[nathanbedford]

I, too have endured such times in the early 80s and can only say that I have personally experienced every doubt and ultimate loss of (self) confidence which you describe.

But every economic swing carries inchoat the very forces which will slow it and ultimately return it. We have the nimblest big economy there is and a lot of smart people have been making adjustments just like you have described you have made. Cummulatively, they will have their effect. We have a tax cut, albeit small and delayed. Oil is coming down, albiet slower than we want. Inventories are down. Productivity is improving as a new wave of technology takes effect.

Unless we get dragged down by a world wide deflationary spiral, and we will be the last to go down, our economy will revive. I think the bad news is out. Now it gets better.

[arete]

I think the bad news is out. Now it gets better.

Actually, the bad news isn't out. The government has stepped in to sidetrack the normal economic cycle by lowering interest rates, injecting massive amounts of liquidity into the system and encouraging further excesses especially by the consumer. Now we have a massive debt problem, a stock and bond market bubble and a real estate bubble . . . and NO pent-up demand. Where is the recovery going to come from?

Richard W.

[jocon307]

"Now it gets better."

Nathan, I hope you are right!