You talk about oil prices, the banking industry, etc, but that's only scratching the surface. Municipalities are going into a financial melt-down now also. And, with reduced revenue, they're also having to hire additional employees to handle the workload.
NYT: Tax appeals slam local governments - The New York Times- msnbc.com
And, that's still being compounded by the returning members of the Armed Forces. "
Welcome home, and thanks for risking your lives for our freedom... Oh, by the way... We've got nothing for you..."
Johnny comes marching home ? to no job - The Elkhart Project- msnbc.com
And, it doesn't look like it's going to improve anytime soon.
Jobless consumers will hold back recovery - Eye on the Economy- msnbc.com
Fact is, I'm expecting it to get much worse. None of the experts has a handle on how to turn it around, and in order to keep the financial markets going, they're going to have to have another round of bailouts. They're dumping water into the Mississippi in order to keep the tributaries, small rivers, and the creeks and streams full of water. But, it dosn't flow that way, and neither does the economy.
As usual, the correct solution to the problem is not part of the vocabulary of "COLLECTIVE WISDON", so don't expect any turn-around anytime soon. A "domino effect" is going to keep us on a downward slide a while longer.
Sad but true.
__________________
Destroy the cities...
and they will rebuild them.
Destroy the farms...
and grass will grow in the streets of the cities.
Destroy the economy of the blue-collar worker...
and grass will grow in the executive offices.
The bill has come due.