EASY DOES IT

Victor Davis Hanson, with his characteristic sense of history, puts today's economic downturn in perspective, and suggests that much of our problem is about puerile hysteria, not reasoned wisdom:

Get a grip. Much of our current panic is psychological, and hyped by instantaneous electronic communications and second-by-second 24-hour news blasts. There has not been a nationwide plague that felled our workers. No earthquake has destroyed American infrastructure. The material United States before the September 2008 financial panic is largely the same as the one after. Once we tighten our belts and pay off the debts run up by Wall Street speculators and millions of borrowers who walked away from what they owed others — and we can do this in a $13 trillion annual economy — sanity will return.

With a little less confidence, but in the same vein, Peggy Noonan attempts to objectify the blather:

In the Depression people sold apples on the street. They sold pencils. Angels with dirty faces wore coats too thin and short and shivered in line at the government surplus warehouse. There was the Dust Bowl, and the want of the cities. Captains of industry are said to have jumped from the skyscrapers of Wall Street. (Yes, those were the good old days. Just kidding!) People didn't have enough food.

They looked like a catastrophe was happening.

We do not. It's as if the news is full of floods but we haven't seen it rain.