Reply #47: Exactly.. [View All]

[sendero]

.... the next wave of bad news is going to be cities and states laying off massive numbers of people. This is not a "maybe", this is going to happen as large proportions of these entities are collecting much less tax revenue and they cannot run a long term deficit like the Federal government can.

The single factor that makes this downturn different from most that have come before is jobs. There is no such thing as a "jobless recovery" except in the mind of a moron economist. And since most "economist" never saw this coming I feel moron is a pretty apt term to describe them.