What's Dead (Short answer: All of it.)

[annarborgator]

I love Denninger...definitely an alarmist but nobody can say they haven't been warned:

Just so you have a short list of what's at stake if Washington DC doesn't change policy here and now (which means before the collapse in equities comes, which could start as soon as today, if the indicators I watch have any validity at all. For what its worth, those indicators are painting a picture of the Apocalypse that I simply can't believe, and they're showing it as an imminent event - like perhaps today imminent.)

All pension funds, private and public, are done.
All annuities will be defaulted to the state insurance protection (if any) on them.
The FDIC will be unable to cover bank failure obligations.
Government debt costs will ramp.
Tax receipts are cratering and will continue to.
Tax-deferred accounts will be seized to fund rollovers of Treasury debt at essentially zero coupon (interest).
Any firm with debt outstanding is currently presumed dead as the street presumption is that they have lied in some way.
The unemployed will have 5-10 million in direct layoffs added within the next 12 months.
Civil unrest will break out before the end of the year.
{. . .}
It really is that bleak folks, and it all goes back to Washington DC being unwilling to lock up the crooks, putting the market in the role it has always played - that of truth-finder, no matter how destructive that process is.

http://market-ticker.org/archives/852-Whats-Dead-Short-Answer-All-Of-It.html

[bluegrassg8r]

As if the pension seizure isn't terrifying enough, the annuities issue is bone chilling.