Persistence is defined as "continuing without change in function or structure." Webster's second definition of politics is "a person's opinions about the management of government." Persistence describes a purposeful struggle against shifting winds to hold a course, while politics and politicians seem more and more purposeful in going with the shifts.

[caption id="attachment_7450" align="alignleft" width="300"]Fed Chair, Janet Yellen Fed Chair, Janet Yellen[/caption] The financial news is dominated by speculation of when the Fed will increase interest rates. It matters because the Fed is the only economic policy maker with any potential or apparent willingness to stimulate our economy. The Administration continues to pile on regulations and complicate the tax structure, while the Congress, through its brokenness, allows sequestration to continue cutting more deeply into the areas of government spending (defense and social) that are actually stimulative to economic growth.

Practically speaking, the odds of Greece meeting its bailout obligations to the European Union and its credit demands of the IMF and other creditors by June 30th are close to nil. Odds are just as small that enough patience exists on the part of EU...