Newmark's Door

The London Times reports on the recent joint annual meetings of the World Bank and the IMF:

The world economy is expanding, inflation and interest rates are stable, employment and incomes are rising — and almost wherever we look around the world, even in sub-Saharan Africa, these healthy trends seem set to continue in the year ahead. Moreover, when the IMF’s researchers consider the familiar long-term risks to the global outlook — the trade deficits in America (and to a lesser extent in Britain), the risks of a boom-bust cycle in house prices and mortgage borrowing, the danger from soaring energy prices, the threats to financial stability from speculators and hedge funds — they now conclude that all these trends are far less troubling than they seemed even a year ago. 

It's all Bush's fault.