There's a reason the EU settlement with Greece is taking two years to work out-----the necessary fiscal, monetary and economic measures are just too painful for both sides to bear.  And the alternative is a disorderly default that would be even worse.  Today's outline of an agreement among the various Greek political parties to accept some harsh austerity measures has been presented to the EU, which is meeting in Brussels tonight.  EU officials have already indicated that there will be no final approval today, and we think the negotiations may still drag on until close to the March 20^th deadline for repayment of 14.5 Euros of coming due.  Although a settlement by that time is more likely than not, the results will further weaken an already deteriorating European economy, and ensure slow growth for years to come.  With the global economic growth slowing down as well, the fragile U.S.[More]
 

The Age of Anxiety? With all due apologies to the late W.H.[More]
 

It's time Stephen Sondheim wrote another carnival song, and, more specifically, a sequel to the hauntingly memorable "Send in the Clowns" from his 1973 musical, A Little Night Music, which has proved so eerily prophetic in describing this year's political scene. As a glance at the crowded roster of Republican wannabe candidates for the presidency in next year's election makes clear, the powers that be in the GOP obviously have taken quite literally Sondheim's injunction that served as the title of the song, while the Democrats already have their very own barker and no shortage of mountebanks ensconced in their big tent.[More]
 

The list of negative factors affecting the stock market has now become so numerous that it is highly likely that a severe bear market has already started. We begin with the fact that, as measured by earnings and dividends, this is by far the most overvalued market of the past century.[More]