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General News 7/28/2011 at 2:56 PM EDT

Dateline: July 28, 2011: Will U.S. Default? $4.8 Billion Investment Says Yes, by ABC News

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Investors are spending $4.8 billion to hedge against the possibility that credit rating agencies will downgrade U.S. debt--or worse, that the U.S. actually will default. Doomsayers predict these and other dire consequences if Congress fails to act by August 2 to raise the nation's debt ceiling. {Pictured is the National Debt Clock.}

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I have a law degree (Stanford, 66') but have never practiced. Instead, from 1967 through 1977, I tried to contribute to the revolution in America. As unsuccessful as everyone else over that decade, in 1978 I went to work for the U.S. Forest (more...)

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