Reading the WSJ So You Don't Have To

The Wall Street Journal, www.wsj.com, is a wonderful newspaper, except for its editorial section which operates someplace in the void.  Since the editorial writers do not comment on the news stories, we think we have to.

European wholesale prices are up 6.7% over a year ago.  This does not bode well for expansionary economic policy.  The worst of all worlds is high inflation and high unemployment.  Coming to a European country near you.

The WSJ has a story on the evening news business and notes that Fox News does not have an evening news show.  And yet they call themselves a news channel!

On the deficit front it appears VP Biden is developing a plan, which is not the plan of the administration, and Sen. Conrad is developing a plan, which is different from the Gang of Six plan of which he is a member and different from the Commission plan of which he was a member.  How long before trading cards come out with your favorite deficit reduction plan?

Portugal has reached agreement on a deal to bailout its economy and its banks.  Up next, Spain.

The editorial pages of the WSJ are crowing about the Conservatives winning a majority in Canada, conveniently forgetting that it was tight banking regulation that kept them largely out of the global financial collapse.

Worldwide sales of luxury goods are surging.  Well, another reason why increasing taxes on the wealthy to balance budgets just might be justified,