The euro is saved, for now. But a lawless rescue is a permanent blow to credibility.

The recession is so over, the consumer is still king, and the "new normal" is off the table.

The new systemic risk: liability for past sins and heightened clamor for regulation.

...then why haven't consensus earnings -- or stocks -- tracked on the upside?

The FOMC meets, facing a secular breakdown in the labor market.

The Fed had nothing to say, so it said nothing. So it's no exit as far as the eye can see.

A weak quarter: no "new normal," but no "V-shaped recovery" either.

Thanks to Greece it's at all-time highs in euros -- but why is it surging in dollar terms, too?

The duality continues: growing employment and growing unemployment at the same time.

A painful lurch toward European federalism, but it's not clear it will restore confidence.