I know it sounds bizarre, and especially to hear it coming from me, but the economy is set for quite a rebound, and states like Michigan and the rust belt are set to come back strongest (albeit from a terrible base). It depends on whether people are encouraged by the direction things are going, or the fact that they will still be objectively pretty bad in 2012 in MI/WI, etc.
What about Spain? It seems to me it's headed towards default. The Germans seem to be enjoying twisting the knife. When that happens it will be like CreditAnstalt in 1931.
