Debt Is One Person's Liability, But Another

There Is No Economic Policy. That's Really Important To Say. The General Modus Operandi Of The Bushies Is That They Don't Make Policies To Deal With Problems. They Use Problems To Justify Things They Wanted To Do Anyway. So There Is No Policy To Deal With The Lack Of Jobs. There Really Isn't Even A Policy To Deal With Terrorism. It's All About How Can We Spin What's Happening Out There To Do What We Want To Do.

Our Grandfathers Lived In A World Of Largely Self-sufficient, Inward-looking National Economies - But Our Great-great Grandfathers Lived, As We Do, In A World Of Large-scale International Trade And Investment, A World Destroyed By Nationalism.

Default Is Not In Our Stars, But In Ourselves.

On The Political As On The Economic Front It's Important Not To Fall Into The "not As Bad As" Trap. High Unemployment Isn't O.k. Just Because It Hasn't Hit 1933 Levels; Ominous Political Trends Shouldn’t Be Dismissed Just Because There’s No Hitler In Sight.

But Where Will The Fed Find Another Bubble?