Probably much more hot air from the politicians and media. Remember that "bad" or"negative " news sells!
I'm of the opinion that we've been in a semi recession for the past two years.
If you research the 1930's depression you'll discover that the federal government misled the public by not being honest with the true unemployment numbers.
Today, if a person is unemployed and "collects" unemployment insurance that person is counted as being unemployed. Once the unemployment benefits expire, that person is no longer counted as being unemployed, even though that person may be out of work for several years?
In the late 1920's credit debt was hurting most people just like today. It's now estimated that over 50 million USA citizens are "maxed" out on credit card debt & have no way to pay it off. This is the next part of the crisis yet to hit.
I don't think we'll hit bottom for a while. The stock market slide will continue unless the Feds "suspend" unusual stock trading.
What we'll probably see is the general tightening of credit lines to all segments which will dampen the overall economy.
The residential and commercial real estate markets will go into a deeper freeze.
It's going to be a tough and cruel winter for all in the real estate, banking and financial services business.
It's going to be tough in the auto and general retail biz as well.
No one is going to escape some pain.
My recommendation: Cut all your unnecessary and frivolous spending to the bare bone; don't expect an over-night miracle and take it" One Day at a Time."Remember your parents,grandparents,or even great-grand parents went through tougher and meaner times in the Great Depression and World War II.
They survived and many went on to thrive.
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