the US recession?

the 2 big questions i have been going around asking people are:
1. do people in the US really feel the recession in the day-to-day life around you?
2. to what extent are countries like india and china coupled to the slowdown in the US?

a friend of mine gave a very cool answer to the first question. he said that he doesn't feel the recession in his day to day life, but when he looks at his stock portfolio, it has recession written all over it. and that's what i hear from most people i talk to. they are all of the opinion that they don't see any notable signs of slow down around them.

my guess, which i am pretty confiden of, is that the people hit most by the slow down are the ones who've been living the 'great american dream' for the past so many years. having a huge house that they cannot afford, multiple gas guzzling cars, all fancy furniture at home, good places to eat, great places to vacation - all at the mercy of a credit card. now that the value of their homes are falling big time, they are feeling the pinch. the spenthirft american is now becoming miserly and is trying to cut down on the spending.

i just cut this piece of news section from cnn money. you look at the headlines, it pretty much sets the tone of the things happening in the US.
i'm gonna take up the second question in my next blog entry.

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