I know the principles of macroeconomics definition of two consecutive quarters of GDP decline. I know about the wealth effect. I know that stocks are down and oil is up. I know the Fed is printing money. I know mistakes are being covered up by this printing of money. I know some peoples' job security is questionable.
But what does a recession really mean for me? What does it mean for you?
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I have a theory that psychology, utlity, especially mass psychology is more about the direction that things are moving than the current state of affairs. This is why recessions are such tragic things.
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