New normal. People don't necessarily have any more cash than they did before, they're just adjusting to whatver they have now. Moreover, people are also getting used to 10% unemployment, while at the same time beginning numb to their own employment uncertainty. The result, they're starting to live their lives like they did before the economy went south.
Just like France and other parts of Europe in the last two decades, the misery (high unemployment, tighter credit) becomes more tolerable and "normal". So, normal economic behavior returns. It's a new kind of "irrational exuberance".
as we head into 2011 and massive debt on commercial loans begins coming due on properties that are now under water the economy is about to take another knockout blow.
New normal. People don't necessarily have any more cash than they did before, they're just adjusting to whatver they have now. Moreover, people are also getting used to 10% unemployment, while at the same time beginning numb to their own employment uncertainty. The result, they're starting to live their lives like they did before the economy went south.
Just like France and other parts of Europe in the last two decades, the misery (high unemployment, tighter credit) becomes more tolerable and "normal". So, normal economic behavior returns. It's a new kind of "irrational exuberance".
Good analysis. New normal - "jobs created or saved" - New speak for neo-socialists.
We went through it with Jimmah, we recovered. We’ll recover after this zero is out of office also.