It is amazing how much credit has contracted. Both the banks' ability to lend, as well as the demand for loans has slowed way down. Few companies are buying additional capacity, since there is so much overcapacity. There is a bleak market for any luxuries, and the new normal will be high unemployment, low incomes, high taxes, and low growth. While we have deflation, our dollar will be worth so much less in terms of other currencies and commodities that all imports, including energy, will be very dear. Oh well...