http://www.ft.com/cms/s/0/8e8d7af4-8967-11dc-b52e-0000779fd2ac.html

Short term fears –  underestimating cyclical nature of business!

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At some point, not only will the presidency change hands but the US economy will pass through its trough and start to recover, shifting the interest rate cycle. By that time, European economies could themselves be weakening. There are too many uncertainties to reassure investors at the moment but the current gloom will not last indefinitely.

When secular and cyclical trends come together, as they have now to undermine faith in the US economy, it is a powerful combination. But there is a human tendency at such times to underestimate the degree of cyclicality at work. The US is down but history, including the aftermath of downturns in the 1970s and the early 1990s, shows its tremendous capacity to rejuvenate.