After Japan's earthquake, the whole world is wasting its time looking for more black swans. They would do better to examine the feathers of those snow-white birds in front of us.
The week started off with a bang. The stock market indices had big up-gaps at the opening, ran hard in the morning, reached their sessions highs by about 11:00, and drifted down into early afternoon.
None of the key components of US GDP have recovered. Housing starts, for example, are running at a million less than they were before the crisis began. Employment is back to the levels it was at 10 years ago -- with 7 million fewer jobs than in 2007.
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