There is clearly much to be worried about. Most of America’s private retirement 401(k) accounts have significantly decreased in value since last autumn’s crash. Home equity has plunged. The unemployment rate is above seven percent and climbing.

We had negative GDP growth last quarter. Stock prices are the lowest in ten years. Almost daily some company announces layoffs. Some big banks may be nationalized. The American auto industry will not survive as we have known it for nearly a century.

Abroad, the news is worse. European banks have lost trillions of euros in bad loans to Eastern Europe and Asia. Countries like Iceland, Ireland, and Greece are teetering on insolvency. China’s export industries may have to lay off millions of workers.

  

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