The Heritage Foundation just produced a scenario for what will happen if we start bombing Iran -- what they call "a focused but restrained use of military power."
Short answer: No worries! Good times for all!
Not only will be economic consequences be much less than the doomsayers predict, but the new war will actually have the collateral advantage of providing a policy opening for measures that the pinks and liberals have for so long stymied, such as permitting oil drilling in ANWR and the Gulf waters, and rolling back of energy conservation measures (higher CAFE standards) and environmental regulations (the Clean Air Act). Actually, the thing I found most surprising about the scenario was that these guys didn't seem to realize that another obvious consequence of bombing Iraq is that it will require an abolition of the capital gains tax to tide us through the emergency.
Hat tip: TC.