This illuminating article by Fareed Zakaria of Time Magazine is well worth reading.
It's odd how the theoretical belief system of Communism and socialism has been so comprehensively replaced by a new belief system on the right.
As just one example: does anybody (except the hyper-rich and extreme conservatives) really believe that cutting taxes on the rich and raising taxes/reducing benefits for the poor will expand demand at a time like this? It's batty: the savings rates of the poor are very low, and of the rich high. To stimulate demand now, you need to cut taxes for the poor and the middle class and fund this with tax increases on the rich -- unless your national debt is low enough to fund it with borrowing. Which the US's isn't -- because of previous tax cuts for the rich, among other things.
Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.
The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.