Ray, You are correct to suspect the possibility of a 20% correction. I believe the chickens will come to roost before year end. JMHO.
This sets a dangerous precedent that many other countries in trouble may follow by defaulting and not paying back their loans. This will leave banks and creditors holding billions in worthless loans that will have to be written off. Am I misreading this situation? One can only imagine what this will do to financial markets. GLTA.
Don't forget what other force was at work at that time giving Bill the credit. Remember Newt's contract with America? In spite of that, we didn't turn the deficient around, just came close to balancing it.
Saving some dry powder for what may be the buying opportunity in a couple of months. We might be under $50 before the end of the year. Just my humble read. Don't shoot the messenger. GLTA.