So Far, So Good

Paul Krugman says that the guys in charge -- the administration, Congress and the Fed -- seem to have decided 10% unemployment is okay, and we can just let the economy perk along at the current speed.

The question is, can it continue at the current speed? Or will it move more or more slowly, descending into an ever deeper recession?

Or will there be more speculative bubbles like the 1990s tech bubble and the recent weird financial instruments bubble that blew up in 2007-2008?

We might have both,...