You guys need to do a little research of your own. If you do, you'll notice the pattern here happened before. You have exited a period of stability, and entered a period of instability. But just as periods of stability have their shocks - ask investors in LTCM - so too periods of instability have intervening periods of calm. Also, if you think this is so horribly terrible - you're young. Things were this bad in 81 and 82 re employment, in the seventies you had gas lines and NYC went bankrupt, and on and on. From the way these posts read, you'd think there'd never been a downturn before. And every time there is one, all this doomsaying comes out. It's fun at first, but after the 100th guy thinking he's saying something original and bold, it gets old.
Tell us when the jobs lost will return, from what source, and whether they'll be at the same wage levels, like all three things happened (plus employment growth) in the early 80s. Who will do the hiring? What wages? What will these now unemployed do? J-O-B-S It's all that matters. You can lower interest rates to 0% and stimulate the economy until you're bankrupt (which is happening, btw), and if you can't grow jobs, let alone keep unemployment from rising, you won't accomplish anything.
"Forever"? Talk about hyperbole. It ain't gonna last forever.... just until the Boomers die off... only 30-40 years, max. Sheesh!
Mr. Denninger might very well be right. And if he is, our criminal political element will do the exact opposite. Why do Congress critters keep passing laws that hurt their friends and families, and every other American?!?!?
Aren't Congress and their families exempt from many of the laws the rest of us are forced to endure? That's how it works, right? How about THIS? -------------------------------------------- Congressman John Fleming (Louisiana physician) has proposed an amendment that would require congressmen and senators to take the same healthcare plan they force on us (under proposed legislation they are curiously exempt). Congressman Fleming is encouraging people to go on his Website and sign his petition (very simple - just first, last and email). I have immediately done just that at http://fleming.house.gov/index.cfm?sectionid=55§iontree=29,55 :http://fleming.house.gov/index.cfm?sectionid=55§iontree=29,55 http://fleming.house.gov/ . Please urge as many people as you can to do the same! If Congress forces this on the American people, the Congressmen should have to accept the same level of health care for ........Themselves & Their Families!!!
The refrain of the plea and plight of the Michigan(rust belt) resident over and over and over...and....over....again... Here' s a novel idea for you...MOVE. One great thing about this country is labor mobility. Stop your whining and take advantage of it.
Why would you think I'd know any of that? Back then, the growth came from PC's and especially the software written for them and savings from previous energy conservation efforts - oil prices collapsed in the Eighties, freeing money for all kinds of other uses - and the growth of cable TV, to name some off the top of my head. This time, well, there's electric cars, continuing advances in communications (smartphones and their uses - all those apps being written for the Iphone as I write this), the rate of growth in productivity continues to be elevated (unlike in other recessions, productivity has yet to even approach 0 in this one, something your doomsayers consistently neglect), which will keep a firm lid on inflation and possibly provide the savings that the oil price did in the Eighties - and certainly all kinds of other things going on I don't know about. Why do you presume to know this is the end of the world? What in heaven's name would make you think this is worse than 1861, 1907, 1914, 1933, 1941, 1974, or 1981? Things have been a lot worse than this.
USA and Europe created the monsters (China & India) by providing jobs, finance and investment. Now these monsters are coming back to eat USA and Europe in the form of Global financial crisis 2008 & 2009