Christmas 2007

2007 has not been a particularly memorable year, except perhaps if you are a Red Sox fan or the holder of a zero-down ARM. The economy has managed a respectable showing in the face of a major melt-down in the sub-prime mortgage market, $100 dollar a barrel crude oil prices, and a precipitous decline in the dollar. The American economy is a pretty miraculous thing. It keeps on generating new jobs, in spite of market forces that would decimate most other economies in the world.