Just in case anyone's feeling cheerful, here's an interview with one of the guys that predicted all this financial mess YEARS ago. I don't think it's necessarily as bad as he makes it out to be, but can't disagree any more strongly than that.
It's the lost spending from all the unemployed folks that really worries me -- that can become a deathly spiral really quickly.
It's funny, my Dad around 2001 said "gainful employment may be the status symbol of the new millenium" -- Greenspan's having let loose with Uncle Sam's credit cards pushed the reckoning back, but....
3 comments:
Peter rocks...
I think the really interesting thing will be the report on GDP growth on Jan 30. I think GDP will be better than anticipated.
But we're bleeding jobs nonetheless...
It's the lost spending from all the unemployed folks that really worries me -- that can become a deathly spiral really quickly.
It's funny, my Dad around 2001 said "gainful employment may be the status symbol of the new millenium" -- Greenspan's having let loose with Uncle Sam's credit cards pushed the reckoning back, but....
Well they will get jobs - it just won't be nearly as good on the pay scale.
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