This new column for National Journal looks at credit after the stress tests, and public borrowing as cap-and-trade revenues evaporate. It sees trouble ahead. [The link expires in two weeks.]

The good news is that the world economy may be turning the corner. The bad news is that a lot is still wrong with American banks, and U.S. government borrowing seems to be sliding even further out of control. The first development points to a slow recovery at home, the second to a whole new crisis not far down the road.