FRONT PAGE: "Global Economy Gains Steam: Surveys Signal Rising Factory Output in U.S., China, France; Jobs Remain a Worry," by Justin Lahart, Andrew Batson and Marcus Walker, Wall Street Journal, 2 September 2009.

MONEY & INVESTING: "Rally Exhausted? Dow Retreats 185.68 Points: Financial Stocks Pace the Stock Pullback; AIG, Which Had Been Rising, Falls 21%," by Peter A. McKay and Donna Kardos Yesalavich, and second attached subtitle, "Emerging Markets Are Threatened By China Correction," by Alex Frangos, Wall Street Journal, 2 September 2009.

FRONT PAGE: "Not every nation can export its way to recovery: As stimulus plans conclude, other countries' buyers may be counted on too heavily," by David J. Lynch, USA Today, 3 September 2009.

The signs are getting better, but there are strong and legitimate concerns about what must still follow. Government stimuli can only work for so long.

Still, it's all coming back to speed much faster than anyone anticipated, so for now, you're happy the medicine works. Best auto sales in over a year in the U.S., along with best home sales in two years.

Naturally, Obama takes credit, and deserves some.

The list of issues still working themselves out (like bad commercial loans in the U.S.) is still intimidating, but a huge unknown has been resolved: no one was sure if a concerted push of government stimulus packages would be enough to restart things. It was, with China taking most of the credit there.

And that tells you plenty about China's government and how it depends on globalization. It made a supreme effort because it felt it had no choice. Remember that one going forward when all sorts of experts try to sell you scenarios about how China will be willing to take this or that strategic risk in conflict.

Now, the great unknown is: what happens when stimulus ends and inventories are rebuilt. If everybody thinks they'll export themselves back to prosperity, they're nuts. The rebalancing of the global economy must still happen.