The scary part is that this is a world economic catastrophe.
LowGear
No this is not....
This is a recession.
Right now if you live inthe USA it seems very bad as you further from the eye of the storm the weather improves.
The fix for the US economy will not come from the USA. Money will have to flow in once groth returns to the rest of the world and US eccomony will start to bounce back. The days of good old USA acting like an engine for the worlds Capaitalist system is probably over, but that doesn't mean the US is going to collaps and fall apart ina depression. Slowly growth will start again in about a year probably in Asia first then the primary resource countries will warm up and the will get some wind in its sails in the following years.
The USA is still the best place in the world to buy good cutting edge technology and inovate. This won't change, infact hard times will spur people and create new oppertunities. What's over is the consumption on credit orgy.
Look at Russia the place was a basket case after the soviet union, but they came roaring back ( present hickup has hurt them but you understand what I mean ). Now if a basket case like that can make a come back why are all you Americans so worried?
And all those people who spin money and prommisses well they will not be welcomed back to the table for a while. I bet it will be 10 years before an American can hold up a piece of paper in Eroupe and find investers that will not spit at him but this is a good thing too. It will force honesty and growth from within for far too long debt and paper and prommises have replaced steel, brick/morter and hard work but those things are the true value of growth and not the false prommises of a wall steet spin doctor.
Nowe cheer the hell up or I will let loose the Smurfs....