” I have noticed that people are still driving their cars like there is no tomorrow. Other observations include people shopping until they drop at the Fashion Valley Mall, a very expensive place to shop; people standing in long lines at restaurants, people buying $10.00 drinks, people competing for expensive apartments, people gambling like fools at the Indian casinos, etc. I also noticed the same thing occurring in Orlando, FL where I was on a business trip. People were actually taking their whole families out to eat at crowded expensive restaurants. I was there alone and had to stand in line every night”
That is way too subjective and anecdotal for me. I imagine if you were to go to Tokyo in the early to mid 90’s at the nadir of their downturn you could have made the same observations. Right now the people who are feeling this downturn are RE agents, mortgage brokers and related businesses and construction workers. Ask these people how the job search is going. Have they been able to replace their incomes yet?? Go and talk to the unprecedented record number of people that have to contemplate or have just gone through foreclosure. You don’t see these people when you are out and about but they are all there.
