Tong Family

Henry Blodget: Why This Recession Will Be A Doozy

The last recession was mild. The stock market and corporate profits tanked, but consumer spending–long the major engine of our economy–danced merrily on through. In recent decades, it has ever been thus: bearish analysts and strategists have been underestimating the voracious spending habits and resilience of the US consumer for 50 years.

Unfortunately, at risk of invoking the four most expensive words in the English language, “this time it’s different.”