Markets are croaking right now in anticipation of the Federal Reserve pulling its hypodermic syringe out of the arm of the American economy; that is, the end of QE II. If I were in the Obama administration or the Federal Reserve I would recommend that the Fed not break out its new syringe, QE III, until a solid consensus of support has built up. In fact the more screaming and bleeding there is in the markets this summer, the better, because it will help to form a "coalition of the willing" across the political and economic spectrum: Chamber of Commerce Republicans on Main Street, Wall Street bankers, narco-Keynesian Democrats -- all could be smacking at the vein in their arms, for another needle of fed-fizz (sugar and caffeine). It's the only idea that economists can come up with.
Early retirement, mainstream-media-free, bicycling, classic books & history, RV camping, and dogs.