They will be shaken awake shortly. Our economy is sinking toward recession itself, perhaps in the next six to nine months. A lot of Americans are about to lose their jobs and homes, maybe savings too. The recent prosperity did not prepare them for this. Rising unemployment will collide with the extraordinary levels of personal debt.
Farmers always go first in such disasters.
A shrinking U.S. economy is ominous for larger reasons. It intensifies the deflationary pressures that have already collapsed so many other nations. American politics is about to be transformed by these events, especially if it remains so passive. Now he is captive to their narrow, cautious view of what's unfolding. The IMF is already in disrepute for wrongheaded diagnosis and prescription.