Gil,

As you know, we don't do politics on this thread.  Carla Bruni is not politics, it's sex.  Sex is OK.

Seriously, reasons to be optimistic:

• Reading last Monday's FT special energy section (and other sources), I think that advances are being made in many alternative energy sectors.  One these reach critical mass a new bull market will start.  It could start in a few years if we get serious.  All this is thanks to the sky-high price of oil.

• The markets are trying to work off a bubble condition (housing & credit) and underpriced fossil fuels.  No, it's not fun, but it's necessary and important.  Think about the future buying opportunites!
  

• The US consumer has been sustained through the kindness of strangers for several years.  True, we are now learning the folly of the "Deficits don't matter" approach to life:  think USD collapse and oil price surge.  But, it was inevitable. Best to work our way through the pain now than put on rose-colored glasses.

• Domination is not good.  Cooperation is good.  The US helped end WW II and helped end the Russian version of communism.  The world has embraced capitalism.  In other words, we won.  However, by definition this victory means giving up control.  It's a new world - a better one.  Many many millions of people are joining the middle class. 
  

• No personal comment on Obama, but I will say that 90% of the world would applaud him as much as they applaud Tiger Woods.  The US will truly be seen as the land of opportunity that it is.  Africa would glow with pride. 
  

So, enjoy the scenery, travel, work out, and forget about GM.

Norbert