Or the fact that this isn’t a recession, at least not in the sense you just implied. If it were, I’d be inclined to agree with you. This is the deflating of a credit bubble and we’ve just gone through the inventory re-build cycle. As I stated though, there aren’t any industries running at or near capacity, except maybe gold miners!
The sea change has occurred, people want to de-lever. I honestly don’t think that zero % rates or a fed produced orgy of liquidity can cover up the fundamental insolvency of a debt based, growth dependent economy such as ours. That is why nobody is hiring, because whether they understand that last sentence or not, they feel it.
