
The Economy: Why It’s Worse Than You Think - theoneill
http://www.newsweek.com/id/140553/page/1
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donw
I'd like to think of this as a chance to rebuild some of that industry that
we've so happily shipped overseas over the past three our four decades.
Competition will force American businesses to either innovate or die, and I'd
like to think that there's some hope that we'll choose the former option.

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noonespecial
Perhaps we'll also roll up our sleeves and _make_ some stuff again, instead of
being the worlds "office space" and letting the rest of the world do the
building for us.

Americans were always so very good at making stuff. Rockets, cars, computers,
_fun_ stuff. Seems all we make these days is weapons, fast food, and the same
movie over and over.

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donw
That's what I was thinking. I have a feeling that Ford and GM will need to
crumble like British Leyland did, in order for us to start building real cars
over here again.

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bprater
We are witnessing the end of the golden age of America being the extreme
powerhouse.

I guess it had to happen. Maybe things will be better for us in the end. We
really don't need a four-car garages and 80 hour workweeks.

(And nearly zero investment into serious alternatives to oil-based energy
certainly didn't help this whole situation.)

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Enlightenment
The economy is going to get very bad and it won't even get turned around for a
couple more years.

As Buffet, the rich one, said "The recession will be far worse than eveyone
expects".

Thank everyone that you know that took out one of those Liar Loans to help
cause this mess!

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dhs
Well, there were banks which developed, offered, and sold the financial
products you now call "Liar Loans". And those banks did so in plain sight of
governmental institutions supposed to do checks and balances. The whole system
obviously didn't work as intended, so I doubt that blaming the customers will
help much in learning from the mistakes that were made.

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RobertL
I think the most convincing evidence I've seen to date that says we're in a
real recession (probably too early to start using the "d" word but that may be
coming sooner than we all think) is that the border patrol apparently
apprehended some illegals a few weeks ago as they tried to sneak back into
Mexico.

