Oh, the stock market will linger at disturbingly low places and the unemployment rate will continue to go up.
But, the fire hoses flowing with cash from Treasury and elsewhere will begin to have an effect in the next couple of months.
TARP money is propping up the banks, and there is finally serious talk of forming a bad bank in which to dump toxic assets.
Did you notice this week that a couple of guys from Countrywide have started gobbling up distressed properties and are making a killing?
So first it was TARP, then the stimulus package, including tax relief, and now mortgage relief for several million home owners. Now there's the Term Asset-Backed Securities Loan Facility - or TALF.
The government really wants to grease the lending skids, so TALF has been created to do what TARP isn't doing.
TALF could pour as much as a trillion dollars into the credit system. The sky has fallen, and maybe all of these things together will eventually mean it's going back where it belongs.
By Harry Smith