The guys over at Bonddad's Blog have been SPOT ON in their economic predictions this year. They predicted slowing growth in Q1 and Q2. They were right. They are now predicting better growth through the rest of the year.
Austrian economics - as mentioned below - believes that everything eventually evens out, even if it's painful in the meantime. Barring another shock - and I don't really call the market sell-off a shock - we should continued growth, because eventually things do return to normal. Or at least get better.
The S&P thing is clearly spooking the sheep-who-think-themselves-wolves on Wall Street, but it's spooking them into buying US T-bills apparently, so who the hell knows.
This feels more like a correction to slow growth than it does the S&P downgrade. Having said that, a lot of people are attacking S&P. I would have preferred we did that in 2009.
Of course, I wish we'd held a lot of people accountable back in 2009.
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