Setser: "If trends continue.....Agencies won’t be able to rollover their debt"

"Brad Setser is thoughtful and data driven, but he also isn't shy about saying what numbers portend, even if he runs the risk of sounding a tad alarmist. We've had so much complacency, followed by concerted efforts to keep asset values and confidence aloft that an unvarnished presentation can come off as a dousing of cold water."