Gary Cohn: The reasons for Los Angeles’ comparatively good financial condition include a legal groundwork laid years ago that required specific funding safeguards, recent give-backs from public sector unions and an improving economy.
Carl Bloice: The military propagandists needed to come up with something to distract attention from the reality that things are going badly in Afghanistan, very badly. Public opinion in the U.S. has soured toward the war. Every other country that has troops on the battlefields is under tremendous popular pressure to withdraw them.
Michael T. Darda, chief economist at the research and trading firm MKM Partners, probably summed up last week’s message from Washington best, telling the New York Times, “Less bad is always a prelude to good.” The things one learns. We are being asked to believe that the results of the “stress tests” were “not as [...]