The “Best Quotes of January 2009” from DollarCollapse.com. (The fact that there is now a website with the address probably says something as well). There are plenty there, but I’ll excerpt one quote here.
The grim reality is that when the real estate bubble burst the Government was able to “bail-out” private parties. However, when the bond market bubble bursts, it will be the U.S. Government itself that will be in need of the mother of all bailouts. If U.S. taxpayers or foreign creditors are unwilling or unable to pony up, and if the nightmare hyper-inflation scenario is to be avoided, default will be the only option.