"Here is a thought I hope for comment: The Republican party in the US will do nothing to support a recovery between now and the November '12 election which would thereby help Obama's chances for re-election. I have even heard moderate, business type Republican supporters mouth this thought, hoping that economic conditions don't improve too much over the next year.

"Considering the well appreciated Fuller theme of "good governance", this is telling about the ability of the US to get its house in order, long term. I don't expect a recovery until '14, if ever, and if we ever come together in a serious way, politically."

David Fuller's view Thanks for this interesting assessment.

Political battles are often unedifying spectacles; and is it not a truism that legislation, for better or worse, can only really be passed in the USA during the first half of a term because the next campaign takes over thereafter? Also, even among the less ideological candidates I believe there is significant disagreement as to what constitutes good governance in the current situation.

I recall that in less fraught times political commentators have often extolled the virtues of a US Constitution which enables a balance of power to exist more often than not. One can only hope that neglect, benign or not, works this time.

Meanwhile, the successful multinational companies continue to outperform their home economy.