The answer depends.
The World wide financial implosion is not over yet. There are still some new storms that have not yet hit the fan, of World economic stability.
Expect the weather forecast to be very turbulent waters ahead. I have mentioned several times, that the spectre of people investing in new commercial construction (restaurants, office buildings, condo renovations etc,) using Visa or Mastercard credit(@ 20-28% interest) instead of conventional bank issued construction loans (@ 4-8.5 % interest) is a sure recipe for disaster.
The dirge of available credit from conventional lenders, is putting an extra burder on an already depleted economy. The cost of this money will create an unforseen burden on the economy, and result in additional business failures, and ultimately further defaults and the inevitable bailouts for credit card companies and banks.
On the positive side, the adaptability and resilience of the American people is starting to show.
Americans are beginning to accept the disasters of the past few months, and are slowly beginning to get on with their lives.
The mood while still hurt, angry, and frightened, is stabalizing,,albeit an inch at a time.
IRA’s and 401K’s are down, but mostly these are paper losses.
Dealing with the practical aspects of a Recession is a distraction. The word RECESSION is frightening to a generation that has become accustomed to instant gratification, and quick fixes, however; those of us who lived during the Jimmy Carter Stagflation in the late 70’s understands that we will survive, and eventually things will get better.
Lets hope that our new leaders don’t make things worse.
Recovery is a delicate flower. A little fertilizer will help it grow. Too much manure could stunt the hoped for recovery and inhibit new growth.