The US public (read: us and our children) currently owes an outstanding debt of $13.26 trillion, or about 93-percent of annual GDP. Of the total debt, over 60-percent is due within the next tree years. Great news indeed, but could the US be the next Bear Stearns?Jason Trennert, co-founder of Strategas Research Partners, thinks so.In an interview with James Freeman and the Opinion Journal, Trennert warned that the federal government has a very short window to correct course, given some very striking similarities with the disgraced Bear Stearns."[T]he biggest similarity is the US government seems to be trying to pay for long-term liabilities with short-term funding, which was obviously precisely the biggest problem that a lot of private sector companies had that proved to be a very precarious way of funding yourself," Trennert said."When you look at interest rates as they are, one would say, ‘if you're issuing debt why wouldn't you issue debt as long-term as you...(Read Full Post)