The European debt crisis provides Germany the opportunity to preach its disciplined approach to monetary policy. Should it succeed in remaking Europe in its monetary image, Europe will prosper. Those who follow the Anglo-American model of Keynsian loose money must fall in line.
Failure to reach at least a modest debt deal could signal to investors that the US government is in a state of chaos and uncertainty. That could make the nation's jobs problem still worse.
The unemployment numbers also energize a sparring match between the Obama administration and Republicans over who has policies that deserve voter support in 2012.
Under the right conditions, gas could cost as much as $6 per gallon by the summertime
The collapse of Bear Stearns sends the central bank scrambling to ease fears.