It has been a big week. Since last summer, economic policy and markets have been frozen in anticipation of recovery. This period of apparent stability has been an illusion, with tension building, and markets and politics have begun disorderly moves to catch up. Stocks have cracked, which should have helped mortgage rates, but the aid has been intercepted by onrushing Treasury borrowing. Mortgages are stuck above 5 percent. The economics of the moment are the easy part. There is no recovery worthy of the name, especially in jobs. Housing in half the country is in deep trouble. We are living on Treasury borrowing that must slow, but we dare not. The administration has no functioning plan for economic recovery, and average citizens are mightily annoyed. The political consequences ...
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