As the newspapers have faithfully recorded, the Davos sessions have provided little in the way of strategic direction out of this black hole. Instead there have been lots of rather hapless suggestions.

The problem is not the fiscal stimulus. It is not pork barrel politics. It is not the banks. Nor is it the bankers. It's not even the debt. It's the cost of debt. And it's just like Japan, 1990-2009.

High levels of debt and consumption were not the result of millions of individual decisions by consumers. They were the result of a deliberate economic 'regime change' in the 1970s.

The Treasury seems in danger of pandering to the Wall Street beast, rather than protecting the vulnerable -- those companies where real wealth is created.

It is simply wrong to suggest that the fiscal stimulus "will cripple us long-term." It will not. The fiscal stimulus will pay for itself -- here's how.

We must once again make money work for the people.

The stock market knows what Treasury still needs to admit: the banks are bust. Their CEOs lack all credibility. Until they are nationalized the Dow will continue its very rational path downwards.