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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (83933)	10/8/2010 6:58:28 PM
From: tejek	Respond to of 89467

<<Krugman is wrong........all the economists were wrong. No one realized how badly Americans messed up their personal finances. Me included..........I should never have gone back to school when I did. I saddled myself with debt from student loans and I can't get a teaching job. I didn't spend like crazy but the result is the same. I have to watch every penny. That is a strong statement and I believe most economic academics do not share it. Most economists are at a loss for why this recovery is so weak. Only in the last week or so am I reading stuff that makes sense. People are over leveraged and scared.....not just because of their personal finances but because of the finances of the local, state and federal gov'ts. They are not buying services, just replacement goods. That's benefiting places like China and India where they produce most of our durable goods but the US....not so much. In the US its the service sector that produces the most jobs and the service sector is DOA. I see evidence of the malaise at my gym. Before the crash, it was not unusual to wait 15-20 minutes to get a treadmill and struggle to find a free parking space. Now, parking is never a problem and its a surprise to see the treadmills all in use. Its been that way for over a year. Apparently, that lack of utelization is getting replayed over and over again in the service industry. And the Seattle economy is neither too hot nor too cold. Boeing and other employers are starting to hire. I am seeing more and more new construction. People have the money here but are afraid to spend it. Stimulus can't change the psychology......only time. And even then, we may be experiencing a generational change just like what happened after the Depression.