Cyclical, like a sine wave, we can all understand. However, the U.S. economy went off a cliff in December. Sudden drop. If that wasn't because of the 2 points or so in interest rate raises, I'd like to know what it was. What else happened? Did Internet infrastructure suddenly become unnecessary? Tech couldn't get enough people just last fall. Now there are new layoff reports coming out every day. Layoff is a word you hardly saw for years. What in the world else happened? All you ever hear about Greenspan is "yeah, but he did great for years." Well, if I get on a plan in Boston for San Jose, and it's smooth for 2980 miles, but then crashes into Mt. Hamilton, I can't say the pilot, crew, whoever did their job right.
One other point, Japan, China, Europe and other parts of the world are the only thing that's keeping us out of total collapse. Why aren't they going into the cyclical downturn?
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