Hardly. Politicized pessimism notwithstanding, animal spirits are very much alive and well.
The markets and the economy may finally be getting visibility on a Bush victory.
Does misplaced economic pessimism explain mispriced bonds?
The controversy over Olympic gymnastic gold may be a precursor of another contested presidential election.
Or is oil all about President George W. Bush?
Today's pessimism is due more to media bias than to economic fundamentals.
We're at the point of maximum electoral uncertainty -- and it may continue until well after the election.
The bond market is wrong if it thinks that oil is doing the Fed's tightening job for it.
Greenspan won't take a pass tomorrow -- but that's where the certainty ends.
Oil and jobs mean higher levels of political and monetary risk -- but the economy is still robust and stocks are very cheap.