What is needed is a combination of steps: some immediate limitation on COLAS, some intermediate move to prevent inflation from pushing up benefits faster than the rise in wages and payroll taxes, some long-range measures to raise the retirement age and keep the formula for calculating benefits from straining the resources of society.

CNN: A Debt-Threatened Dream

Will its rally also morph into an intermediate-term move, as has happened with treasury bonds?

FORBES: Bonds And Dollar Defy Bernanke

Both stocks rallied in 2009, traded laterally for the next 18 months, and are again on the move after making what increasingly looks like a significant intermediate term low last August.

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