For those struggling with just how massive the federal debt crisis is becoming, here's a motivational poster to help:
Your Friday homework assignment - get an estimate of how many U.S. soldiers have seen direct urban combat in Iraq and Afghanistan over the past half decade. Then, look at the types of available jobs and make assumptions for three tracks - a miracle economy and return to the late 1990's type of exuberance, a muddle-through scenario of 2% growth and a Japan-style drawn-out credit crunch.
Now ask yourself, what will be the state of mind of these intelligent, young, motivated individuals who return home in each of these scenarios. Keep that in your back pocket in the coming years as a reference.
Here's hoping they (the banks, wealthy family corporations, the Fed) find a way to stabilize the credit system (I have no idea how the banks can do it at this point, short of a massive debt forgiveness plan, which would destroy their balance sheets, but allow for their potential customers to get back into the credit expansion game through new loans).