Mark Zandi, an economist, called from the airport in Orlando with news: “The fundamentals of the U.S. economy are better than they have been in 15 to 20 years.” As Zandi was delivering his ebullient tidings, the stock market was crashing for the third time in a week, on this day an awful 520 points. Proximity to Mickey Mouse can induce an undue feeling of cheeriness, but Zandi showed me the figures. American households have pared their debt—significantly. Corporations are rolling in cash. Banks are profitable and far better capitalized. By the way, even our government looks better than those across the pond.
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