The Berlin Wall was a great experiment for economists. Too bad they didn’t learn anything.

Let’s not get too excited. Stocks bounce. Bonds bounce. An economy bounces.

The Fed says it will keep interest rates low for an “extended period.” So there is still no sign of the kind of policy turnaround that might send the greenback back up.

What’s the best way to get through a debt crisis?

Every emergency is an opportunity. The feds don't want to waste it. Instead, they swing into operation with a rescue plan.

Leverage in the private sector led to the banking crisis/bear market of 2007-2009. Debt always leads to trouble. Next up: a crisis in the public sector.

All over the world, the story is about the same. Markets have recovered half or more of what they gave up.

So, how much is too much debt? It depends on what you use the money for…how much you have in assets…whether your earnings are shrinking or growing…and a number of other questions. But while the answers aren’t simple, the questions should still be asked: If you run up a debt, how are you going to pay it back? What will happen if you don’t pay it back?

Wall Street itself is pricing stocks as if the record profit margins of '05 and '06 were just around the corner.

Lending money to customers is a tough way to earn a living. The more you lend, the more you make…until you lend too much. Then, you don’t make anything.