Wow, these guys are starting to bring up 9%-10% unemployment now.
I posted my thoughts on 9%-10% unemployment months ago here. People just did NOT understand how bad it was out there in the business world and now they are starting to see the negative stuff slice through the economy.
I still think we have quite a few more people that need to get on the bandwagon that unemployment is a LAGGING indicator.
I'll say it again til I am blue in the face....
This economic cycle and downturn is being caused by something NOT SEEN IN 80 years! This is a CREDIT CRUNCH / devaluation cycle and it will take quite a bit of time to work through the system. It can happen quickly or slowly. That is the choice of politicians and policy makers. Either way, I think it will be painful for many Americans. I hate writing it but I think that is the way it plays out.
Here is a link to my post on what happens when we have to deleverage