Listening to NPR the other day, the commentators were wondering what to call the current economic crisis. It isn't a garden variety recession; it isn't just the Credit Crisis, the Sub-prime Meltdown, or the failure of Freddie Mac/Fannie Mae. They mentioned that people are now texting the letters "ITE" to shorten "in this economy" the way they abbreviate IMO for "in my opinion." Recession is too weak. It isn't a depression. What are we in?
Well, the Dow has corrected to around 8,000 from a high of 14,000. Home prices have corrected to about 20-30% lower in most places. The prior highs of price and value for property and securities were often labled unsustainably high and have corrected. I would therefore humbly suggest that we call the current economic condition that we are going through the Great Correction. It is a little ironic, a play on words, and certainly an apt term.
Use it with my permission. ;-)
Hopefully, growth going forward will be sustainable, realistic, and devoid of irrational exuberance & poor judgment.
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- J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
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