I will give a quick two sense (pun intended)…While recessions have gotten shorter if you look at the general way our economy has operated over the past 50 years you see that it has moved into a different paradigm if you will (I hate that word). We have become a country of:
1. Personal Consumption
2. Job market based on Finance & Service
3. Personal Debt
4. Government Debt
5. Net importer of basically everything
I feel that we are coming to a head here and everything has piled up and the whole house of cards is teetering on the brink of one mega-collapse. Maybe a little too much doom & gloom but really…how long can debt driven consumption last without self-imploding? The big worry is that the world is now looking at the US with suspicious eyes and might not be so inclined to fund our debt anymore. If/when that happens in force we are in for a world of hurt.
…and I am taking my EU passport and moving somewhere else…