What's interesting too is that right now we've got an entire generation (born 1980+) that has never know a recessionary period. All their lives the economy has been good and now that it's all about to hit the proverbial fan people are scratching their heads and saying "why?"

The upshot is I think this new generation is quick to adapt to change. While no one like belt tightening it is coming. There's only two ways to get the books in order: either make more money, or spend less. The first is better for everyone but infinitely more difficult, the later is easier but a bitter pill to swallow.

Plus you've got the sheer momentum of the thing. It's vogue to short the US right now. US bashing is on the rise from a bunch of arm chair economists. The US is still one of the greatest countries in the world, and in spite of the economic problems (which have been a long time coming and not a recent occurrence) I agree with Warren Buffet when he said it's bad business to sell the US short for any length of time.

Hang on though. It might be a bit of a bumpy ride until then.

Erich