Is This Market Downturn A Repeat of 2008? Crashes differ, so be cautious about your assumptions

Peak Prosperity ^ | 01/06/2018 | by Charles Hugh Smith

[FLT-bird]

I keep asking this. The Great Recession really started in 2007. I’m in consulting and I remember how companies just stopped hiring and stopped moving ahead with new projects in 2007 before we “officially” went into recession. Then I remember how godawful it was. For years. And years. And years.

Nothing moved. It was a desert. We have only really come out of that in the last year. My income has gone up 22% in the last year - for the first time surpassing what I was earning in 2006 when adjusted for inflation. Now as I finished my last project and am looking for another, I’m having to beat companies off with a stick. My income is set to rise a further 10% to 50% in the next year depending on which of the multiple projects I am up for that I can land.

Recession? What recession? Things are GREAT right now. Of course I remember all those years of the Obama “recovery” that did not look or feel like a recovery for anybody.