The impact on NOT shares has been much greater than his 'not so bad' view might suggest. The biggest difference is that they could not simply print money as we do today. That makes it radically different, lets say not at all comparable to the Thirties. Since the US public sector has continued to grow in both spending and employment (but is otherwise equally insolvent) during this recession, the amount of $$ to pump is even greater, but it can be done faster. We can get out of recession relatively quickly as long as the private sector is allowed to line up at the press. Until the auto bailout, almost all spending of new greenbacks came directly through the public sector. Reflate we will, and much faster as both barrels are fired. Long term capital is and will continue inflation proofing. If NOT develops into the unique world class asset we believe, it will be realized if we tough out the solvency required to bridge the turn of the pendulum. (BTW, we can always foregive an economist from the public sector for not noticing the severity of a recession.)