Back a few decades ago, when in graduate school, my son, then maybe two years old, was playing outside in a common area. He fell and hit his head pretty hard. A Japanese women, wife of a grad student, saw it and said, managing as best she could with limited English: “Baby hit head, if cry, no problem. Baby hit head, no cry. Problem.”

I would say, about the current reactions to the economic scene, that the baby is not crying.

I read this comment this past week over at Gregor MacDonald’s fantastically insightful blog and it really stuck with me. So much news keeps coming at us, so many  headlines informing us of additional $60 billion obligations to our future earnings and yet people seem to be in a daze, tuning out additional rotten information.

An example: I was just in Europe working with clients on economic forecasts and scenarios, typical futurist stuff. A couple of times I was asked a most unusual question. “So, do you think the crisis is really still going on over in America?”

I asked, “Did you see that General Motors, one of the most venerated companies in the history of American capitalism went bankrupt last week?” The quick reply, “Sure.”

Me: “Well, that’s gonna sting a little.”

Them: “So, you think that’s bad.”

Me: “The bankruptcy of GM and the impending meltdown of California and stuff? Yes, that’s pretty gnarly.”

Them: “Oh…I guess…I guess that’s true.” *silence*

People, at what point did the destruction of America’s top car manufacturer become easily forgettable? Are we just so overstimulated by bad news that we’ve stopped thinking about the consequences?

Five years ago, if you had suggested a scenario that by 2010 unemployment would be at 11% and General Motors would be nationalized, your colleagues would immediately seize you and force feed you antidepressants and romantic comedies until your hyper-gloominess passed. Today, it barely provokes a response.

Are we in a fog or what? And what will it take to get us thinking again?