So, how long will this last?

We have all seen, and most have felt, the global economic turndown. Even Dubai is feeling the effects. I have been of the opinion that lower energy costs, coupled with tax breaks for businesses, would quell the effects of the nose diving economy. Will Obama see this and act accordingly? Recent revelations about his economic plan suggest not. 

Will it be up to other countries, or even OPEC nations, to turn this around. 

As one who works in the oil industry, the market overseas is expected to weather the storm, at least in the short term, fairly well. However, if oil continues to fall, without recovery in other areas, it could get much worse. 

By the same token, if oil goes up, without recovery in other areas, this could be a disaster not seen before. Should OPEC reduce production arbitrarily, and not take into account how it could affect other parts of the economy, things could get much worse. 

Finally, are we somewhat lucky that the global economy is in freefall, and not just ours, thus keeping us relatively even with the rest of the world?