Pessimism, at this point, could prove to be a self-fulfilling prophecy.
A key factor in recovery is responsible spending - spending with mostly cash and little credit.
Attitude governs how we spend - pessimistic = holding on to cash, optimistic = spending some of it. There are huge numbers of unemployed out there whose near-term future depends, somewhat at least, on the rest of us daring to tackle our fears and be optimistic enough to buy the things we need and realistically want. Employment will lag behind, but will respond to purchases increasing as retail, manufacturing, logistics and service sectors get busier again.
While I tend to hate the fact that optimism is starting with those who earn $90,000 or more a year, these are the people who are likely to kick start both retail sales and investing. The rest of us, to some extent, are dependent on them being positive.
Of course, if you want things to fail, keep preaching doom and gloom to the broadest possible audience.
- Andy's blog
Sins are always worse when they're different than mine