All year long, I've been biting my tongue while the pundits and pontificators tried to minimize the impacts of an economic downturn, often performing rationalization gymnastics that seemed to follow Elisabeth Kubler-Ross's familiar "Five Stages of Grief." Maybe there was more denial going on than anger or bargaining, but it was funny to watch the market analysts try to deny the depth of a global consumer-led slump. In the first quarter, it was a North American slump that wouldn't touch emerging Asian markets. In the second quarter, with global markets slowing down, we started praising the fact that the U.S. housing market had touched bottom, and maybe consumer spending would bottom out in mid-summer.