Have a look at our national security strategy. There are many words in this text that I believe should happen. But I don't believe that they'll ever deliver on their promises (I watched 'The Outlaw Josey Wales' last night, and I'm very much in a 'Bury my Heart at Wounded Knee' mood).
America should drop the military angle of current policy. I would rather be politically naive in trusting in human perfectibility, than knowingly sow the seeds of future conflict by cavalierly riding in to save the day of some country.
We should instead invest in actively marketing the ideas of free trade and democracy to the rest of the world. If we ever hope to have global peace, we need the gridlock of open democracies to be the stable base upon which open economies can grow.
That's enough politics. Warren Buffett once said that the market was usually fairly valued when the Wilshire 5000 was 80% of our GDP. The Wilshire 5000 currently stands at 8530, and our GDP at 10506.2, which is about 81%. Since the market typically overreacts on the downside of a bubble, I expect we'll see more of a general market decline.
Hard to believe that our market was overvalued by 5 trillion dollars. ;)