Lest you think we are now into clear water, let me remind you that the economy stinks. That’s technical economics speak for rotten, as in really bad. Nothing in the great debt ceiling debacle changes anything. While we were all distracted by the farce that is American politics, the economy slid slowly towards the precipice. […]

As we all sit and wait for the curtain to fall on this embarrassing farce I note a couple of things. First, a number of commentators and analysts are stepping forward to sooth our nerves by describing this mess as not so outrageous after all. They ask us to remember the controversy and vitriol surrounding […]