* A Chinese rating agency rated US sovereign debt modestly, and Chinese debt higher. This makes a lot of sense as China is the world’s biggest creditor and we are the world’s biggest debtor, but US rating agencies are likely under a lot of political pressure.
* A lot of bank & corporate debt has lowest average maturity of last thirty years. The boom in short-term lending is a symptom of artificially low mortgages. Lenders do not want to be locked in a low rate. The maturity of all this debt will create problems if lenders don’t want to roll it over.