May 29, 2008 3:39PM

High Wire

I recently received a complimentary copy of Peter Gosselin's new book,  High Wire: The Precarious Financial Lives of American Families.   Mr. Gosselin is the national economics correspondent for the Los Angeles Times.  Here is an excerpt from the book jacket:

 The recent downturn seems to have brought an end to some of the strongest, smoothest growth in American history--a performance that economists found so sweet they dubbed it the "Great Moderation."  Yet even in boom times, the economy was caught in a cross-current. ... [T]he cross-current was neither the product of a misapprehension nor the nation's normal ups and downs.  Instead, it was the result of a quarter-century long conversion of the nation's economy from one of checks and balances to barely tempered free markets.

Interesting.  Query: What baseline (pdf) is Mr. Gosselin using?