If there's a bubble, it's in this four-letter word: Debt. The U.S. economy is just awash in it.

Just another four letter word

The captain said -- using an explicit four-letter word -- he said, 'There's something there,'

We have a Fed that wants a booming economy, but the only way the consumer can continue to fuel the economy is through continued debt accumulation. I don't know if there's an easy way out.

This isn't for capital projects like roads and bridges. It's for private groups. A lot of this is taxpayer-supported debt going to the private sector. In some cases it might be warranted, but our very basic recommendation is to let people know what it is.

And it's beyond my energy to explain why I don't think that four-letter word that everyone's so obsessed over and that gets everyone into so much trouble and pretty much makes everyone behave like an ass can live in a place like this. Somewhere during dry cleaning, details, and missed meals, it flakes away and what you're left with is married people with a tolerable affinity for each other. That little four-letter word can exist only in poetry, or movies of 2 to 3 hours in length. Maybe in a mini-series.

This place of dull details and irksome obligations is a home only to other four-letter words, which are used much more frequently.