[david austin]

Oh. I wanted to add to your last point.

Of course you dont want to spook people too much because at the end of the day NO economy can effectively recover unless people start spending and borrowing again.

This is the tricky see-saw during recessions. In this case I think its almost criminal what is being said to the avg joe public... but then again... this is a different era of media and government which makes this recession one that can be tugged and prodded at by the powers that be. The main problem is that the sheer vastness of leverage and debt here cannot be avoided that much longer.

The second wave will come as people are out and about surveying the damage.