Voltaire I respectfully disagree. Confidence is a key driver of consumer behaviour and consumers spending accounts for a major part our economy. If people keep hearing things are about to get worse (like Rudd has been saying all this week) they will naturally tighten their belts and you then have a self-fulfilling prophecy.
Given things are not going to turn around next week or next month but they will, we're not going to spiral down in peretuity. Remember US recession is now 13 months old.
I also respectfully disagree with your analogy. I guess you're really pessimistic which is understandable but to say we're now going to have years of doom is stretching it don't you think? Are you basing this on empirical data or a hunch?
thrilling thursday, page-82
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