I'm no financial expert, if you could see my bank balance you'd know that.
But I'm sure this recession is fueled by the media. Sure there have been issues with Sub-prime mortgages, but they have been coming for a while. Why suddenly in the last month or so has the recession word come to the fore?
In my opinion it's been fueled by the reports in the media, if the public are told enough times that there's a recession then they believe it and stop spending. They then spread the message that there's a recession and the whole thing spirals.
In about a years time the media will report that the recession is easing and that the signs are looking better. Coming out will take longer than getting in. People believe bad news quicker and start to spread the word. Good news is harder to sell in as people don't want to feel fooled.
But the message will start to eek it's way out and before you know it it'll all be over. Not much will actually change only the message.
I think this is what's called a self fulfilling prophesy!