever less attractive to investors, at precisely the moment when the US must raise like $3Trillion in the bond market.
4. Consumers will not/cannot spend like they have in the past 30 years. Thus, presumptions of robust inventory levels etc are way premature, if not totally inaccurate