Via last Thursday's Political Diary, Judge Posner, writing in The New Republic:[Arguably] what has now plunged the world into depression is a cascade of mistakes by rational businessmen, government officials, academic economists, consumers, and homebuyers, operating in an unexpectedly fragile economic environment, and that what is retarding recovery is not the 'unreasoning fear' of which Franklin Roosevelt famously spoke but the rational fears -- the reasoning fear, to use Roosevelt's idiom -- of businesspeople, consumers, and officials who confront economic uncertainties for which no one had prepared them.[FDR is the guy on the left]
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