"You have heard that Fannie and Freddie, their gentle names notwithstanding, may cripple the financial system without a large infusion of taxpayer money. You have gleaned that jobs are disappearing, housing prices are plummeting, and paychecks are effectively shrinking as food and energy prices soar. You have noted the disturbing talk of crisis hovering over Wall Street.
...Job losses will probably accelerate through this year and into 2009, and the job market will probably stay weak even longer. Home prices will probably keep falling, shrinking household wealth and eroding spending power.
“The open question is whether we’re in for a bad couple of years, or a bad decade,” said Kenneth S. Rogoff, a former chief economist at the International Monetary Fund, now a professor at Harvard." LINK
Reminds me of one of my favorite books, Bright Lights Big City.
First line:
"You are not the kind of guy who would be at a place like this at this time of the morning. But here you are, and you cannot say that the terrain is entirely unfamiliar, although the details are fuzzy."
LINK to Amazon, because if you haven't read that book, well, I think you should.
...Job losses will probably accelerate through this year and into 2009, and the job market will probably stay weak even longer. Home prices will probably keep falling, shrinking household wealth and eroding spending power.
“The open question is whether we’re in for a bad couple of years, or a bad decade,” said Kenneth S. Rogoff, a former chief economist at the International Monetary Fund, now a professor at Harvard." LINK
Reminds me of one of my favorite books, Bright Lights Big City.
First line:
"You are not the kind of guy who would be at a place like this at this time of the morning. But here you are, and you cannot say that the terrain is entirely unfamiliar, although the details are fuzzy."
LINK to Amazon, because if you haven't read that book, well, I think you should.
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