You're right but the unemployment was still worse in 1975, 1982 and 1992. Last time I checked Johnson was president before 1975. Once we surpass those numbers we will have something to worry about. Until then we are in a normal recession that is getting as over hyped as Obama's campaign.
The numbers are manipulated even more today. I can tell you that I was part of the work force in 1975, 1982, and 1992 and things were not this bad, not even close. 75 and 92 were mere blips. 82 was a rough period, no doubt.
We're starting to see the impact where I am (Pac NW). You notice more people out of work and more talk about layoffs. - - Unfortunately some of my family members really have no clue about how serious this is, or will become in the future.They think that tomorrow will pretty much be like yesterday. There are some small adjustments to work & spending habits - but not enough. (I'd like to see elimination of all extraneous stupid spending, work like hell to build up as much reserves as possible, and shift investments around in light of the current environment.) I have to temper my warnings or it will be taken as extremism and alarmist. "Ignorance is bliss." is often in play.
I just bought a Mcmansion (I know....) so I still talk to the building manager since they have to keep fixing the small things here. The company that built this place started out 3 years back ready to build 300 homes per year, last summer they laid off since they were only building about 100 in 07-08. Guess how many they are building now?- 4! guess how many plans they have pending to break ground- 0! When I talk to friends in the tech industry, everyone is holding their breath. It is as if they expect the gig to collapse at any moment. I think lopsided free trade and easy credit did us in. No one person to blame, lots of villians here. A few people I talk to really seem to understand what's going on, most though seem to want to ignore it until they have to deal with it. Obama has to be having panic moments by now... "i actually promised these morons jobs" as he rubs his forehead and pours a scotch
I can't figure things out at all. There's been a flurry of activity by me since the beginning of the year - perhaps because here in FL we were on the bleeding edge of things and we are getting a temporary uptick, but I don't think so. Things are grimmer down in the South Florida area with relatives expecting layoffs, etc... One of the important markers of what is going on is a skyrocketing crime rate. Criminals now coming into the wealthier areas and attempting what appear to be desparate crimes. The bottom end of the spectrum has been squeezed so hard that its now worth their while to try riskier crimes than before. That's really worrisome. After March, things will be clearer, I think with the true magnitude of the implosion clear. No person I know in their sane mind would purchase a large capital asset right now (house, new car) with current expectations. Auto ads on TV have been replaced by litigators, as the only part of the equation that's still active is the wealth-transfer business. Unfortunately, when the insurance co. goes belly up, and the person you're suing doesn't have anything either, that business stops too as there's no point in obtaining an unrecoverable judgment with you bearing the court costs to do so. I'll assume armageddon. When I am wrong, I can just laugh and re-deploy assets. But the travesty that has just passed in front of our eyes by TARP II doesn't give me much hope for a return to normalacy. "L" shaped recession anyone?
Nice looking cat. We ended up going to the shelter about a month after we put Tricky down and got these two rascals. The dog was not pleased. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2302097
Let me ask you something. I read/heard somewhere (can't remmber) that most US cites only have 3-5 days of food in stores and about a weeks worth in hospitals. Can you confirm this? Thanks. PS Sorry about your cat. My ET handle is my cats name.