Let's enjoy ourselves before reality intrudes - Zero Hedge: "There will never be a failed U.S. Treasury auction...until there is."  "Everyone is betting on this one idea -  that the Fed will never lose control of interest rates and the US Treasury will never have a failed auction.  The same way nearly every major financial player on the planet was willing to bet that US real estate could never fall for an extended period of time. And we all know how that trade worked out."

In related news: "Egan-Jones cuts U.S. rating citing growing debt."  Geez, don't harsh my mellow, man.