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This is not just a recession --- a couple of quarters of negative growth in GDP. This is the economy hitting the re-set button and it will result in almost everybody re-thinking and reorganizing their personal affairs. The good news is that it will be easy to do on a personal basis but a bit painful on a specific industry or national basis.
New car v used car? Used car.
Eat out v eat at home? Eat at home.
Buy a book v go to library? Go to library.
Neiman's v LL Bean? The Bean.
Europe v Mexico? Mucho cerveza!
State schools v Ivy League? State schools.
The most important thing to remember is that we all got a huge tax cut with the decline in the cost of gasoline and oil, in general. This is a huge boost to our economy and will be felt in the months ahead. The environmentalists may not like to hear this but the internal combustion engine created more wealth than any other invention except maybe the computer of late, eh?
It will also put Venezuela and Russia back in their place. An unintended beneficiary will be China cause they were the leading new demand for oil. This will propel them forward in the months ahead.
The next big dividend will be peace in Iraq and winning in Afghanistan. A funny consequence will be the terrorists will be struggling for funding and we have a real chance to knock them out for a long, long time.
Of course, I am counting on President Obama to start picking up the cable TV and mortgage payments in a month or so, right? Of did I misunderstand that?
Merry Christmas to all and a Happy New Year! If that doesn't work then just think good thoughts and avoid the negative energy. Who was the last great pessimist who changed things for the better?
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