The market draws breath

When a child bumps their chin on the edge of the coffee table, there is that inevitable pause while he draws breath, screws up his face and looks around for an audience, before bursting into tears. That's the point we're at right now, writes Adam Gopnik. Our economy has taken a tumble. Whether we start crying or are distracted by the shiny baubles of bail-outs may determine the scale of the injury.