This would be true in an ordinary recession, but this is the first recession/depression of the new economic model-consumer driven economy. Thus it is not a lagging indicator but a portent of doom. We have no underpinnings in our economy as we make almost nothing these days.
>> Thus it is not a lagging indicator but a portent of doom.
People on this board are so eager to find a “portent of doom” that they’ll latch on to any hack prediction so long as it ends in armageddon.
As much as people decry the media around here, we sure seem to buy into fabricated media-hype pretty easily. This is not a depression — it is a recession. And, honetly, it isn’t that bad a recession. Talk to people who actually lived through the great depression ... this is nothing.
We’re already showing signs of recovery. The stock market has gained around 30% in six weeks. The housing market is showing signs of bottoming. Unemployment continues to rise — but, like I said, unemployment is a lagging indicator.
The administration isn’t doing any good ... but capitalism is resilient nonetheless. We will recover.
I grow weary of “chicken-little” conservatism.
SnakeDoc