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have a healthy dose of skepticism. christine, you were saying within we were dealing with the recession, had that big thousand point drop, it was a catalyst. if they move past the market scare, they re used to that, the moment i think everyone is worried about is when the u.s. government has to make a decision whether to pay bond investors their interest or social security claims. then what happens? look at november 1st. huge bills coming due for medicare, social security, plus interest or our debt. there s not enough money, even with tax receipts coming in. the treasury department has to decide whether you pay investors first or whether you pay social security and grandma first. the irony is grandma is on both sides of that deal. the largest government holder of u.s. treasuries is the social security trust fun. here you have an issue where it is real people, people who depend on their government for something they ve paid into, social security, that are now at risk. and that s wha
example, there s $288 billion in treasuries in accounts held there. oil exporting countries, and brazil is a big foreign debt holder. it s about a third of all of our $16 trillion in debt. the rest is held basically by u.s. investors. when i say investors i mean social security trust fund, big government holdings, mutual fund companies. so when you look, the social security trust fund is the largest government holder of u.s. treasuries, $2.7 trillion. you want to pay the interest on those, because, look, that s grandma s retirement, right? invested in u.s. treasuries. civil service retirement fund has a bunch and military retirement does, too. it s a very safe investment. that s why so many people put their money into u.s. treasury bonds, because they know they re going to get paid back on time every time. that s why the u.s. is the cornerstone of the world financial market. something that jack lew