USA It's a little pathetic to see the statistical and subsequent media manipulation about this subject when daily, large US companies are laying off workers in the thousands and reporting significant quarterly losses. No one wants to be the one to admit that there is a truly serious problem. When credit is extended to the unbelievable sums currently owed per household by US consumers, there must come a time to pay the piper and that debt has to be liquidated. That time may be arriving shortly. People realise that they have over-extended themselves and all one hears in conversation is the need to cut personal spending, reduce debt levels and find a way to safer ground.
People are truly frightened, though loathe to admit it.
This while a vast amount of wealth has just been wiped out. Many U.S. workers have had their retirement savings erased or radically reduced. This is not a pretty picture. If most of us were kept in general ignorance that there was an impending recession, we would not radically alter our financial habits and there wouldn't be such a panic. Of course there would be misfortune for some, but surely not for so many.