Congress is on recess and President Obama is relaxing on Martha's Vineyard, so we are at Code Green for economic risks out of Washington. Of course, Nancy Pelosi could tells us that "something must be done" about this or that crisis we never heard about until now, and we'd quickly be at Code Blue. Then will come Code Yellow, Code Orange and the truly frightening Code Red:
severe risk of economic attack. Peter Orszag revises a forecast. He's only $2 trillion off his initial estimate. No rational human being ever trusts a White House forecast again. Nine trillion dollars in the red (maybe), U.S. national debt will nearly double over the next 10 years—even without health care reform or cap and trade.
President unfazed. Nothing to see here.
Then things look up: "Midterm election lost. Washington mired in debate. Nothing gets done. Hope.
And back to Code Green."
