For the past five years, a fierce war of words and policies has been fought in America and other economically challenged countries around the world.

On one side were economists and politicians who wanted to increase government spending to offset weakness in the private sector. This "stimulus" spending, economists like Paul Krugman argued, would help reduce unemployment and prop up economic growth until the private sector healed itself and began to spend again.

On the other side were economists and politicians who wanted to cut spending to reduce deficits and "restore confidence." Government stimulus, these folks argued, would only increase debt loads, which were already alarmingly high. If governments did not cut spending, countries would soon cross a deadly debt-to-GDP threshold, after which growth would be permanently impaired. The countries would also be beset by hyper-inflation, as bond investors suddenly freaked out and demanded higher interest rates. Once government spending was

Provided by Business Insider's Jay Yarow

The market's reaction to Apple's earnings is not good.

The stock is down 3% this morning, pre-market, sending shares to $393.

This drop is actually worse than it sounds.

Related: Apple Shares Slump Below $400 But This Isn't Microsoft, Ritholtz Says

After earnings were released, Apple was up as much as 5% after-hours. But when people digested the report, and listened to Tim Cook on the earnings call, it started crumbling.

Investors are coming to grips with the fact that the once high-flying company is grinding to a halt.

Instead of being a story of hyper-growth, it's now a cash cow.

Apple says it has new products in the works, but they're not coming until the Fall.

Related: Apple Gearing Up To Launch New iPhone (Yawn)

Even when those new products hit, they're not going to be as lucrative or successful as the iPhone.

Because Apple generates so much money, a return to big growth is nearly impossible.

So, now you have a company that is neither