The Great Run of '08

Commentary: Fed's 'nuclear' fireworks fizzle

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I continue to have great confidence that the authorities will succeed in ending the Great Run of ’08, and jumpstarting credit. However, there was no progress this week, and financial markets are a shambles not worth talking about.

The Main Street economy downshifted in August, entering a still-steepening decline, but … but, amazing strength remains and positive developments are baked into nearby cake.