The opportunity in front of us

The current economic crisis is big and scary, but we would all be much better served viewing it as the huge opportunity it is. (Not unlike the tragedy of 9/11, which was a golden opportunity - to push us toward energy independence among other things -  largely squandered later.) It is an opportunity to remake our deeply flawed economic system based on fake prosperity of living beyond our means instead of building real prosperity. I'm therefore quite encouraged by President Obama's apparent thinking on some of the crucial issues that will determine our future: federal budget deficit, healthcare costs, alternative energy, infrastructure. Of course, at the same time I am deeply unnerved by so much power being given to the Democrat-dominated Congress, who will use the excuse of this crisis to go nuts printing money and spending like a drunken sailor more for political than for economic gain. (You don't have to look very closely at the just passed Stimulus Bill to see a pork-laden train. )

There is plenty of worry to go around, including the fact that things will most likely get much worse before they start getting any better, or that there will be a big shift of economic power from debtors (Europe and the US) to creditors (China and Middle East), but if we play this thing right and hold the course, we may emerge with a much more sane and stable system within the next decade.  I am optimistic that we're smart enough to do that.