[squidly]

Recessions and belt tightenings don't last forever. Neither do booms with all their extravagance. It's just that this is the first real set-in recession we've had since the late 70s/early 80s. Our so called recessions between then and now were more like speed bumps or potholes.

But there isn't any need for "end of history" style musings just because times are hard.

[lmr]

But there isn't any need for "end of history" style musings just because times are hard.

Fine.

It's not the end of us because we're having a recession.

It's the end of us because of Obama's spending and doubling of the national debt.

[tiki]

No, but just like the depression and WWII altered my parent’s view of life so will this alter people who thought the money tree was everbearing.

[ottbmare]

I’m not sure—it seems to me that there are some aspects of this recession that really might last forever. Those auto assembly line workers in Michigan are never going to get their jobs back, and may be too old, in many cases, to get new jobs even if there were new jobs available. I believe we may have a new permanent underclass of people who are chronically unemployed, not because they’re lazy but because there are no jobs for them. The economy may never expand again enough to absorb the 16-20% of the workers who don’t have jobs now.