The more we can do to address fiscal austerity, the better our markets will do, and there is a real political shift to doing that.

Every day things get better because politicians are addressing the fiscal challenges more aggressively.

People knew that Murdoch's media estate in the UK was too powerful and it was doing very unpleasant things.

Municipal debt outstanding doubled in the past 10 years. And in the past 30 years, the U.S. has been in real economic nirvana.

There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

And that's just the beginning. More and more, conventional wisdom says that the responsible thing is to make the unemployed suffer. And while the benefits from inflicting pain are an illusion, the pain itself will be all too real.