National preoccupation with "SpillCam" is a useful distraction from a slow-motion blowout in financial markets. The leak in the money well will not harm the environment, but much like the deepwater layers of oil in the Gulf, a slippery mess is uncontained. The stock market is all over the place, but not the credit markets: U.S. Treasurys are holding panic prices easily, the 10-year in a new range of 3.09 percent to 3.3 percent, still trending down. We borrowed another $80 billion this week without a ripple. Retail sales in May fell 1.2 percent, creating head-shaking confusion about the real state of recovery. Several measures of inventory rebuilding say that the cycle has ended, and may have overshot to excess. It's too soon for a double-dip: Serious stock-market people (there are a few) are optimistic about big-company earnings, and the red-hot emerging markets/China conveyor. In a sign of adaptation to trouble, the National Federal of Independent Business' sm...
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