I am concerned that there will be a recession. I was talking to an estate agent today who informd me that the market is dead, nothing selling, and he has had to make a member of staff redundant. I also know someone else who was made redundant last week because companies/people are not spending.
The Bank of England released £5bn as cheap loans to the banks....they were 5 times over-subscribed in less than an hour...go figure.
The real problem with the USA is that it used to be a consumer orientated/developed economy with manufacturing as a back up . If there were problems then manufacturing came to the rescue. This will not happen now as manufacturing is in a perilous state in the USA (China, far east etc).
Recently two estate agents have closed in my area but this has come as no great loss as I firmly believe that the set of sharks have had a lot to do with bigging up the market and publicly, shamelessly, rogering buyers relentlessly.