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Search for bottom offers peek into abyss

Commentary: Administration's waiting game wears thin

The Treasury this week effortlessly raked in $64 billion by selling long-term debt, and mortgage markets stayed about the same, just under 5 percent. The outside world may choke on our paper someday, but not when its economies are failing faster than ours. German orders for manufactured goods in January fell 38 percent from the prior year, its exports down 21 percent. China is trying domestic stimulus but lives on exports, which are dropping at a 40 percent annual pace, its trade surplus down 87 percent. Here we got a bounce in oversold stocks and retail sales flattened, but last week another 650,000 people filed for unemployment benefits. In January, bellwether California's unemployment reached 10.1 percent. The absence of signs of bottom is not so troubling -- everyone knows that it will take a while -- it is the absence of evident bottoming mechanism that bugs people. Under the government blanket a lot of wrestling is going on, but damned if I can tell who is on top or e...

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