Economy and Markets

The talking robots on the idiot box this AM are all saying that this "correction" is no big deal, it is only 6%, and it's localized to credit markets. I disagree. I think this will plunge us into a serious recession. I'd estimate that eight in ten people connected with home building (and selling) is about to lose his and her job. Add to that the roughly seven million people who will be thrown out of their homes---with their loss of purchasing power---and you have a very serious situation, one that does not affect our PhD crowd one iota....they think.

Just consider the effect on Home Depot, Lowes, and all places that sell things like curtains, bathroom fixtures, and even landscaping people. Serious. And earnings? Those are for the last quarter.

Me? Shit, I'm fine. My wife's an auto mechanic. All I have to do is stay healthy enough to carry her tool box out to the truck and keep her strong enough to work two shifts. I got it made.