I recently endured a showing of Kung Fu Panda, as part of my son Calvin’s 10-year birthday party. Surprisingly, however, this made-for-kids movie contained a couple of sophisticated insights, like this one from the old turtle, Master Oogway: “Your mind is like water. When it’s agitated you can barely see clearly. But once you become quiet and are in peace, then everything becomes clear…”

Like a boxer who has a habit of dropping his hands, America finally caught one on the chin. The U.S. economy is flat on its back, and the financial markets are leaning down into its face yelling out a 10-count. But the U.S. economy isn’t “out for the count” yet. It will struggle back to its feet. But if the economy hopes to stay on its feet, it will have to devise new tactics. The old, sloppy tactics of credit-financed consumption won’t work anymore.