Today's pessimism is due more to media bias than to economic fundamentals.

Or is oil all about President George W. Bush?

The controversy over Olympic gymnastic gold may be a precursor of another contested presidential election.

Does misplaced economic pessimism explain mispriced bonds?

The markets and the economy may finally be getting visibility on a Bush victory.

Hardly. Politicized pessimism notwithstanding, animal spirits are very much alive and well.

At these yields, the bond market needs the FOMC to be a lot gloomier than it's likely to be.

How come markets haven't rallied as much as George Bush has?

The dollar's appreciation against forex and gold might be just a technical phenomenon -- or it could mean that monetary deflation's not quite dead.