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- The recession is not over, not by a long shot.
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If you think discretionary spending has dried up for the Christmas season, wait until next year. Either the UAW will concede a whole heck of a lot in the next two weeks or 2 of the 3 will be in Chapter 11. probably 1/2 the workforce gone before emerges. Toss in the $350B that is remaining for the government to throw at the wrong problems, a trillion or so next year thrown at the wrong people and it gets a whole lot worse before it gets better.
Does anyone thing 1Q09 won't be filled with daily news of retailers reducing payrolls, etc. We had a chance to fix this in September, force the banks to renegotiate (and eat the loss) mortgages in default to terms the people originally could afford. Too many failed, banks are hoarding any money they have and got, just a mess. The only thing to do now is reduce taxes (won't happen, Nancy knows how to spend it better than us) and work our way through it.
So, expect everyone to be affected, especially the still ridiculously high margin Apple products.
I'll bookmark this to post a link next summer.
TripleII - Posted by: TripleII Posted on: 12/10/08 You are currently: a Guest | Members login | Terms of Use
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