The 'steamroller' effect of housing policy

Commentary: Don't let ignorance shut down the Fed

The formation and execution of economic policy this week entered a new level of chaos, complete with good news, bad news and silly news.

The best news: Two different federal-deficit study groups came up with the same basic solutions: Cap spending and revenue at a sensible level of gross domestic product, broaden the tax base by cutting special exceptions, and cut tax rates.

Spending, in Alan Simpson’s words: "Harpoon every whale in the ocean." The people are way ahead of political leadership, with the average American eager to implement any deal like these two.