Exogenous shocks (like someone bombing the Golden Gate Bridge), can be overcome even in the short term. So I don’t see it as a deterrent to the economy “muddling along” but a drop in consumer spending would cause me to worry considerably. Consumer spending has held up incredibly in the face of all kinds of events. I would hate to see it get tired. Even though “targeted capital investment” does have opportunity, a lack of consumer demand for so many mainstream businesses would make the mud in muddling that much deeper.

And that is Just My Humble Opinion (JMHO) 🙂