When my niece was just a tyke she would often fail miserably at some mundane task like pouring water into a cup. Asked if she wanted help she would remark no and refrain to herself "I can do it, I can do it." And low and behold on the 2nd or 3rd time she would do it. At that point her success no longer had anything to do with the balance of the pitcher or cup size it had to do with a function of her mentality.
That said I must point out how disappointed I am in all of the economically literate and republicans who know that our economic crisis at this point is more a function of the human psyche than any technical or fundamental indicator.
As long as republicans continue to openly and blatantly rail against all government measures as socialism, anti-capitlism and failure and market prognisticators continue to opine on how much more further the market CAN drop then we will have a depression. But it will only come because a section of our populous has decided to play with fire.
What republicans should realize is that people are listening. And if they believe that nothing will work then they will contract and the programs which are meant to STIMULATE and not SUSTAIN will fail. What prognosticators should realize is that commercial traders and investors don't like to lose money. So they will continue to tank the market based on your ambient, incessant and ridiculously pessimistic view of the capital markets which will force the market down. This is exactly what is happening with the S&P at this point.
My PoV is this crisis is indeed solvable and since all of the INDUSTRIAL economies are in this together there is a good chance we can fix this thing and avoid a massive depression. But as long as there seems to be a certain segment who is hell bent on pushing this thing to the brink for political purposes we will depress. But be warned if we depress there will be massive negative unintended consequences. A favorite turn of the century rapper of mine, DMX, had a saying "you asked for it and you got it." I will echo the same to the small, but powerful contingent, who want to use a depression to eliminate President Obama. We may get a depression and Obama may pay the price, but remember when that time comes and the negative national and gloabl externalities manifest that "you asked for it and you got it."
