Quote:
Originally Posted by Craig
I'm not sure if it's hit bottom yet, but I expected it to be much worse. If this is as bad as it gets, we were very lucky.
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Well, we have a consumer driven economy. People spent like drunken sailors for the past 10 years, tapping phantom real estate equity in large measure to keep the economy going. Now people aren't spending. They are saving. (Those that have jobs.
) The recovery will be verrrry slow. Only people with jobs can spend money today. (Fancy that!
)
Like you, I don't know if we have hit bottom yet. Who does? State problems are the next looming tsunami, imo. These can't be papered over much longer with federal dollars for teachers, etc. Why should I care about California teachers? Why should you care about NJ's teachers salaries and pensions??
