Citigroup got a rare honor Wednesday with its lobbyist, Paul Thornell, scoring a coveted invite to President Obama's unveiling of his regulatory-reform package. Does that signal a thawing of relations between Washington and Citi? Don't count on it. The White House statement announcing the expected attendees listed Mr. Thornell's affiliation as "City Group."
Not long ago, when people lost sleep over what would really hurt the economy, they worried about the current-account deficit. By buying so much more than it sold, America was running up an immense tab that foreigners would eventually call in, leading to a crash in the dollar, runaway inflation and surging interest rates. The deficit has quietly fallen from 6.6% of GDP at the end of 2005 to 2.9% in the first quarter. The crash you expect usually isn't the crash you get.
Not long ago, when people lost sleep over what would really hurt the economy, they worried about the current-account deficit. By buying so much more than it sold, America was running up an immense tab that foreigners would eventually call in, leading to a crash in the dollar, runaway inflation and surging interest rates. The deficit has quietly fallen from 6.6% of GDP at the end of 2005 to 2.9% in the first quarter. The crash you expect usually isn't the crash you get.
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