Industry NewsMarkets & Economy

Bid to save European Union: more smoke and mirrors

Commentary: US is temporary beneficiary of euro doom

The newest European maneuvers have triggered a stock rally, but credit markets are not buying the deal. The small upward pressure on U.S. yields is preparatory to a big borrowing binge by the Treasury next week, not anything fundamental. Through the fog of Europe, dominating and concealing everything, one pattern is clear: The U.S. economy is doing better than forecast 90 days ago, and the rest of the world is in some stage of sinking. The two surveyors of U.S. consumer confidence have each reported November-December gains. New claims for unemployment insurance last month were the lowest since February, and the small-business organization National Federation of Independent Business has also found the first upturn in hiring by small businesses since 2008. The Fed's Z-1 report noted a couple-trillion-dollar drop in U.S. household net worth in the third quarter; however, all of it was attributable to stock market losses then, all of which have been recovered. The "perma-optimists...