This is the kind of thing financial types are reading, again from Brown Brothers Harriman's currency group:
The financial crisis has thus far had a much smaller impact on the real economies than one might have reasonably expected, given it is the worst financial crisis since the Great Depression.
The next several quarters to be sure will be challenging. The data from the major economies suggest that many are tracking either stagnation or outright declines in GDP. But the economic downturn is still likely to be shallow and brief and by the middle of next year, a new cyclical expansion can still be expected. Positive output growth should prevail in the G7 world in 2009.