TAKING US THROUGH THE MUD

The 'tourist examines the debt ceiling and digs into the CDS market

All right, we have to talk about the debt ceiling issue. And before we get too deep into the technical details, I have to make one thing clear; this post is most likely to be somewhat useless.

What do I mean by that?

An inability to pass the debt ceiling increase is an extremely low probability event. We can debate the odds the market has assigned to that…