Before the crisis hit, the dynamic nature of the US economy was cited as one of its strong points by free marketeers, especially in comparison with European economies. Economic shocks, we were told, would be bring about a quick adjustment in a relatively free economy like the US. There was no need for government intervention. The price system would send the necessary signals and in no time at all the economy would be back at full employment running just as well, if not better, than before. That is, so long as things like oversized government, social insurance, and unions don't get in the way (like they supposedly do in Europe).

Since October 2002 when stocks hit a low in the first of two bear markets in the 2000s, emerging market equities have dominated global investing. That trend continues in a rough 2010 for most investors as major benchmarks struggle since April.

Recently Barrons asked the question: “Do you believe in technicals or fundamentals?” The article pointed out that while the technical picture looks bullish, the fundamentals remain weak and caution is warranted.

This was controversial at the time, particularly the role of speculation: What caused the 2006-2008 commodity price boom?: