It's funny how people like to wallow in the doom and gloom. GDP is expected to decline by 2 percent during 2009. Hardly a depression-level statistic. Consumers will continue to pull back, of course, and it will become hip to be frugal but it won't last. Human nature doesn't change overnight, not even at the point of a gun. The next recovery will be different from previous recoveries, just as the cause of the recession is different. But boom will follow bust as usual. It's the American way.
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It's funny how people like to wallow in the doom and gloom. GDP is expected to decline by 2 percent during 2009. Hardly a depression-level statistic. Consumers will continue to pull back, of course, and it will become hip to be frugal but it won't last. Human nature doesn't change overnight, not even at the point of a gun. The next recovery will be different from previous recoveries, just as the cause of the recession is different. But boom will follow bust as usual. It's the American way.
Jan 20 20:35 pm
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