Friday, April 03, 2009

Not Coming Back

Despite this blog's name, I generally resist the temptation to think in apocalyptic terms or to suddenly decide Everything's Different Now, but I really am seriously worried about the economy going forward. Aside from the lost wealth in housing and elsewhere, we have lots of lost jobs, and it's hard to see a lot of those jobs coming back any time soon. The construction industry is going to be dead for awhile for obvious reasons. A lot of bubble jobs in the mortgage industry aren't coming back any time soon. Not quite sure what's going on with the auto industry, long term.

The worry is that there isn't just some weak demand in certain sectors which a bit of adjustment will sort out eventually, but that instead there's a structural shift which will require a much longer transition period before things get better. I'm worried, anyway.