Keep Your Eye On The Ball

In case you joined the parade of optimists thrilled by yesterday's step back from the brink by European banks, here's one of today's posts by Paul Krugman:

October 28, 2011, 8:09 am

Here We Go Again

European leaders reach an agreement; markets are enthusiastic. Then reality sets in. The agreement is at best inadequate, and possibly makes no sense at all. Spreads stay high, and maybe even start widening again.
Another day in the life.