Massive federal borrowings have sustained U.S. financial and economic recoveries.  These recoveries have bolstered acutely vulnerable State & Local finances.  So far, (over-liquefied and speculative) markets have accommodated the ongoing accumulation of government debt at quite low interest rates.  Some have compared U.S. governmental finances to that of Greece, while others have dismissed such talk as ludicrous.  It is fair to say that the U.S. system has – and continues to build – enormous risk to rising market yields and/or debt market disruption.  I would argue that this risk is more dangerous than previous Bubble vulnerabilities to mortgage Credit disruptions – risks identifiable during those Bubble years right there in the Fed’s “flow of funds” Credit data