Date registered: Apr 2004
Location: The BlueGrass State
Mentioned: 0 Post(s)
Quoted: 2 Post(s)
Big manufacturing is gone, banking is broken but will come back in a shiny new package, the technology sector is outsourcing as much as possible, as fast as possible to third world countries.
I would guess that personal bankruptcy [consumer credit] will be the next "oh shit" moment. As folks find that they can't pay their credit cards with the equity that no longer exists the weight of 15-30% interest will push the BKs up 300-400% from today's numbers [801,840 in 2007, compared to 573,203 in 2006]. That will have the effect of crashing the "impulse buying at retail stores" market which will further weaken the jobs market so expect that domino chain to start soon afterwards.
Food and Energy are just about the only two that can't be royally screwed. Healthcare is the 10 Ton Gorilla in the mix. Screw that up worse than it is and dominoes fly everywhere.
Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.