>> 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
Really, the market is down 170 points. Why? Consumer spending is not picking up and with consumers making up about 70% of our economy since we produce very little...how with millions unemployed is the economy going to recover? The market it seems is beginning to realize that without a main street recovery, there will be no recovery period. I do not see continued unemployment as a lagging indicator in a consumer driven economy but rather a continuation of the economic death spiral we find ourselves in-people lose jobs=homes, autos credit cards defaults=more people losing their jobs. It’s going to get much worse when the autos go. Chrysler bankruptcy will take two years they are saying now. No way Chrysler or the suppliers survive this. GM will be far worse...thus millions more jobs will be lost. Where will the jobs come from? Hoover stated firmly ‘that prosperity was just around the corner’. However, he was wrong.
Despite some negative numbers, forecasters say the recession will be over by year's end.
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