GLOBAL ECONOMIC RECOVERY
On the economy, in my humble opinion we're not yet into the virtuous cycle where we can count on above-trend growth to generate jobs, which boosts paychecks, which supports consumption, which signals investors to get into the game, which leads to more growth, etc. But we're headed there. The best evidence for that is the improving job market -- but this remains fragile, and risk factors lurk out there. At this point, what worries me most is the lack of a public policy cushion such that if one of those risk factors flared up, we could count on policy makers to fight back. Jeez... imagine that.
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