To alter Mr. Reagan's metaphor slightly: 'A rising tide lifts all boats', provided the water in the tide isn't wildly corrosive.
The US, candidly, needs some sort of recession in order to flush out the excesses now embedded quite thoroughly in the economy. The CDO/SIV mess helps, in the longer term, no matter that there's some short-term pain.
All the political class are doing with this loony ''stimulus'' scheme is attempting to mask a structural illness with a high fever.
Capital spending is coming from the new century’s lend lease partner’s, the UAE, Saudi, Dubai etal. It’s a big merry go round, pyramid building on a grand scale as if pyramid building wasn’t itself grand enough. Of course that’s the true structural weakness, the fact you always have to outdo yourself to keep it going.