I sincerely hope that I am wrong. I think the world is already in recession and heading deeper into it, a depression.
This is going to be unprecedented. This is not the recession of the 30s which was mainly confined to the US. This is WORLD. The economists define recession as two consecutive quarters of negative growth. That is the technical definition which will make Singapore, the US, France among others to be already in recession. That has occurred before, in Singapore for example.
The fear is high street recession when recession affect the job market world wide. That technically is a DEPRESSION.
GREED has been the cause of all this. The cause of this depression is attitude. Greed is the cause of the failure in banking. Greed amongst the consumers, greed amongst the bankers and greed among the investors and speculators. Can bailouts cure greed?
The cure for greed is losing jobs, to drink local coffee , to look for discounts, to just spend on food, to get rid of the second set of wheels, to go to the cobler to get the shoes repaired, to visit your parents for holidays, to fly AIRASIAX, to start a vegetable plot……..
As to the bailouts, the greedy investors have already cashed them out.