It is odd out there. High-volatility markets have gone still. Long-term interest rates certain to rise have fallen, mortgages back in the threes. The 242-seat Republican majority in the House is captive to 40 wild men, the party in many ways no longer a party. Vladimir’s latest excursion is only one miscalculation, one misidentified aircraft, one mis-targeted missile from a lot of people fighting each other who had not intended to. Europe refusing involvement in Syria now finds Syria on its roads, sleeping in its fields and railroad stations. China is silent and opaque. Markets don’t like instability, but they do have a large tolerance for the misbehavior of politicians. That’s what politicians do, so we may as well not bother to react. But the disarray now extends to the F…
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