GOD BLESS AMERICA!!!

Taken from about.com

Question: What is a Depression?
Answer: A depression is a severe economic downturn that lasts several years.

Question: What is a Recession?
Answer: The official definition of recession is when GDP growth is negative for two consecutive quarters or more.

In my opinion I think we are in for at least a year of recession but I don't believe (and hope) that a depression is ensuing. I think that this time is basically an economic correction for all of the stupid business practices of the past.

What stupidity am I referring to, thanks for asking.
1. Sub-prime lending! The banks are getting EXACTLY what they deserve. They have leached off of the lower income earners and the low-end middle income earners for to long with adjustable rate mortgages, interest only mortgage, etc. They went to Vegas with the creative financing and they just crapped out. There are banks out there that did not get into the sub-prime market and they are doing well, maybe not excelling but coasting.

2. Outsourcing! Yes outsourcing. IMO we have outsourced the spirit of hard-work in America. We have sent all of the "hard work" jobs outside of the US in the name of capitalism, I AM A HUGE PROPONENT OF CAPITALISM but I believe that this issue is now coming home to roost. The problem with outsourcing is that you outsource US dollars at the same time and unlike keeping it "made in the USA" those dollars disproportionally don't make it back to the US. A few of those dollars do but not enough obviously.

Now that I've laid out my doom and gloom let me layout the sunshine and what I HOPE will happen.

First, I hope that the black hole called "national banks" will be filled by local/regional banks and they will become more popular as they carry the common man by resurrecting the banking industry back to a time when you went to church with the teller and she knew each of your children's MIDDLE name. A time when banks weren't just about increasing the bottom line.

Furthermore, I hope that companies will come to realize that the impact of outsourcing (recalls, frustrated customers and product attrition) is far reaching and they are losing more money by outsourcing than they are making. That's a basic financial principal right there, earn more than you spend. After they realize the impact I hope they begin to bring those jobs back where they belong, here in the greatest country this world has ever seen.

THE UNITED STATES OF AMERICA, where a man like me can post his opinion and those that disagree with it will flame his inbox for his opinion.

GOD BLESS AMERICA!