The new constant in policy formation is chaos. Never before has so much insanity been thrown at capital markets in the name of stability. A Google News search of "crisis" returns over 48,000 stories. A right wing conspiracy usurped by the Left after Naomi Klein's "The Shock Doctrine", policy is enacted only through crisis and disorientation of the masses. The growing reality is they have produced the chaos with no longer term vision of the post crisis landscape.
Meanwhile, the inter-day movements of the capital markets are watched like a running scoreboard of the bureaucratic meddling. The missing link is the growth factor. Obvious now in Europe and coming to a theater near you soon is the catalyst of rolling over debts at rates relative to growth possibilities. Lost in the Greece, Italy, Spain debt rout is the failing US growth prospects here at home. Late cycle term structures, especially post QE efforts, are good reflections of growth forecasts. The picture is not pretty. More significantly, early forays toward something better have been rapidly dashed.
An understanding of The Shock Doctrine, and its worship by the Obama Administration (Rahm was a standard bearer and we were encouraged by his exit at first), explains the situation. The ongoing crisis, and fear mongering there of, is the cornerstone to both sides' agenda. In US politics, this is "success."