OK, perhaps doom is too strong a word, but then again, perhaps it is not.
In either event, 2013 is not shaping up to be a banner year for the economy. And it’s not just or even mostly because of the fiscal cliff.
Our financial system is not stronger now than it was in 2008 when it finally collapsed under the weight of crashing real estate prices that fell all the harder because they were ballasted by plenty of government guaranteed debt.
In fact, prepare right now for the Next Great Bailout. Because this time around, the federal...