We don't see the case for a secular collapse in consumption.

With the Fed maximally easy now, risk tolerance gradually returns to credit markets.

Let's review the baseline: how we got here, where we are, where we are going.

Lagging macro news is horrible, and may be for a while -- but risk-tolerance is coming back.

Another bank crisis is brewing, there's no Treasury secretary, and Congress and Obama spar over TARP.

The Fed's going to hold the whole curve down for quite a while... but then, look out.

Saving the banking system won't make big banks into interesting businesses.

We're testing the lows as, once again, government rethinks its approach to bank rescues.

The worst trouble-spot in the US credit infrastructure is finally being addressed.

Stocks are trying to bottom, but it all depends on the new administration's bank policies.