The Federal Reserve Board's "beige book" for June and July offers a clear explanation for why the economy has slowed to a crawl. It shows American consumers cutting way back on their purchases of everything from food to cars to appliances to name-bra...

In a society like ours is now -- in which most of the gains from growth are going to the top earners, and the very top 1 percent has about 20 percent of all income (and a far greater share of all wealth) -- almost every major issue...

The economy is failing. Banks are hurting and credit continues to dry up. Consumer debt is dangerously high; foreclosures and credit-card defaults are mounting. Consumer demand is dropping precipitously and exports can't begin to make up the difference.

Conspiracy theories abound, but the soaring price of crude oil (today around $137 a barrel) is related to four more mundane forces...

The great pendulum of American economic outrage moves back and forth over time between anger at big government and anger at big business.