23 March 2008
Of course, that "traditional recession" they speak of has yet to see a single quarter of negative GDP.
I'm glad they clarified that for us... feh. Because Americans have never worried about retirement savings, interest rates, or jobs that had seemed safe.
They are peering over the edge and asking: How far down?
And the scariest part of all? No one can say for sure.
So in the meantime, Americans like Monica Nakamine are planning for a long road ahead.
The 37-year-old took a higher-paying job at a Los Angeles architectural firm, but has been putting the difference in her earnings right into savings. These days she's dyeing her own hair, picking through sales racks when she shops and washing her dog herself, rather than getting him groomed.
And she's considering some drastic actions in case things get worse — like moving to a cheaper city such as Austin, Texas, and getting rid of her gas-guzzling SUV for a hybrid sedan.
"Certainly I don't want it to get any worse," Nakamine said, "but I know it can."Of course she has to panic, she just got a higher-paying job. What? No, don't pay attention to that part... pay attention to the part where she's recycling her paper towels and selling pencils to buy raw worms to catch the fish from the polluted streams that... sorry, conflating memes. She knows it can get worse, but it certainly can't improve.
Then there's this article about how clueless Wall Street doesn't realize that disaster is inevitable.
So those dumb investment people don't know that the end is nigh?
Wait a minute. This can't be. All we heard last week was how dismally the economy and financial markets were doing. A recession was coming. The economy was in meltdown.
Ok, I get it. It was all a trick. I figured out a long time ago who was playing tricks with the economic news though... and it's not Wall Street or the Fed.
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