The looming American debt crisis is politically contrived. The Treasury could borrow all it needed if the Republican majority in the House acted responsibly and raised the debt ceiling. But the notion that if the House fails to come to agreement the United States faces a default on its debt…

In a happier world, we would be celebrating the bank bailouts of 10 years ago. They stopped a scary downward spiral, averted a longer-lasting depression and quickly led to a recovery that endures today. I recall the precise moment. Ben Bernanke and Hank Paulson asked for legislation to save the…