Follow the money... The "Bond Market" as a whole is pretty smart in predicting the future, probably smarter than stock investors as far as deducing the future of interest rates and the economy. And it's currently acting pretty good what with all the turmoil surrounding the budget discussions in the US congress and on this board, not to mention additional world events.
If the US is going down the tubes due to a default, then why are investors running to the very same US bond insturments that will be in default?. Does that make sense? Why aren't US bonds tanking faster than Obama's poll ratings?