Stability or False Hope?

The financial markets are no longer trading as though the end of the world is nigh, and for that we can all be thankful. Liquidity has been restored to key sectors of the credit system, and balance sheet repair is under way throughout Corporate America. But the reason for the return of stability is obvious: The government, through the offices of the Treasury Department and the Federal Reserve, has

The financial markets are no longer trading as though the end of the world is nigh, and for that we can all be thankful. Liquidity has been restored to key sectors of the credit system, and balance sheet repair is under way throughout Corporate America.

But the reason for the return of stability is obvious: The government, through the offices of the Treasury Department and the Federal Reserve, has massively increased its presence in the U.S. economy. Whatever thin reeds of growth have

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