Here's my take on the "recession". The U.S. is effectively beginning a prolonged slowdown that you will be able to deem a recession over the next 3 years. This will be gradual as production outlooks prove that yes 2008 will show a downturn from 2007 but projections for 2009 remain optimistic.
I feel there is a bit of overreaction among Americans. Then again look at the variables affecting us right now - a pending election with no clear front runner, the credit crisis and foreclosure scenarios, and don't get me started on the price of gas.
Personally I'm not concerned and feel that we will naturally ease through this, while it may take 3-5 years to do. This is not a correction, as we have had nothing to correct that resembles the late 90s .com boom.
Long story short - take a chill pill, be a vigiliant and cautious consumer and things will be just fine in the long run.
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