More on the economy. Really it's not that bad

Shout it from the rooftops! Spengler asks a good question.

Last week was not a good one for America's detractors. The price of oil fell to US$56 a barrel. The same financial markets that swooned in July while Israel fought Hezbollah have forgotten the meaning of risk. The question the world should ask George W Bush is, "If you so dumb, how come you ain't poor"? The US economy and US markets are looking more buoyant than ever. As I wrote last week (Jeb Bush in 2008?, January 3), the whole Iraq debacle might disappear from the public's radar screen in time for America's next presidential election.