Global recession will be less damaging without rescue plans

When times are bad, you find out who you are.

In some sense, economics is like sports. Sometimes you get slaughtered, but if you believe in yourself and keep fighting, you can win again.

A look at US history suggests that even during the worst US recessions, Americans have been able to turn things around. There were times when things looked so bleak that only a fool might have hoped for a brighter future. Eventually, that brighter future arrived.