A great piece on the absurdities which are now the norm in high finance. The rules of the game can no longer be relied upon, and operating in debt markets will be more like playing in the NBA.
Except that for many peoples retirements, the debt markets are far from sport. Enjoy:

http://wallstreetexaminer.com/2012/03/03/a-default-that-isnt-a-default-and-a-sale-that-isnt-a-sale/