, Columnist
Markets Are Rising on Another Faustian Bargain
Bailouts that benefit the rich can stave off meltdown, but at what cost in terms of stagnation, inequality and political anger?
Just sign here, Mr. Powell.
Photographer: iStockphoto/Getty Images
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Last week, which much of the world took to celebrate great religious festivals, turned out to be a great one for risk markets. Global stocks had their best week since the Lehman crisis of 2008, while the U.S., as judged by the S&P 500, had its best week since the Second World War. Meanwhile, junk bonds had their single best day on record.