So...

...the volatility has arrived before I had anticipated.  Although bonds have weakened, I still consider them to be in play given the simple fact that if rates are allowed to drift upwards, the nascent housing "recovery" will stall and severely effect employment, GDP, aggregate demand, etc.

As I have said previously, it is the wrong time to speak of "austerity" throughout the G20 and it was definitely a mistake to implement it.

The Fed overplayed its hand with respect to its "tapering" marketing campaign.