Are we in recession?
Some refuse to say we are in recession, but judging from major financial institutions and law firms going under, we indeed are in an economic slump.
Today, another bad news occured in the legal field that Thelen is going down just a couple of weeks after Heller dissolved... These are huge law firms with hundreds of lawyers. How does that happen?
When Washington Mutual went down, I was quite surprised too. How in the world do these major financial institutions go under just like that?
I did not think that this financial meltdown would be affecting me or people around me too much, but I was wrong.
Go out to your local restaurants. They are EMPTY...
Go shopping to your nearest mall... The mall is not packed at all...
No one is traveling. The travel industry is suffering.
No one is buying. No one can save.
How depressing?!
Bills pile up, wages remain stagnant and we are worried about jobs...
This is indeed a miserable time for the majority of Americans.
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What we have been going through is most definitely not a recession. It's a transition—a transition with a lot of incongruities.
The reason is this. We are going to have both fewer young people because of our own birth rate, and yet more young people because of immigration. For educated American young people there is no recession. But the immigrants have a mismatch of skills: They are qualified for yesterday's jobs, which are the kinds of jobs that are going away.
This also is especially hard on uneducated urban minorities. Their great ladder of opportunity since World War II is going away. When President Bush talked about the manufacturing crisis, that's what he's talking about. But it doesn't touch anybody else. And in reality there is no crisis: Manufacturing production in this country has doubled in the past ten years, even as factory employment has gone down. So our productivity improvement has to do with the shift from the old way of manufacturing to the new, more systematized form that happens to require less unskilled labor. – Peter F. Drucker
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