"The only thing we have to fear, Obama will say in his George Mason speech today, is not passing his stimulus package," writes Ben Smith, who highlights this portion of Obama's speech:

If nothing is done, this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world.

In short, a bad situation could become dramatically worse.

Also, Philip Zelikow highlights chief Obama economic adviser Lawrence Summers's 2006 assessment of the economy: "the main thing we have to fear is lack of fear itself."

As you may recall, Obama ran a hard fought campaign against the "politics of fear"--insofar as the frightful topic at hand was related to foreign threats. Making dire warnings about the economy or the environment, on the other hand, has always been fair game.