You heard it here first. The (almost always) optimistic economist Ed Yardeni suggests that the government has overstimulated the economy and that we'll be off to the races soon. (He seems to be a little facetious. 3/4 serious, I would say.) (Jerome Kerviel is the alleged rogue trader at a French bank who perhaps caused Monday's overseas stock meltdown, which prompted the Fed to cut interest rates by a huge amount.)

The recession is almost over thanks to Jerome Kerviel in Paris and the Policy Panic in Washington! I don’t recall so much policy stimulus and so many bailout plans thrown at the economy so fast before there was compelling evidence of a recession. It is all a bit reminiscent of the monetary and fiscal response to 9/11 when our policymakers feared that the terrorist attacks would cause a financial and economic meltdown. That didn’t happen, perhaps because of the policy response, or perhaps because the recession of 2001 ended in November, having started in March.