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Mr. Russo is a worried man. Between the pressing need for stimulus spending to save a withering economy, and the medium-term need to deal with gargantuan federal and municipal debt, not to mention trillions of dollars of off-balance-sheet obligations to Medicare and Social Security, "the problems the U.S. faces are, in some sense, insurmountable," he writes.
MR. RUSSO IS livid about the dark future, but not about Wall Street's hand in having shaped it. He puts the phrase "bailouts" in scare quotes, dismissing the hubbub. "Yes," he writes, "it would have been far worse had the government failed to act."