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The government has not "officially" said we are in a recession.
NAR will not admit there is a housing crisis.
Banks will not admit they are in trouble.
Corporations will not admit they are in a slowdown and have lower earnings..they will do whatever they can to make their 4Q "whisper" numbers in spite of these times.
The MSM calls bottom every other day.
Until the denial and illusion is over and reality sinks in..it will be very hard to get to a bottom.
I'd bet on infrastructure and/or "green"/global warming conversion.
If people start to finally take Global Warming seriously, they'll realize it's a bigger threat than any war and a bigger priority than any greed-based prosperity. Based on my understanding of what global warming is predicted to do, I'm amazed there hasn't been a worldwide "all hands on deck" movement to change the culture rapidly enough to stop it.
WWII had kids collecting metal in their wagons, ladies donating their pantyhose, people rationed on gas, etc. Everyone had their duty to the cause. In theory, the planet is having a climate meltdown-- where is our reaction?
The global warning/climate meltdown theory is a joke, and actually overreacting to this will make the economy worse and delay recovery.
BUT...there is a thread of truth in this. Green technology, mostly to replace fossil fuels and find cheaper and more readily available alternative sources of energy (rather than to stop "global warming"), will be the technology of tommorrow. The country that develops these alternative fuel sources will have the edge and will come out of this world wide recession ahead of the rest. Business and science have to lead the way.
The only way I see out of it, is to be less dependent on foreign oil and get govt. to invest in alternative energies. (not ethanol) Which they will only do if the big oil companies will benefit somehow. The technology is out there, it can be done.
All we need do is have some of the thousands of outsourced jobs return to the United States. When people are making a decent living you will see a return to positive economic condidtions. In addition people should realize that buying American goods help the economy. I'll say one thing. Of all the products which were once made in the U.S. and now in China, I don't think there is one that is made better because of outsourcing. They are made cheaper but not better. Walmart is full cheap goods produced in China.
Stock market will run up, consumer spending will increase,,, and 5 years down the road this will be a distant memory...
Just like 1987, 2002, etc, etc..
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