A money mess of Gulf proportions

Commentary: U.S., Europe batting zero in stimulus strategy

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.