Not convinced. Nobody can predict it. Everyone said the markets would collapse if no debt deal. Then we get a deal and they collapse anyhow. If the markets had been up 700 points in the last week I might agree. But I think we just had most of our reaction to what the smart money saw as inevitable.
PS: if you mean a spending freeze from the consumer=bad Spending freeze by the government=good
I think it will be much worse than 2008 myself. back then it was the financials being insolvent now it is the sovereigns being insolvent. This will be as bad as it gets in my opinion. maybe not on monday or next week but soon enough. You can kick the can down the road all you want but what if you run out of road and you have no money/credit to build more road?
IN TIMES like these the Consumer is NOT spending...that is when the government NEEDS to spend...for job creation..unfortunately..OBAMA never did it...there was no plan for job creation...any stimulus vanished...that's probably why his economists left the White House...because Obama just wanted to listen to his "Havard" Elites..like Larry Summers..and that creep TIMMY GEITHNER....Obama blew it totally....Of crouse to Obamas major campaign contributor...Goldman Sachs...he did a fine job...