The Fire This Time?

Any American who's been on the planet for more than a few years has lived through a series of economic ups and downs -- what economists call the business cycle. These booms and busts seem to follow one another as inevitably as sunset does sunrise.

Phil Gramm hasn't apparently noticed, but we're now pretty deep into an economic downturn -- whether or not it officially qualifies as a recession yet or is simply on the way to becoming one.