A World of Hurt

President Obama took a bit of a victory lap on Wall Street on Monday, declaring that the economy had been brought back from the abyss and “the storms of the past two years are beginning to break.”

The president and his economic team (and the Federal Reserve) deserve credit for moving quickly to prevent a full-blown collapse. A year ago, amid the panic that accompanied the implosion of Lehman Brothers, there were serious fears that the U.S. was headed toward another Great Depression.

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