Friday, August 05, 2011
I dunno about you, but I don't need another recession. The people looking for jobs don't need a recession, the people still with jobs don't need a recession. But that's exactly what we may be getting soon if things don't turn around. The stock markets have been in turmoil, tanking yesterday over worries about USA jobs as well as the non-action in Europe about their debt problems, and there were rumors flying today that S&P were going to downgrade the USA. Well, great -- all that hard work in Congress gone to smithereens. All in all, this week of mayhem on the markets has done nothing for consumer confidence. People are seeing what's going on and deciding to put the clamps on spending - which is exactly the opposite of what they ought to be doing to revive the economy. We may get a recession as a result of it whether we want one or not.