Economic pussydom is really liberal elitism. If the folks who are running the country, or the liberal RRs here were captains of the ship back in the day, they would have turned the ship around when they met the native Americans. It was the destiny of the natives to live in peace. Now they are stewards of other people's capital, and their own, and even the country's political capital (capitol). By making bad or even selfish choices ( like the choice to borrow for today) they take freedom away from our children. Stocks are ownership, bonds are lending your money. Owners get paid about twice what lendersget paid, but the holding period is longer. It is easier to be a lender, than an investor. It feels better. When you make the decision to allocate capital, you commit to one idea and give up others. The reason it is easy for liberals to make these decisions is because they think they are smarter than others - and they are, because of conficts of interest (like, being honest about the "profitability" of government - owned GM, which was handed tens of billions - while propping up unions and votes). Perhaps some liberals are innocently elite, but when the intelligence of the minority is attacked in a systematic way that benefits your own interest, you are really just being an economic pussy. That pussydom is institutionalized in the educational system ( not the best and the brightest or least self-interested teaching in our schools) - but the market itself is beginning to equalize. First, there will be cuts in government ( state and local), and then, there will be, for example, more programmed learning ( internet) that will begin to supplement teachers. Who holds the capital? Liberals and conservataives. At some point, the short term investments in government will become unsustainable. Even though the majority will want wealth redistribution, the means of that redistribution is taxes - and conservatives will become more careful with investments and cash flow, and even estate planning, as a response to progressivism. At some point, the long term potential for investment in (more efficient and less self interested) vehicles will outweigh the short term "benefits" of investment in (government) workers, who are already more expensive than private sector alternatives. In that sense, we can all be optimistic about investment equities, versus bonds and cash. Because once the ship reaches the shore, there is no turning back. This is our destiny. Therefore, in the sense that Nick Murray has talked about the only logical response to adversity being optimism (something like that), we can be optimistic as advisors. But we have to take responsibility. For example, if you can't articulate to your clients, on demand, how the tax laws on investment and estate planning will change in 2011, you are not taking responsibility for doing your job. The consequences of that change alone, will be interesting and is beginning to affect our capital markets, into which we place our clients money. What happened to the liberals in their leadership with regards to small business during the recession? Sold out to big business and unions. 3% growth and high taxation, debt, and the politics of negativity and elitism are not going to cut it for America. Who are the leaders on this forum, are they small business owners, or are they fat and elitist employees?